Kurz Real Estate, a 175-agent indie brokerage in Miami is mass affiliating with eXp Realty, the company confirmed in a statement Sunday. The move, according to eXp Realty, isn’t an acquisition, but Kurz Real Estate opting to close as an indie and come to eXp Realty as a team.
“Although we have grown tremendously and we’ve had a solid presence in our community, we cannot turn a blind eye to what this opportunity means for our agents,” David Kurz, the CEO of Kurz Real Estate, said in a statement. “Every agent in our network will have the same opportunities to build a business and legacy they can actually leave behind to their kin.”
Kurz’ statement references eXp Realty’s revenue-sharing model. When agents complete their first transaction, they will receive $200 worth of eXp World Holdings common stock. When they hit their transaction caps, they’ll receive $400 worth of stock.
For bringing an agent to the company and upon closing of that new agent’s first transaction, they’ll receive $400 worth of stock. Stock grants are priced based on the closing market price of the company’s common stock on the last trading of the qualification month.
The biggest reward comes when an agent is named to the company’s ICON program. To be a member of the program, an agent must demonstrate company culture through giving back – like teaching a class or serving on a panel – as well as hit $16,000 paid in company cap and annual gross commission income of $500,000 or more, with a minimum of 10 closed transactions.
“Our mission is to empower agents with the ability to build economic freedom for themselves doing what they love to do anyway: real estate,” Kurz said.
EXp Realty also offers agent splits that encourage agent teams, the latter of which has been a big reason that other teams have jumped ship to eXp Realty.
At eXp, there’s a cap that agents have to pay before they start taking in 100 percent of their commission, and that cap is halved when you’re an agent on a team and halved again depending on the size of the team.
In a statement, Dave Conord, the president of U.S. growth for eXp Realty said the company is thrilled that Kurz and his team are joining the brokerage.
“David is an industry icon, well respected across the country and has strong ties to the local community,” Conord said. “His whole group is an excellent addition to our eXp family and will greatly expand our presence in Florida.”