Brent:

Yeah, well, first of all, I mean, if you've never seen the explainer stand all the benefits. There's a webinar I made. It's about 32 minutes long. It's called themodelexplained.com the Model explained past tense explained dot com [themodelexplained.com] and watch that and then get back to Brett here and ask him questions. But you know, the difference is before I would impact my 18 agents before, I would you know, I'd meet people at REMAX his annual convention mega camp ama reunion I go to Howard Britain star power, Brian Buffini, Craig Proctor at the door, go to work. Now we have financial alignment. Like if Brett does really well, I do really well. So he's like, you know, and I've never said no, I mean, people would fly to Sacramento and want to see how I ran my I've never said sorry, you can't come? Can I meet you for a cup of coffee? Nope. can't meet me for coffee. Never ever said no in 25 years, and I never will. But um, the difference is, and I give them some information, pat them on the head, send them back to New York, send him back to Florida, send him back to Denver back to Southern California. Now, I know, because of the way the model works, we stay in contact. Like if I can help Brett do really well. It's Win win. I do. Well, I mean, be honest, I don't think that's a bad thing. If you have 10 buyer's agents on your team, and you help them sell 30-40 50 homes a year or more, they're gonna do really well and you're gonna do really well filling Zig Ziglar when enough people get what they want, you'll get what you want. We were just limited by the nature of the model people. Oh my gosh, it's so confusing. How do you manage 16,000 people in your organization? I don't have 9700 in my seven levels. But you know, I don't have to mention Brett. I help him when he wants help. I don't manage Tom Dave's the number one Keller Williams agent, a world who's now at eXp. He knows exactly what he's doing. Sean cosca. He used to be the president of maps coaching for Keller Williams, Jeff Williams, who sold 650 homes a year and sold his REMAX franchise to be a part of this. I don't have to manage them. I helped them when they wanted my help and they know exactly what they're doing. And we just keep growing eXp larger, we will be the first company with a million agents worldwide. There's still 2 million in the US and Canada but worldwide there's 25 million and we're the first company making its agents owners and sharing the stock we become a multi billion dollar national company when you add up our value. It's more than REMAX international and realogy put together. If you go to Wall Street check it out. The value of real g last night looked 1.3 billion market cap. REMAX was 1.4 billion that's 2.7 billion and eXp is over $3 billion. So the markets valuing little old eXp only 10 years old at more than REMAX and religie put together and if you know what realogy is, it's a billion dollar hedge fund that owns 28 brands for their most famous brands or Coldwell Banker, Southern obese century 21 Better Homes and I believe those are the four I believe, and 24 other brands. So when you add up all 28 of those brands plus REMAX so it is amazing what's happening. And it is truly an Amazon shift in the real estate world. It's a Facebook, it's a YouTube, it's Netflix, this is the iTunes digital downloads. It's changing real estate, and it's really cool. And then the probably the biggest misconception, Brett, I'll hand it back to you is we have offices. I'm home today. I was diagnosed with COVID-19 on Monday, so I'm home being safe, you know doing all that. But we have offices, we work out of offices, there. There's offices, they're not ESP offices, agents squat, get thrown, and we work primarily at Regis and open and open spaces. And so the new hubs are the rage. There's hundreds of professionals down the office, fully staffed gorgeous conference rooms, and none of them have a real estate license. And so we get listings, we represent buyers, so it's a great place. There's 3000 Regis locations worldwide. And every eXp agent gets a free membership. And so we work at a Regis so it's not that we work in the cloud or we work at home. We don't work out of offices and we're killing it. So I'll hand it back to you.

Brett:

amazing Brent so much so impacted but one of the things that really connects with me, I've come from the commercial role that Marcus and Millichap started in oh six and then between 2006 2011 I was there some of the best training I felt I felt like the Navy SEALs of learning investment real estate actually in Roseville off of Douglas Boulevard. Before that actually a little quick stint at Keller Williams was done. Yocum was still the manager just kind of another store but then I moved to full commercial. But the biggest thing I found was it felt like you knew you would recruit people you would bring him in, you'd coach him up. You might even partner with him for a few deals. But then all of a sudden you look across the cubicle and he's calling it The same people, and now he's competing against you, right? And you're like, hmm, so I brought him in, I recruited him, I coached him up, I kind of gave him my secrets because I'm thankful for Marcus and Millichap, which I totally AM. And I still am grateful for them. They're wonderful. But now they're competing against me worse would be they actually leave the company now, you know, you're too into it, take all your secrets and go compete with you know, cb Richard Ellis or, jll, or whoever, right? And then we're going, that doesn't make sense. So I went through literally five mentors, Brent, I'm brand new, out of college, barely making it in the business, struggling with my wife, my daughter at home. And my first mentor was fired. My second mentor kind of fired me from the relationship, the third mentor was granted and brand new position as assistant manager. So he had to leave. And then he actually left the company, the manager who originally hired me, he was fired. So I'm all these people poured into me, right. And at a certain point, you go, the value is that mentor, the relationship, the coaching to help them win yet, each of them felt frustrated, because they were independent contractors, they weren't owners in the company, they weren't getting stock, right. And if somebody left, they weren't, you know, they weren't going to be able to benefit or get a return on their investment. So always like a 5050 proposition. Like I'll scratch your back print if you scratch mine. Right. But as soon as you're not scratching my back too much, you're taking too much of my time and energy, I need to return on investment. I'm going to the next one. Whereas now my eXp, and I'm going, Oh, my gosh, like it's now not 5050 to 100%. Like everyone wants everyone to succeed. In fact, they want you to do 10 x what they did, right, they want to give you all their secrets right now. And it's because exactly what you said if you underwrite the model, the finance and you follow the math, it just makes sense. So would you talk about collaboration? Would you talk about just giving your secrets away? And like he said it was no longer about me and holding my secrets, but now it's about you and everyone making an impact?

