40 Questions to Ask When Interviewing a Brokerage – With eXp Answers

Which real estate brokerage should you join?

Looking to make a move to a new real estate company?

Here is a list of questions to take to every single agency you interview. Write them down and put the answers in a spreadsheet so you can compare apples to apples, and choose a brokerage based on what is right for you:

If you're bringing a team or brokerage, talk to the big guys! Jay Kinder, Michael Reese, Chuck Fazio, Daniel Beer, etc!!! They should be helping you with that process from day 1!

You should all be familiar with this website that basically explains everything: https://explore.exprealty.com/section/become-an-expert/

1. What is the joining fee?
eXp: $149
2. What is my monthly cost?
eXp: $85/month
For new new new agents - Initial MLS, NAR, business license, etc can be significant.
3. Any fees for printing, etc?
eXp: Printing is on your own, but probably won't be needed too much as we do most things virtually.
4. Where can I work? Is there a fee or reservation system?
eXp: We have a partnership with Regus offices. Activate your membership and follow their steps to work in any location. We mostly work from home, coffee/lunch meetings, or meet at the properties.
If your sponsor line includes a top producer with their own offices, they will probably allow you to work there as long as there is no law restricting this (like being a provisional broker in NC.)
5. What marketing materials are free for me and ready to use immediately?
eXp: Sooooo many free resources in expenterprise.com under "marketing"
6. Do I have a free listing presentation and buyer’s presentation already made for me that I can brand and use immediately?
eXp: Yes in the marketing tab on expenterprise.com: https://www.expmarketingcenter.com/
7. What is the ideal daily/weekly schedule for a new agent?
eXp: See "The Perfect Day/Week/Month/Year" file.
8. What does onboarding support look like? Where do I go if I have questions?
eXp: See "You've Got Questions, We've Got Answers" file:
- Chat box on the bottom right of the join.exprealty.com site
- Sponsor
- Workchat
- eXp world onboarding lobby and self-help room.
9. What is the commission split?
eXp: https://explore.exprealty.com/
80/20 - Look for value. eXp's value is unmatched in the industry. There is no question.
10. What is my cap?
eXp: https://explore.exprealty.com/
$16,000 in an anniversary year. In our market, that is about 8-9 transactions. If you then sell about 20 more homes before your anniversary date (1st day of the month after you join) then you will be eligible to be an ICON agent. Once you fulfill some culture requirements, you will be rewarded by getting your cap back in stock! (https://explore.exprealty.com/section/exp-realty-awards/)

