eXp Realty as a side-business

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eXp Realty as a side-business

Jordan Bowley
Contractor · Fayetteville, NC · Member since 2020 · 25 posts · 7 votes

Hello fellow BP bloggers,

Brief background:

I am relatively new to the real estate world, and have decided to dive head first not only with investing but also with changing my professional career. 

I am still active duty military, and have the opportunity to do OJT for a few months before I get out. I have already started my pre-licensing course in NC and am formulating my plan to ETS.

I am leaning more towards property management, in fact I want to try and work for a PM full-time while I earn my full brokers license in NC (2 year requirement).

My end-state is to start my own PM company to manage my own investments and other investors portfolios in my area.

So now to my question(s):

In regards to eXp Realy, do they have a non-compete or anything in their agent agreement that would prevent me from doing PM while attempting to work as an agent in the evenings/weekends? Their business model seems attractively suited for a smaller operation that wants to work part-time while working other fields in real estate.

Additionally, does anyone with more experience than myself "probably 90% of bloggers on here", have any recommendations or nuggets of wisdom towards trying to do something like this part-time beyond which specific company I try to work under?

Lastly, are there any other companies out there that would be good to look into in order to try and do sales part-time?

Thank you all in advance for any assistance!

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Chris MasonPro Member
Moderator
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
6y
Originally posted by @Jordan Bowley:

Hello fellow BP bloggers,

Brief background:

I am relatively new to the real estate world, and have decided to dive head first not only with investing but also with changing my professional career. 

I am still active duty military, and have the opportunity to do OJT for a few months before I get out. I have already started my pre-licensing course in NC and am formulating my plan to ETS.

I am leaning more towards property management, in fact I want to try and work for a PM full-time while I earn my full brokers license in NC (2 year requirement).

My end-state is to start my own PM company to manage my own investments and other investors portfolios in my area.

So now to my question(s):

In regards to eXp Realy, do they have a non-compete or anything in their agent agreement that would prevent me from doing PM while attempting to work as an agent in the evenings/weekends? Their business model seems attractively suited for a smaller operation that wants to work part-time while working other fields in real estate.

Additionally, does anyone with more experience than myself "probably 90% of bloggers on here", have any recommendations or nuggets of wisdom towards trying to do something like this part-time beyond which specific company I try to work under?

Lastly, are there any other companies out there that would be good to look into in order to try and do sales part-time?

Thank you all in advance for any assistance!

 You will want to hang your license with a local property management company that's led by a real estate broker. In California, that's the norm for prop management companies, I can't speak to your state.

The property management company (at least in my area) will likely ALREADY have Realtors representing buyers and sellers. 

Property management = tenants = future homebuyers = why let those "leads" go to waste, when you've already got the licensing and everything else to have a few buyer's agents to help put them into a home & generate additional revenue from this? 

Property management = working with property owners = oh look there's also people that might someday want to sell real estate = same logic as above.

I bet you will not be the first new real estate agent to say something along the lines of "hey I want to work in property management, but also sell homes from time to time," the answer you want is probably something in the ballpark of "Yes! We already have a few people doing that, we'll get you trained up, including how to plant that seed early on when you are serving as leasing agent to put those tenants (tomorrow's buyers) in our units." And you might target whoever is doing property management for higher end apartments (more likely to qualify for a mortgage in a year or 3), just drive around the nicer part of town and see whose name is on the "for lease" signs. 

I don't think anyone really does this, but it ALSO might not be crazy three months before leases expire to plant some "rent v buy? let's talk about it" seeds (semi-automated mailers, systems would have to be put in place). If one were to do that, one would of course owe it to the property owner not to ding them with any sort of fee for finding a new tenant, and probably cover the month of vacancy, if THAT makes sense would probably be up to price points in your area, and look at that I think I have a new idea that I need to put feelers out for and/or run some math on. 

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  • David BellPro Member
    Real Estate Agent · East Brunswick, NJ · Member since 2016 · 129 posts · 63 votes
    6y

    @Jordan Bowley I don’t believe eXp has a non-compete however you cannot do PM under exp. it would have to be separate. I will get confirmation on it for you.

