eXp lands billion-dollar brokerage in New England
Bean Group, which serves Maine, New Hampshire, Massachusetts and Vermont, has joined eXp thanks to new incentives aimed at recruiting large teams.
Key points:
- Bean Group is one of the largest independent brokerages in Northern New England.
- The addition of the team has improved eXp’s market share in New Hampshire and Maine, the company said.
- The big move was spurred by eXp’s new “Boost” program, which offers financial incentives to large teams who join the company.
An independent brokerage that closes nearly $1.5 billion in volume annually has just moved to eXp, the company announced today.
Luring Bean Group — one of Northern New England's largest independent brokerages, ranking 205th among the Mega 1000 top brokerages — and its hundreds of sales agents marks a major score for eXp in the race to recruit in this challenging market.
But the move is also eXp's first success with its "Boost" program announced in June, which is focused on recruiting larger, existing teams over to the cloud-based brokerage.
The program, which is open only to teams or firms with a minimum of 50 agents producing more than $100 million in a year, allows the agents to benefit from eXp's rev share model immediately. There are also other perks for teams including stock equity, agent support, and no overhead costs, according to eXp.
"By joining eXp Realty, we get the best of both worlds," said Bean Group CEO Michael Bean, noting that the team can maintain its boutique culture while taking advantage of eXp's scale and resources.
With the addition of the Bean Group, eXp also gets the immediate benefit of significantly expanding its presence across New England. According to the company, eXp is now the third-largest player by market share in New Hampshire and the second-largest in Maine.
CEO Glenn Sanford alluded to the new Boost program during the company's "State of the Union" video call in June, where he vowed to double down on recruiting efforts.
"If you're 50 agents or more, and you want to move to eXp, we have some ways, financially, to make that work," he said at the time. "We've got over $120 million in the bank and we have the ability to do that."
The news of eXp's big get also comes at a time when many major brokerages are retooling their revenue- and profit-sharing models. Just last week, eXp made a change to its rev share structure to help new agents move up its tier system faster. Around the same time, The Real Brokerage also unveiled a policy change that will help new agents benefit more from its rev share model.