EXp Realty agents will now get a set dollar amount worth of shares, instead of a fixed number of shares, through the company’s stock options program.
The shares are given when agents reach specific milestones, Inman reported. The virtual real estate brokerage first started offering stock options to agents in 2014.
Under the new plan, 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. They’ll also receive $400 worth of stock if they bring an agent to the firm — when that agent closes their first deal.
The top reward for agents is being named to the firm’s ICON program, through which agents will receive $16,000 in stock offerings, eligible on a yearly basis. In addition to participating in teaching or panels, agents much reach $16,000 in company cap and annual gross commission income of at least $500,000 — with a minimum of 10 closed deals.
“With eXp Realty quickly approaching 16,000 agents, the new sustainable equity plan provides a similar dollar value in equity today as the former plan,” Glenn Sanford, founder of eXp Realty and CEO and chairman of eXp World Holdings, said in a statement. “The major change is that the new program will pay agents a dollar value of shares rather than a stair-stepped number of shares for achieving certain goals. We believe agents and shareholders alike will benefit from the greater predictability.”
To offset the equity, the firm also introduced a share repurchase program.
EXp previously said it was on track to end the year with between 16,000 to 20,000 agents. CEO Glenn Sanford founded eXp Realty in 2009, which includes a virtual world where avatars of brokers can network and attend classes. The company currently operates in 49 states, Washington, D.C. and Canada. [Inman] — Meenal Vamburkar