    1Reply
  • Kobe Xin
    Real Estate Agent · Houston, TX · Member since 2019 · 240 posts · 155 votes
    6y

    @Jordan Bowley

    Hey! I’m glad that you’re considering eXp realty as a broker to hang your license with! As for PM I know eXp doesn’t do PMs unless you’re a broker yourself. But if you’re a PM already, working with another company as an employee you can continue doing that. Hopefully I helped answer your question on that.

    0Reply
  • Mike CumbieBusiness Member
    REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
    6y

    Hi @Jordan Bowley

    As @David Bell said you will most likely find it difficult to find any national/large franchise/broker who will let you do property management in their sales space. However if you find a property management company they may be more apt to let you sell as well. You wouldn't get the training of an EXP but it may be easier to fit into what you are looking for. 

    Good Luck!

    0Reply
  • Jordan Bowley
    OP
    Contractor · Fayetteville, NC · Member since 2020 · 25 posts · 7 votes
    6y
    Originally posted by @David Bell:

    @Jordan Bowley I don’t believe eXp has a non-compete however you cannot do PM under exp. it would have to be separate. I will get confirmation on it for you.

     David,

    Thank you for checking for me! I was not planning on doing PM with eXp because I did not see any notice of it on their website or any search i've done. I was going to find a locally owned and operated company to learn from.

    0Reply
  • Jordan Bowley
    OP
    Contractor · Fayetteville, NC · Member since 2020 · 25 posts · 7 votes
    6y
    Originally posted by @Kobe Xin:

    @Jordan Bowley

    Hey! I’m glad that you’re considering eXp realty as a broker to hang your license with! As for PM I know eXp doesn’t do PMs unless you’re a broker yourself. But if you’re a PM already, working with another company as an employee you can continue doing that. Hopefully I helped answer your question on that.

     Kobe,

    Sounds like you're saying that they do not have a non-compete then? I definitely want to find a company to do sales part-time with while I do PM full-time so eXp would be a big consideration.

    1Reply
  • Jordan Bowley
    OP
    Contractor · Fayetteville, NC · Member since 2020 · 25 posts · 7 votes
    6y
    Originally posted by @Mike Cumbie:

    Hi @Jordan Bowley

    As @David Bell said you will most likely find it difficult to find any national/large franchise/broker who will let you do property management in their sales space. However if you find a property management company they may be more apt to let you sell as well. You wouldn't get the training of an EXP but it may be easier to fit into what you are looking for. 

    Good Luck!

    Mike,

    Thanks for the reply. I am planning on making PM my primary focus, so like you're saying I would most likely need to find a PM that would be comfortable with me doing sales with another company on the side. In your experience, have you seen many PM companies that have an issue with an agent/broker doing this? Or are they usually more of a "as long as it gets done" type of business. The sales efforts would only be done on my free time (outside of the 9-5 m-f)

    0Reply
  • Mike CumbieBusiness Member
    REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
    6y

    @Jordan Bowley

    I was thinking more of a PM company to hang your license and do PM work while selling some on the side (with them). In my experience many PM companies have people buying and selling as well. An owner wants to sell off an asset it is the PM who lists it for sale. While they don't have all of the retail type stuff of the big players, they can legally buy and sell real estate (check local laws) for clients. They also generally have the people with a lot of experience around or at least a lot of connections to get things sold. In your case just go with a PM company. No sense in hanging your license in 2 separate places unless your focus is going to be mainly selling (which it isn't).

    Just my 2 cents.

    1Reply
  • Jordan Bowley
    OP
    Contractor · Fayetteville, NC · Member since 2020 · 25 posts · 7 votes
    6y
    Originally posted by @Mike Cumbie:

    @Jordan Bowley

    I was thinking more of a PM company to hang your license and do PM work while selling some on the side (with them). In my experience many PM companies have people buying and selling as well. An owner wants to sell off an asset it is the PM who lists it for sale. While they don't have all of the retail type stuff of the big players, they can legally buy and sell real estate (check local laws) for clients. They also generally have the people with a lot of experience around or at least a lot of connections to get things sold. In your case just go with a PM company. No sense in hanging your license in 2 separate places unless your focus is going to be mainly selling (which it isn't).