11. What is the franchise fee?
eXp: none
12 . At what point do I become 100% commission?
eXp: https://explore.exprealty.com/
DISCLAIMER: PLEASE INDEPENDENTLY VERIFY THESE NUMBERS ESPECIALLY FOR TEAMS
After you have paid $16,000 in cap in an anniversary year.
Once capped there is a $250 transaction fee. Once capped transaction fee reached $5000 (20 deals,) then the transaction fee goes down to $75
$25 Broker Review Fee
$40 risk management fee, caps at $500 (12.5 deals)
13. Who is the broker in charge and what is their role? How can I communicate with them and what is their response time?
CRUCIAL question. Many new agents think their broker is there to help them get business, and in reality the broker is really there to keep them in compliance and out of real estate jail! Yell The smaller the location, the more hats the broker wears. Most offices are independently owned franchises, so it makes no difference how large the company is. RE/MAX in one area has one thing in common with a RE/MAX in another area ... the balloon logo. Different owners, different brokers and different ways of running their office.
eXp: We have a state broker with support staff and a local broker with support staff as well. We can usually get a response within minutes, if not live at any moment. WorkChat and eXp World are always staffed. This has been the opposite of our initial expectation.
https://explore.exprealty.com/section/explore-our-community/
14. Who is the team leader/head of the office and what is their role? How can I communicate with them and what is their response time?
eXp: We have a unique value here because the team leader is their sponsor, but also up the line to Jay Kinder and Michael Reese. All of us are willing to help each other even if we are not directly in their line. For a new agent, they will also get an eXp mentor who will help out for the first 3 transactions. Communication: text, email, call, Workplace, eXp world. Response time: that's on you ?
https://explore.exprealty.com/section/explore-our-community/
15. Is there a coaching program or accountability group? How much do I pay for that? Will that money be counted toward my cap?
eXp Mentor: For agents who have done less than 3 transactions in the last year, there is an eXp mentor program. You will pay an extra 20% for your first 3 closed transactions. 10% goes to your mentor and 10% goes to the eXp mentor program. You will be assigned or can request an eXp mentor who is there for hands on guidance. The mentor will point you towards the tools you need to be successful. They will walk you through the first few transactions. That money does not count towards your cap but is invaluable to your success.
Training/Teaching: our group has live in-person training 3-4 days per week in a top producers office. It is also on zoom and also recorded for people to watch later. There are also 50+ trainings a week available in the eXp world, live and also on demand in the eXp university. These are taught by top producing agents all over the world.
Coaching: A coach is different from a mentor. They are there to help you discover your goals/vision/mission/why and help you craft a custom plan of action that fits your skills and personality. Moving forward they keep you on your path, help you take the next steps on your journey and hold you accountable to your commitments. Usually you have to pay for coaching from an outside source at a rate of $1,000 or more per month. We do a weekly, one-on-one coaching call with agents for their first 3 months.
Sekou Pyle has an intense accountability group called Commitment to Capping that any Honey Badger and really any agent from any brokerage can join. It does not cost money, but it does cost you commitment and time. This is only for people dedicated to striving to be at the top. Check out the Commitment to Capping page for instructions on how to join.
16. Can you explain the difference between team leader, mentor, coach, and broker in charge? Will I be competing with any of them for sales?
See 13-15. Your sponsor/team leader and mentor will most likely be active salespeople. However, we have an abundance mindset and don't see that as competition. There is plenty for all of us. Your broker may or may not sell.
17. Am I going to be an individual agent or on a team?
eXp: You will join initially as an individual agent. You are your own business brokered by eXp. eXp allows and encourages you to brand yourself from day one - following the rules of your local real estate MLS and association, of course.
18. If I join a team what will be my take home pay? For example - how much will I pay to the team and then to the agency?
eXp: This will HIGHLY depend on which team you join. Usually the team provides training, leads, office space, printing, marketing in exchange for a large percentage of your commission (30-50%.) Deals are counted as the team’s production, and you will be marketing the team and not your own individual brand. Team can be amazing for beginners to learn and see examples of how to be highly successful.
19. What are my fees per transaction? Do they ever cap?
eXp:
DISCLAIMER: PLEASE INDEPENDENTLY VERIFY THESE NUMBERS ESPECIALLY FOR TEAMS
Once capped ($16,000 paid from 80/20 split) there is a $250 transaction fee. Once capped transaction fee reaches $5000 (20 deals,) then the transaction fee goes down to $75
$25 Broker Review Fee per deal
$40 risk management fee, caps at $500 (12.5 deals)
20. How much would my business cost per year if I sold 10, 20, 30 or 40 houses?
eXp: This would depend on your average price point of course. I would hesitate to give these numbers out without verifying exact $$$$ amounts with accounting. Here is the breakdown of income earning opportunities: https://explore.exprealty.com/section/earning-opportunities/
DISCLAIMER: PLEASE INDEPENDENTLY VERIFY THESE NUMBERS ESPECIALLY FOR TEAMS
These numbers are for individual agents, not on a team. More details on teams/domestic partnerships/etc can be found in the link above ^^^^^^
If the agent has not closed 3 deals in the last year before coming to eXp, they will be in the mentor program. They will pay an extra 20% for those 3 deals only to the mentor program.
Usually 10 deals will have you capping at a $300,000 avg price point. If you have a much higher price point, you will cap faster and vice versa. You pay 20% to eXp for each deal up to $16,000, plus a $25 broker review and $40 risk management – confirm with accounting.
From 10-20 deals you are paying $250 transaction fee, $25 broker review fee, and $40 risk management (risk management should cap before 20 deals?) – confirm with accounting.
From 20-30 deals you are paying $75 transaction fee and $25 broker review - confirm with accounting.
Around 30 deals, you will be ICON and will earn your $16,000 cap back in stock rewards.