Brent:

Yeah, absolutely. I just did a mastermind up at Lake Tahoe that's all online. Anybody can watch it at BrentGove.com, but I'll give everyone a little secret. There's never been a cap in commercial real estate. We eXp now has a cap for commercial agents. It's 20,000 bucks. That's it. And some of you that are watching this are commercial guys, you know, you can pay 100 to 300,000 a year or more half a million to Cornish and Harrier the different you know, cb Richard ELLs, and 20. Grand Thank you. Yeah, but I need them. No, you don't. And the split is what's the split for commercial is it.

Brett:

So most sellers 50:50 for the first 100,000. At least that's what it was for me m and m when I first started out, right, and then the second 100,000 might be like a 60:40. And then you hit a certain benchmark. And eventually if you become like a kind of the icon, in a sense, you might be able to 80:20 or 90:10. But usually every year, it starts over for everybody starting at 50:50. So what Brenda's saying is Hey, you earn it at 20 to start the eXp and then the first 20,000 you earn in a given year that you give to or you pay to eXp. Right. That's it. Now the rest of its uncapped you all the upside is for you and Brittany explained a little bit more and why exp is able to do that.

Brent:

Yeah, yeah, because we're cloud based. We don't have the overhead and so they only take 20,000 off to pay for the big building all that well then who's gonna pay for it? You are. And trust me, you'll have a gorgeous office with Windows 30 feet across 20 feet high overlooking the Sierra Nevada, fully staffed, conference rooms, fully furnished everything you can dream of coffee, green tea, coffee or scanners. You know what that cost me? 950 bucks a month. Not here. $50 a month. That's it. That's all I pay. Two full time secretaries up front gorgeous conference rooms, class old 40 people, the high back leather chairs. everything you could want dreaming imagine janitorial heat and cool for 950 bucks a month, less than 12 grand a year. So you can order them cool. They provide all that for me? Yeah, what do you pay? Nothing's free, you're paying a fortune. So once you go into 20, then you're at 100%. So everything you do residential or commercial, you know, is fair. Well, obviously if you're a commercial agent, it's 100%. Thereafter each year, and the cool thing is we have a program where you can earn back $16,000 with the stock. So if you're a commercial person, you only pay four grand a year to be here. Like how can that work? Well, we have 40,000 of us now it's working and we'll have 100,000 and the next 24 months and a 40,000 agents with our profitability made the company worth 3 billion way too we have 100,000 what's gonna happen the profitability and what's gonna happen to the value of that stock and we are an agent owned agent led agent centric everyone says their agent centric but we are owned by the agents. And so you get to see at the table of ownership Do you own the commercial brokerage you work out? And so I put 20 years into REMAX and Keller Williams on the residential side. I walked out of there with nothing. If you walked out today, what would you walk out of there with nothing but whatever you had escrow. And so if you don't understand how this is possible, go watch the model explained.com. And just instead of taking residential things commercial and a 20,000, our residential cap is 16. The commercial is a whopping 20. Everybody's on an 8020 split. And then you go to 100%. The fees are minimal. And yeah, there's companies that will do it for even less than us. But there's no stock awards and no revenue sharing. And I think by my fifth month, my revenue share was 25,000 a month. By my 13th month it was coming in every month at 55,000 a month, within four months of that 17 months in was over 100,000 a month, I mean, what kind of investment you have to make, and I've never made less than 100,000 a month, then it went to 200,000 a month and then went to three then we have four then went to five and ran out of stock on the door of 600,000 a month revenue sharing No, I don't do real estate anymore. I don't think you would either. You'd give your full time focus. And so you know the glass ceiling has been shattered by ESP real estate will never be the same. When digital downloads came out record stores were never the same when Travelocity and, and trivago. And online ordering of travel came out. Your travel industry was never the same. Retail has forever impacted 8000 any retail commercial guys out there, what's going on with retail with Amazon obliterating 8000 major retail chains shutting down the world's changing. And COVID-19 taught us that ExP is just right.

Brett:

So much there. And one of the things that comes to mind too, you were talking to Marcus and Millichap was to get on the other side of the phone. Part of the goal was to learn the business and serve enough people to help them to get what they want and their commercial real estate investment goals and learn along the way. So that you could go and apply those same strategies from syndications, buy deals and have done that or you want to be a passive cash flow coming in. Right? And so I applied that same model to to well, what if I just sold real estate and help others do that, and that passive income model I can't, under, under I really can't understate this have the opportunity, if you are successful commercial real estate broker and you are building a team right now, right and all of that cash flow that's going all that commission could be going to you and your team, right versus it just going to the big box, you know, corporate brokerage, and that that is truly remarkable. And game changing. So to get on the other side of the phone without having to own all the toilets, trash, liability, rent control, you know, all the all the laws that are associated with landlords are very difficult. Now, by the way, still own investment, real estate still does that. But why not accelerate that pace? By doing what you're doing everyday, which is selling real estate and helping your team to do the same thing. Any thoughts there? Brent? Is that a fair summary?