    Just my 2 cents.

     Mike,

    I didn't think about people selling through a PM company. But that does make a lot of sense! I guess I will have to start contacting some potential PM companies and use that aspect as a heavy factor when weighing my decision on who to apply with. Thanks for the insight!

    1Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    6y
    Originally posted by @Jordan Bowley:

    Hello fellow BP bloggers,

    Brief background:

    I am relatively new to the real estate world, and have decided to dive head first not only with investing but also with changing my professional career. 

    I am still active duty military, and have the opportunity to do OJT for a few months before I get out. I have already started my pre-licensing course in NC and am formulating my plan to ETS.

    I am leaning more towards property management, in fact I want to try and work for a PM full-time while I earn my full brokers license in NC (2 year requirement).

    My end-state is to start my own PM company to manage my own investments and other investors portfolios in my area.

    So now to my question(s):

    In regards to eXp Realy, do they have a non-compete or anything in their agent agreement that would prevent me from doing PM while attempting to work as an agent in the evenings/weekends? Their business model seems attractively suited for a smaller operation that wants to work part-time while working other fields in real estate.

    Additionally, does anyone with more experience than myself "probably 90% of bloggers on here", have any recommendations or nuggets of wisdom towards trying to do something like this part-time beyond which specific company I try to work under?

    Lastly, are there any other companies out there that would be good to look into in order to try and do sales part-time?

    Thank you all in advance for any assistance!

     You will want to hang your license with a local property management company that's led by a real estate broker. In California, that's the norm for prop management companies, I can't speak to your state.

    The property management company (at least in my area) will likely ALREADY have Realtors representing buyers and sellers. 

    Property management = tenants = future homebuyers = why let those "leads" go to waste, when you've already got the licensing and everything else to have a few buyer's agents to help put them into a home & generate additional revenue from this? 

    Property management = working with property owners = oh look there's also people that might someday want to sell real estate = same logic as above.

    I bet you will not be the first new real estate agent to say something along the lines of "hey I want to work in property management, but also sell homes from time to time," the answer you want is probably something in the ballpark of "Yes! We already have a few people doing that, we'll get you trained up, including how to plant that seed early on when you are serving as leasing agent to put those tenants (tomorrow's buyers) in our units." And you might target whoever is doing property management for higher end apartments (more likely to qualify for a mortgage in a year or 3), just drive around the nicer part of town and see whose name is on the "for lease" signs. 

    I don't think anyone really does this, but it ALSO might not be crazy three months before leases expire to plant some "rent v buy? let's talk about it" seeds (semi-automated mailers, systems would have to be put in place). If one were to do that, one would of course owe it to the property owner not to ding them with any sort of fee for finding a new tenant, and probably cover the month of vacancy, if THAT makes sense would probably be up to price points in your area, and look at that I think I have a new idea that I need to put feelers out for and/or run some math on. 

    2Reply
  • Jordan Bowley
    OP
    Contractor · Fayetteville, NC · Member since 2020 · 25 posts · 7 votes
    6y
    Originally posted by @Chris Mason:
    Originally posted by @Jordan Bowley:

    Hello fellow BP bloggers,

    Brief background:

    I am relatively new to the real estate world, and have decided to dive head first not only with investing but also with changing my professional career. 

    I am still active duty military, and have the opportunity to do OJT for a few months before I get out. I have already started my pre-licensing course in NC and am formulating my plan to ETS.

    I am leaning more towards property management, in fact I want to try and work for a PM full-time while I earn my full brokers license in NC (2 year requirement).

    My end-state is to start my own PM company to manage my own investments and other investors portfolios in my area.

