eXp Realty review: What you need to know

Selling a home can be a daunting task at any time. But these days, the housing market looks even more challenging due to high mortgage rates that are keeping a lot of buyers on the sidelines. One option to guide you through the home-sale process, from listing to closing, is to work with an agent from eXp Realty. Here’s how it works.

What is eXp Realty?

Founded in 2009, eXp Realty is a U.S-based real estate brokerage with more than 89,000 agents who work in 24 markets around the world. It’s also one of the fastest-growing brokerages in the world: In mid-2020 eXp had 30,000 agents; that figure nearly tripled in about three years. Its quarterly report for the second quarter of 2023 showed that eXp facilitated more than 137,000 transactions for a total of $48.6 billion.

One of the key points of differentiation that makes eXp Realty different from other brokerages is that it is a cloud-based company: This means that while the company does have a few brick-and-mortar office locations, they are very limited. Agents use a digital-first approach to business, and the company even offers a virtual 3D office environment called eXp World where agents can interact with others using avatars.

How does eXp Realty work?

For homeowners and homebuyers, eXp Realty works like a typical brokerage: Agents facilitate sales and earn commission fees from them, which are paid by the seller, as in most transactions. For real estate agents, eXp offers compensation options that most traditional brokerages don’t, like revenue sharing and stock awards. In addition to making money from closing transactions, eXp agents can earn money by referring new agents who also close sales for the brokerage. And the cloud-based model means that the company and its agents have significantly lower overhead operating costs than traditional brokerages.

Selling your home with eXp Realty

Before you opt to sell with eXp Realty, the company offers a free valuation estimate to help you get a sense of how much your home is worth. You’ll need to input all your personal details, and once you submit, you can expect to get a call from an agent. Despite the cloud-based platform, the company’s website assures that “your agent is a local expert.”

In addition to listing the traditional way, working with an agent to attract prospective buyers to open houses and showings, the company has a service called ExpressOffers that can help you find all-cash offers from real estate investors. If you want to sell your home quickly or you need to sell it as-is, this might be a good fit. One notable difference between ExpressOffers and other speedy cash-homebuyers is that you will still work with an eXp agent, who can help you compare offers.

Where are eXp Realty’s service areas?

While eXp operates in 24 countries, the company is headquartered in the U.S. — in Bellingham, Washington, specifically. It is active in all 50 states and Washington, D.C. The cloud-based model means that their agents aren’t tied to any one specific office.

eXp Realty alternatives

If you’re not sure whether working with eXp is right for you, there are plenty of other options to consider. Here are some of its most common competitors:

• Real Brokerage: Like eXp, Real Brokerage is cloud-based. However, it’s smaller, with more than 11,000 agents that buy and sell homes in 48 states and Washington, D.C., plus Canada.
• Compass: Compass prides itself on offering innovative technology, but there are also more than 300 physical offices you can visit. The brokerage has more than 28,000 agents, but its footprint is limited to 72 markets and it does not serve a wide swath of the South, West or Midwest.
• Keller Williams: Keller Williams is the world’s biggest real estate franchise in terms of number of agents — more than 176,000 in the U.S. and Canada, plus 16,000 more worldwide.
• Redfin: Redfin offers a good deal for sellers — a 1.5 percent fee if you list your home with the brokerage, or just a 1 percent fee if you buy and sell with the company. It has somewhere between 1,800 and 2,500 agents that operate in more than 100 markets.
• Offerpad or Opendoor: If you’re considering eXp’s ExpressOffers, it’s worth comparing its offerings with the two most-recognizable names in the iBuying space, Offerpad and Opendoor. Neither one operates in every state of the U.S., though, so check to see if they are an option in your area.

Should you work with eXp Realty?

If you’re thinking about selling your house with eXp, interview several candidates to gauge their knowledge of your local market. Real estate is hyper-local, and you want a real estate agent who understands the nuances of your specific area, which can be tough to tell when there’s no local office.

Additionally, don’t just focus on your property — ask the agent about his or her experience in the industry. While eXp has been growing at a very fast clip, it’s unclear how many years of experience their agents might have. Find out whether real estate is their primary job or a side hustle, too: Many agents (not just at eXp) may have another job, which can take time away from focusing on your listing and finding you the best deal.

FAQs

• When was eXp Realty founded?

  The company was started in October 2009 by founder Glenn Sanford.
  

• Is eXp Realty a legitimate brokerage?

  Yes, eXp Realty is a real brokerage that is cloud-based, rather than focused on physical brick-and-mortar offices. In the second quarter of 2023, the company generated $48.6 billion in real estate transactions.
  

• How many real estate agents does eXp Realty have?

  As of mid-2023, eXp Realty had more than 89,000 agents around the world.