When Steve Morris founded EXIT Realty Corp. International in 1996, he imagined a company where everyone in the corporation could get a piece of the action thereby creating a future for real estate agents that never existed in the industry before. Sixteen years, hundreds of offices and thousands of agents later, the company today announced that it has paid out to-date, more than a quarter billion dollars in single-level residuals to its associates across the continent.
“And this is just the beginning,” said Tami Bonnell, CEO. “As EXIT Realty continues to grow through a spirit of mentorship, this number will increase exponentially as more and more agents and their families reap the benefits of being associated with an organization that is truly revolutionizing the industry.”
EXIT Realty’s unique business model known as the EXIT Formula, provides a third income stream in addition to the traditional streams of taking listings and making deals. Through a process known as “sponsoring” EXIT associates earn a 10% single-level residual paid by EXIT Realty Corp. International based on the gross commission of those real estate agents they introduce to the company and are hired. When the associate retires or decides to take time off for maternity leave, an extended vacation, etc., the 10% sponsoring bonus converts to a 7% retirement residual. And if something should happen, the agent’s family is looked after too when the residual converts to a 5% beneficiary benefit.
“Residuals are the icing on the cake for our associates,” said Morris, “but the cake is substantial all by itself. Our training, technology, leadership, company culture and support are just a few of the reasons real estate entrepreneurs are attracted to our organization and why they stay, building meaningful, rewarding and lucrative careers. We value each and every one of them - it’s a love affair.”