    So now to my question(s):

    In regards to eXp Realy, do they have a non-compete or anything in their agent agreement that would prevent me from doing PM while attempting to work as an agent in the evenings/weekends? Their business model seems attractively suited for a smaller operation that wants to work part-time while working other fields in real estate.

    Additionally, does anyone with more experience than myself "probably 90% of bloggers on here", have any recommendations or nuggets of wisdom towards trying to do something like this part-time beyond which specific company I try to work under?

    Lastly, are there any other companies out there that would be good to look into in order to try and do sales part-time?

    Thank you all in advance for any assistance!

     You will want to hang your license with a local property management company that's led by a real estate broker. In California, that's the norm for prop management companies, I can't speak to your state.

    The property management company (at least in my area) will likely ALREADY have Realtors representing buyers and sellers. 

    Property management = tenants = future homebuyers = why let those "leads" go to waste, when you've already got the licensing and everything else to have a few buyer's agents to help put them into a home & generate additional revenue from this? 

    Property management = working with property owners = oh look there's also people that might someday want to sell real estate = same logic as above.

    I bet you will not be the first new real estate agent to say something along the lines of "hey I want to work in property management, but also sell homes from time to time," the answer you want is probably something in the ballpark of "Yes! We already have a few people doing that, we'll get you trained up, including how to plant that seed early on when you are serving as leasing agent to put those tenants (tomorrow's buyers) in our units." And you might target whoever is doing property management for higher end apartments (more likely to qualify for a mortgage in a year or 3), just drive around the nicer part of town and see whose name is on the "for lease" signs. 

     Chris,

    Thank you for the full response! I did not realize that so many PM's would also have a buying/selling "division". If I can find the right company that has a robust enough division then that may be the best of both worlds. 

    Have you ever worked for a PM, and/or do you have any recommendations for things to look for beyond their ability to buy/sell?

    0Reply
  • Charlie CameronBusiness Member
    Investor · Niceville, FL · Member since 2017 · 451 posts · 366 votes
    6y

    @Jordan Bowley a lot of PM contracts REQUIRE property owners to use them first to sell their properties (of course, I always cross that out on my properties because I want the agent that sold it to me to also get the sale if possible).  So PM focused brokers usually do both, though it tends to just be the listing.

    If you want to do PM, I'd focus on that.  Pivot to sales later if you'd rather be doing that but trying to do both right off the bat will be painful, they ARE different skillsets (I self managed 8 units for a while and now I'm a part time agent).  eXp is certainly NOT a good fit for PM.  Maybe eventually they'll add it.  

    How long you been in?  I'm active duty as well.  eXp and my job give me the flexibility to do both.

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    1Reply
  • Jordan Bowley
    OP
    Contractor · Fayetteville, NC · Member since 2020 · 25 posts · 7 votes
    6y
    Originally posted by @Charlie Cameron:

    @Jordan Bowley a lot of PM contracts REQUIRE property owners to use them first to sell their properties (of course, I always cross that out on my properties because I want the agent that sold it to me to also get the sale if possible).  So PM focused brokers usually do both, though it tends to just be the listing.

    If you want to do PM, I'd focus on that.  Pivot to sales later if you'd rather be doing that but trying to do both right off the bat will be painful, they ARE different skillsets (I self managed 8 units for a while and now I'm a part time agent).  eXp is certainly NOT a good fit for PM.  Maybe eventually they'll add it.  

    How long you been in?  I'm active duty as well.  eXp and my job give me the flexibility to do both.

     Charlie,

    I have been in 7 years, I am ETSing in July. But yea, it is starting to sound like I need to find a PM that does some sales as well. I guess a nugget I left out was my wife and I are going to try to tag-team the sales aspect while we both have main jobs.

    1Reply
  • David BellPro Member
    Real Estate Agent · East Brunswick, NJ · Member since 2016 · 129 posts · 63 votes
    6y

    @Jordan Bowley  You can be an  agent at exp and also work for a separate PM company however, you would need to be a full Broker and have permission from both BIC’s to do dual brokerage.  Let me know if that makes sense or if you have questions.

    0Reply
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