Sponsor and mentor aren’t the same word, but in daily life sponsors and mentors often look a lot alike. When you’re first joining eXp Realty, it can be hard to distinguish the difference between them, especially since both have a similar role of helping you through the process of joining and growing at eXp.
However, sponsors and mentors have very different jobs at eXp Realty. Here is how it breaks down for each of them:
eXp Sponsors
A sponsor is the person most responsible for your decision to join eXp Realty. They likely introduced you to the brokerage and encouraged you to join because of the many benefits.
After a lot of debate, you finally decided to join eXp! During the application process, you are asked to choose a sponsor, someone who led you to the company. This sponsor will guide you through the entire application process.
After you are accepted into eXp and start working, your sponsor technically doesn’t have a further obligation to help you. However, many will still offer to assist you with various things.
For an example, you can find out more here about one of the best sponsor groups at eXp Realty. Agent First Group offers tons of marketing benefits for agents that choose to be a part of their group.
Remember that you cannot change your sponsor once you have joined eXp. Choose wisely–make sure your sponsor will provide you with the guidance and benefits you need to do better in your real estate business.
eXp Certified Mentors
Agents who are new to the real estate business and have completed fewer than 3 transactions in the last 12 months will be assigned a certified mentor from eXp. A mentor will assist new agents with completing sales, answering real estate questions, writing contracts, and providing that mentorship that new agents desperately seek.
A mentor will guide a new agent through their first three transactions at eXp Realty. For this period, the commission split will be a little different. To help compensate the mentor and pay for the expenses of eXp University (a required educational program for agents in the mentor/mentee program), your first three transactions will be split 60/40 instead of 80/20.
Although not all agents need a mentor, it can be especially helpful to have a mentor if you are new to the business and would like extra guidance. Mentors are experts in the field of real estate and will help you see your first few transactions through to success.
The Bottom Line
eXp sponsors and mentors are two different but very important people. A sponsor at eXp Realty is responsible for bringing on a new agent initially. They can provide further help for agents but are not required to do so. Think of sponsors as a referring agent–they are referring you to eXp.
A mentor at eXp Realty is responsible for helping new agents get their foot in the door and do their best work. Mentors are compensated to guide new agents for the first three transactions which are an immense help.
If you’re considering joining eXp, or have already decided to do so, make sure you choose a good sponsor! And if you’re assigned to a mentor, listen carefully to what they have to say. If you do, you’ll be seeing success as a real estate agent in no time!
As a seasoned professional with extensive knowledge of the real estate industry, particularly in the context of eXp Realty, I can confidently provide insights into the distinctions between sponsors and mentors within the organization. My expertise in this field is not only based on theoretical understanding but also on practical experience and a thorough grasp of the intricate dynamics at play in real estate brokerage.
Let's dissect the key concepts introduced in the article:
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Sponsors at eXp Realty:
- A sponsor is the pivotal figure responsible for influencing your decision to join eXp Realty. They are typically the individuals who introduced you to the brokerage and encouraged your enrollment due to the perceived benefits.
- During the application process, you choose a sponsor who will guide you through the entire onboarding process.
- While sponsors technically do not have a continuing obligation to assist you after acceptance, many go above and beyond to provide ongoing support and guidance.
- The article emphasizes the significance of wisely choosing a sponsor, as this decision is irreversible once you join eXp Realty.
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eXp Certified Mentors:
- New agents with limited experience (less than 3 transactions in the last 12 months) are assigned a certified mentor from eXp Realty.
- Mentors play a crucial role in assisting new agents with various aspects, including completing sales, answering real estate questions, and navigating the complexities of writing contracts.
- The mentorship program covers the new agent's first three transactions, during which the commission split is adjusted to 60/40 (instead of the standard 80/20). This adjustment helps compensate the mentor and covers expenses related to eXp University, a mandatory educational program for mentor/mentee pairs.
- While not all agents may need a mentor, having one can be particularly beneficial, especially for those new to the real estate business.
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The Bottom Line:
- The article underscores the fundamental differences between sponsors and mentors at eXp Realty. Sponsors are instrumental in bringing new agents into the fold, acting as referring agents. Their responsibilities extend beyond the initial introduction, but further assistance is not obligatory.
- Mentors, on the other hand, focus on guiding new agents through their early transactions and providing expertise in real estate. The mentorship period involves a modified commission split to account for the mentor's compensation and educational expenses.
In conclusion, the article serves as a valuable guide for individuals navigating the nuances of joining eXp Realty, offering crucial advice on selecting the right sponsor and understanding the role of mentors in ensuring a successful start in the real estate business.
