Ready to plan your move to Thrive Network at eXp Realty? We've simplified the process to make things as easy for you as possible. Read on to learn more about what happens with your pending lists, how to have the conversation with your broker, what happens with your cap, and more.
The best practice is typically to tell your broker after you verify your license is transferred to eXp.
We find it’s most appropriate and causes the least amount of headaches to gracefully tell your previous broker after license transfer (see below for conversation with broker).
In some states, you may have to request via email that your Broker “release” your license, in order for you to then login to the State website, and transfer it to eXp.
In other states, like Maryland and California, you can transfer your license yourself, instantly.
Other states the license transfer can be initiated at a date you request, and eXp will do the transfer for you on that date.
You probably want to maintain a great relationship with your broker, or manager, even though your license won’t be under their influence - we fully support maintaining good relationships!
Also - make sure you check any contract you may have with them, ahead of time. In rare instances, you may want to consult an attorney.
The real simple approach is to say something like “I’ve appreciated our relationship, I appreciate and am grateful for you, and I’ve made my decision to move my license. My decision is final, and I’m always open to doing business together in the future, but for now I need to let you know my decision is final, and that I’m thankful for you.”
Coming from a place of gratitude and thankfulness, while at the same time making it clear that there’s no room for negotiation or delay, seems to be the ideal way to gracefully exit. Call us for support if you need it - we’re here for you!
Start by meeting with us to review your business, and come up with a Transition Plan with you. Often the first steps involve us simply helping you fill out the beginning eXp paperwork, and then deciding on dates and laying out the rest of the process for you.
Normally, immediately after filling out the eXp paperwork with one of our Agent Services Specialists.
And it’s okay to acknowledge that there is no “perfect time” to transfer a license.
The best time is probably when you’ve made up your mind - it allows you to mentally and emotionally carry momentum into the next phase of your career.
This will be different from everyone - use your intuition.
At the end of the day, you’re the one who must feel confident in the decisions you make, and we find most supportive spouses/significant other’s, even if they don’t totally understand it, may ask questions, and will be supportive of you as a person, and of your career choices.
In most states, pendings and escrows stay with your old broker, and most brokers honor the commission arrangements you already have with them, whether it’s a split, or your Capped, etc. Of course, always check your contract to see if there’s any specific language.
In some cases, it may make sense to ask your broker if you can transfer the pendings/escrows over to you at eXp, especially if they no longer wish to service the client. If that’s the case, we can help you to work out the details with your broker and transition them over.
Also - if your properties when pending before your move to eXp, we can normally help you apply for a Pendings-Exemption which means you will not pay eXp fees on those closings/escrows, again as long as you can prove they were sold before your move to eXp.
This really varies by state, and by brokerage. Many times, your broker will be okay releasing your listings to you as you move to eXp, but in some instances, you may have to discuss or negotiate with your broker on a per client basis. The rule of thumb is here is to treat them how you’d like to be treated, and stay in rapport with your previous broker whenever you can.
If you haven’t signed any paperwork with a potential seller, we suggest having that paperwork signed after you’ve moved to eXp.
This will be on a case by case basis with your previous broker. If they have signed a buyer agency, you definitely need to review with your previous broker. If not, then in most cases, it’s a fairly straightforward process of continuing to help them. Again, check your broker’s contract for any language that may govern this step.
If you’re at a company that has a Cap on commissions, and you’re about to Cap, don’t fret!
eXp has a cap-deferment policy that can either line up with, or be adjusted based on your preferences, with your current Cap.
Sometimes, it may make more sense to achieve your new eXp Cap sooner than later, especially if you reach ICON status with eXp and have the ability to earn a eXp Stock Award.
Our Agent Services Specialist can guide you through the best timing for you.
Between eXp, Thrive, and any Local Referral Network, we find your local connections will continue to flourish, you’ll feel a strong sense of connection, and you can even better stay in touch with what’s happening in the marketplace with our strong digital connections. And remember - you’ve got each of us as your business partners!
You can order new business cards and signs, if you’d like, at a discounted rate via eXp’s preferred partners. All information is conveniently located at https://explore.exprealty.com/section/marketing-and-events/ and you can do this ahead of time.
Once you’re “active” at eXp, you’ll get a complimentary version of KVCore, a world-class CRM and Website system, provided at no additional charge to agents.
If you own a team or a large network, we can discuss the Team version, which can be purchased at a 50% discount to eXp teams / networks.
You can even have your own URL like YourName.com, you can customize your website, if you’d like - the possibilities are limitless with the platform.
You can communicate with your clients in all the same ways you have done before - your phone, your email, etc.
We also will show you how to leverage the great website and CRM that eXp provides, for free, to automatically and systematically follow up with your clients and potential clients. We call it the Production Rocket.
Just reach out - we'd be happy to chat with you!