Is eXp Realty Taking Your Agents?

eXp Realty is an agent-owned cloud brokerage. It is quoted as one of the "most innovative real estate companies in the world" by Inman News. At eXp, there are no desk fees, no royalty fees, and agents get to keep somewhere around 80-100 percent of their commissions. What's more is they offer every single agent the opportunity to buy into the business and become a shareholder. A "we're in it together" mentality, surely leaning towards trying to make traditional brokerages look bad.

Never heard of them? They're kind of a big deal. They're listing agents for properties like these, so you can bet their agents know what they're doing.

And they're probably plucking some of your agents (or trying to).

eXp Realty is growing – and fast. Currently in 46 states across the country, they are further proof that clouds are winning. The company increased the number of agents and brokers on the eXp Realty platform by 171 percent to 6,511 agents in 2017, compared to their 2,401 agents in 2016. A 171 percent increase year over year is impressive and it's alarming. How are traditional brokerages meant to combat this?

Time to get a cloud.

A cloud, or an "open platform" is what it takes to get on the same level as eXp and other cloud brokerages alike. An open platform uses the cloud to connect all of your brokerage systems. This means saying goodbye to tool fatigue and no freedom to change. With an open platform, you get to choose whichever tools you want and they work together – seamlessly, with one sign-in. What's more is you can change the tools whenever you please, no pain involved. Think of it like a power strip where you can plug-and-play the tools and services you want, and unplug tools and services you aren't happy with anymore. It's simple, it's the future, it's what you need for your brokerage technology so you don't end up with a bunch of tangled cords.

"Stop talking to me about clouds."

You're tired of hearing the term "cloud" and "brokerage platform," we get it. While you're annoyed with the technology industry and having to change and "disrupt" your brokerage, the rest of the world is wondering why the real estate industry is so incredibly far behind. Technology adoption in the industry has historically been depressingly slow, and there is no "tortoise and the hare" analogy that works here because the slow-to-adopt brokerages certainly have not won the race. In fact, many of them have shriveled up and died or are currently clinging on for dear life, losing their agents to cloud brokerages like Compass, eXp, and Keller Williams with the Keller Cloud.

"My brokerage is fine. It's been fine the last 30 years and it will be fine the next 30." Answer: We'll look you up someday in the archaeology archives.

To view the original article, visit the MoxiWorks blog.

For more information on brokerage cloud platforms, watch our recorded webinar: How to Keep Your Brokerage from Fading Away