Real estate agents looking for a new kind of broker might consider the firm EXIT Realty Corp. International. The real estate brokerage firm has offices across the United States and has a concentrated presence in the mid-Atlantic region and Florida. Exit Realty offers agents training opportunities as well as the technology needed to perform their jobs on the go. The company provides a unique benefits structure that agents may wish to consider as they search for a brokerage firm to call home.
Residual Income for Agents
On Exit Realty’s corporate website, and throughout its recruiting and training materials, the company sells its agent recruiting program designed to benefit both new agents and those currently working at Exit Realty. In a nutshell, the company hinges its growth on its agents by offering incentives to recruit new agents into the firm. Agents who engage in recruiting earn passive income based on the commissions earned by new agents they bring to the firm.
Benefits Structure Breakdown
For each new agent sponsored, the sponsoring agent receives a bonus equivalent to 10% of the sponsored agent's commission, paid by EXIT Realty as an incentive for helping to grow the corporation. Sponsoring agents can receive up to $10,000 in bonus payments. The company also offers agents a 7% retirement residuals and, should the agent die, his beneficiary could receive a 5% ongoing residual. All of these benefits are available for those agents who stay with the company long term. Exit Realty also does not charge its agents monthly desk fees.
Exit Realty has a 70-30 commission split, with 70% going to the agent and 30% going to the broker. This commission split is in line with commission splits offered by competitor brokerage firms such as Keller Williams.
Agents who earn $100,000 or more can enter into a 90-10 commission split with Exit Realty, where the agent gets 90% of the split.
No Limit on Sponsorships or Locations
There is no limit on the number of agents that any single agent can sponsor, nor is there a location limitation. As such, an agent in San Francisco can sponsor one in New York. Obviously, this has led to the very rapid growth of brokerage firms and the franchise.
As of 2017, Exit Realty charges its agents a $295 annual membership fee paid to the franchise. Agents also pay fees based on the amount of commission earned. The fee is capped at $3,200 per year at the time of publication. Some Exit Realty brokerages charge their agents an errors and omissions insurance fee at the broker’s discretion.
Being an Exit Realty Agent
Discussions with agents and brokers indicate that the company fosters a spirit of cooperation among its independent contractor agents, as the success of their down-line sponsored agents directly results in income for the sponsoring agent. Other agents say that the company’s retirement and benefits residuals are valuable incentive and a contributor to their incentive to remain with Exit Realty during real estate slumps.