21. What Customer Relationship Manager (CRM) do I use?
eXp: KvCore - https://www.inman.com/2017/11/09/kvcore/....
kvCORE is the next-gen solution for modern brokerages, agents, and teams to run their entire business on one platform. kvCore comes complete with lead engine, web & IDX, smart CRM, listings, transactions, marketing autopilot, and business analytics. There is also a fully integrated marketplace for third-party tools to integrate directly into kvCORE. It’s the first completely scalable, all-inclusive, real estate platform for the modern brokerage.
22. Does it create squeeze/landing pages for free?
eXp: Yes! KvCore is an AMAZING resource. See above ^^^^^^
23. Can I boost/market the property of any agent in this agency/office to generate leads for myself?
eXp: Yes, with permission and credit to the listing agent. You can also do open houses for any eXp agent as long as they need someone. We are all one brokerage. You can use KvCore to boost/promote properties through various social media outlets.
24. Do I have my own website for free?
eXp: Yes! It is included with your tech fee. It is a KvCore lead generating website. It is AMAZINGLY powerful.
25. When is your training?
eXp: 20-40 classes per day
https://explore.exprealty.com/section/exp-university/plus our local training schedule
Brand new agents Fast Start Series: https://cdn.expcloud.co/exp.../2020/01/fast-start-series.pdf
26. Where?
eXp: Live, in-person, as well as on demand in the eXp University and live in the World: https://expcloud.com/calendar/
27. Is it recorded to watch later?
eXp: Yes. For both our local group and also the eXp University Library: https://exprealty.workplace.com/groups/506992616411785/
28. Is it live/in person as well as on zoom?
eXp: Yes
29. Who teaches the classes? What is their yearly production in dollars and number of transactions?
eXp:
Basic Classes: Amazing, captivating speakers.
ICON Classes: ICON Agents with 40+ transactions per year.
Honey Badgers: mega producers (300+ transactions/year), as well as their team and transaction coordinators, 100+ transaction producers, and even new agents teaching about their experiences. We also have trainings from industry experts such as mortgage brokers, home inspectors, HVAC and other trades, social media and marketing experts, and business and financial planners.
30. Who are your top 5 producers in this office? What is their yearly production in dollars and number of transactions? Can I sit down with them weekly for free to pick their brains?
eXp: You will have access to Bryant, Erin and team members as well as Jay Kinder's calendar. Melton Team does 80-100 transactions a year with $20-30 Million in production. Jay's production is off the charts. His highest year was 531 homes when he was #2 in the world for Coldwell Banker. The Honey Badger Network? Think of a number that ends in Billion and you might be close. These are Mega Agents with 300-1,000 homes sold, every year. 

31. How many agents in the office sell more than 60 units per year? And how many classes do these top producers teach per week, month, year?
eXp: The Honey Badger group is now over 5,000 members strong. It is the largest collection of success you'll ever see in your life. Mega agents, coaches, influencers and more. We're a production first group. Everything is shared openly by all members. The involvement of people that make well over 3 Million a year is mindblowing. You'll find that their stories and paths to success are not as hard as you would expect. Almost everyone came from nothing and are humble, open and honest about their struggles and successes.
32. How many agents total do you have in this office?
eXp: You should know this for your local office
33. How do I get leads? What methods are included in my monthly payments?
eXp:
ICON Series: Very good first hand knowledge from top producers.
KvCore: https://help.insiderealestate.com/en/
Sphere: Melton Team University, pulled from Honey Badger Nation.
Social Media (LinkedIn, Facebook, IG, Pinterest, YouTube): Still working on this. See Gogo Bethke's boot camp.
Digital Marketing (Social Media and Google Ads, Retargeting, etc): Melton Team University, pulled from Honey Badger Nation.
FSBO/Expireds: Melton Team University - NAEA courses and resource library.
Super Mega Open House: Melton Team University - NAEA courses and resource library.
101 Ways to Lead Generate: Melton Team University, credit to the Corey Team.

Hi! Feel free to reach out to me via email at meltonteam@gmail.com for faster communication. I'm excited to work with you!