Building Your Mega Icon Team at EXP Realty
My name is Kunal Seth and I am the Co-Team Lead of The Seth Brothers Team out of Houston Texas. The Seth Brothers Team is an eXp Mega Icon Team and we joined eXp at the end of 2018. Right from year one, we positioned ourselves to become a eXp Mega Icon Team year over year. In addition to being a Mega Icon Team we have consistently closed over 100 Million in Sales Volume each year since 2020. The Mega Icon Team status that our team has creates a lot of leverage in our local market which allows us to bring unprecedented talent onto our team. There are multiple advantages in having a Mega Icon Team vs a Standard Team within eXp. As a Mega Icon Team your team members have a reduced cap of $4000, you have reduced transaction fees, eXp is setting you up to help your agents lower their costs while simultaneously enhancing the value proposition for you as the team lead. This opportunity provides leverage in the market for agent attraction and growth potential. You could have agents on your team that are in entirely different states and they still get all the perks of being on an eXp Mega Icon Team. But how have we created a successful Mega Icon Team that continuously produces numbers year after year?
We have systems and processes in place to simplify our set up while providing the most value to our agents possible. We have set a commission structure that simplifies onboarding, an Operations Team that walks them through the eXp and team onboarding process, and a Transaction Team to help them through transactions and document related questions. We provide several weekly coaching sessions that allow for group learning and brainstorming. We simplify the delivery of information and exp hosted events, local association panels, Masterminds, and so much more which allows them to find the networking and learning opportunities they need without searching through hundreds of emails or posts on eXp WorkPlace. There is so much information and opportunity provided to us as eXp agents by eXp and all we do is assist in getting those resources to our agents so they can take full advantage of what eXp has to offer.
In order to qualify as an eXp Mega Icon Team, eXp has a few requirements that must be met.
During the previous 12 months, the team must have a minimum of:
175 Closed Transactions
$40 Million in Sales Volume
A Minimum of 10 Team Members (Not including the Team Lead)
An Approved Written Team Agreement
At the end of the day, there are multiple ways to create an eXp Mega Icon Team however, I believe that the steps below will lead to a SUCCESSFUL Mega Icon Team.
Step One - Choose the right players:
Select players who have a strong track record of success and who complement each other's strengths and weaknesses. Look for players who have experience working on
large-scale projects and who have demonstrated the ability to work well in teams. These individuals will be the cornerstone of your eXp Mega Icon Team. Over the years we have had team members come and go but it's our core team that continues to produce results and create an environment of success.
Step Two - Create a standard commission structure:
Before growing your team you should have structures in place for how you want your team to operate especially when it comes to commission splits. Understand the eXp guidelines and what you offer to agents that join your team. You can place agents in commission buckets based on their experience, lead source, or any other criteria you feel fits best for your team. It’s recommended that you have a written agreement between yourself and the agents on your team that clearly states what the splits are, what “perks” are offered by the team, how you want to handle builder bonuses. On The Seth Brothers Team we offer 50/50 splits for leads given and converted by the Team Leads and 70/30 for leads generated and converted by the team members.
Step Two - Set clear goals:
Establish clear goals and expectations for the team, and ensure that everyone understands their role in achieving those goals. This will help to keep everyone focused and motivated as well as give them a sense of belonging and accomplishment once goals are reached. The goals and expectations set can range from writing X number of contracts per month, signing X number of buyer/tenant representations agreements per month, or attending X number of training/team meetings per month. The goals you set should be obtainable yet challenging. As you develop your team you can also set individual goals for Team Members that are excelling to help push them to new heights.
Step Three - Provide training and development opportunities:
Provide opportunities for team members to develop new skills and expand their knowledge. This will not only help them to perform better in their current role, but it will also prepare them for future opportunities within the organization. The more knowledge your team has, the more able they will be to assist your clients and organization with reaching their goals.
Step Four - Foster a culture of collaboration:
Encourage team members to work together and share ideas. This will help to foster a culture of collaboration, which will lead to better results and a more cohesive team. This will also result in team members investing in each other's success. A healthy team will push and drive each other to achieve their goals and strive for excellence. In addition to promoting collaboration within the team, it’s essential to foster a culture of collaboration with other teams within eXp including eXp corporate such as, the Transaction Specialist Team, Onboarding Team, and Broker Team. This involves building relationships and promoting a spirit of cooperation and mutual support.
Step Five - Provide regular feedback:
Provide regular feedback to team members on their performance, both positive and constructive. Positive feedback is essential for boosting team morale and reinforcing good performance. This will help team members to feel appreciated and recognized for their efforts. Constructive feedback, on the other hand, is a tool to help team members identify areas in which they can improve. This feedback should be specific and most importantly - actionable. This will help to keep everyone on track and focused on achieving the team's goals.
Step Six - Celebrate successes:
Celebrate team successes and recognize individual contributions. This will help to build morale and keep the team motivated. This can be as simple as celebrating when someone writes a contract, celebrating birthdays, pregnancies, any big life moment, all the way to tracking your top producers and rewarding them with something special.
Step Seven - Continuously evaluate and adjust:
Continuously evaluate the team's performance and adjust strategies as needed. When the market shifts, you have to evaluate and adjust your strategies. You need to do the same with your eXp Mega Icon Team. Team dynamics will often shift as people ebb and flow. It’s important to stay intune with your team and evaluate the efficiency of your steps, processes, and members. This will help to ensure that the team is always working with the most effective and efficient tools.
Step Eight: - Focus on Growth and Scalability:
As your team grows, it’s important to focus on scalability and systems that can support continued growth. This may involve developing marketing strategies, creating standard operating procedures, and investing in technology to streamline workflows. If your team has processes and procedures that work well and they can rely on, it makes the individuals feel empowered to be the best agent they can be.
Building an eXp Mega Icon Team doesn’t happen overnight but it is possible with the right tools. The agents on your team will be one of the biggest determining factors of your success as an eXp Mega Icon Team. Choose the right people to join you on this journey and you can become unstoppable. My team is living proof of that. When we moved over from our previous brokerage we only had 1 agent that came with us. Slowly we began to surround ourselves with the right people and found cornerstone agents that would help us rebuild our foundation here at eXp.
You might be starting from scratch or you might already have a team in place and you want that eXp Mega Icon Team Status. No matter where you are starting from, it is important to aim for a strong foundation and ensure that you are surrounded by like-minded individuals. Building a team that shares your vision, goals, and work ethics is critical to your success.
Meet Kunal Seth
The Seth Brother's Team is a brokerage founded by Sonit Seth and Kunal Seth. The team was formed in 2014 and since then has accumulated over a half BILLION dollars in closed transactions.
The explosive growth of The Seth Brother's Team is a result of Sonit and Kunals focusing on their team members success. Kunal is actively recruiting, training, and developing the Realtor's on his team so each of them can transform into top producers.
The Seth Brother's Team currently has 36 members and is growing rapidly! Their goal is to have 5,000 agents associated with The Seth Brother's Team by the end of 2025.