Written by: Heather Pluard
Very few brokers ever see the billion-dollar mark. Rich Tomasini is one of them. Last year, Rich and his organization closed on $1.3 billion in sales, and eXp Realty became the number-one real estate office in the Charlotte area. “We can grow as far and as big as we want to because we’re a virtual real estate company,” says Rich.
Before joining eXp Realty in 2017, Rich had 18 years of experience in the real estate industry. He was a home-appraiser for eight years, and a top-producing agent for 10. “I closed on $43 million the year before I came over to eXp,” he says. “I was good at my job, but I was completely burnt out. Everybody talks about money in this industry, but time is the most valuable asset we all have. How many times have you looked down to see your kids watching you on your phone, waiting for you to put it down, but you can’t. We lose our personalities by being slaves to the next ring on our phone.”
eXp Realty’s platform is different. “Every agent is a shareholder and has the same 80/20 split,” he explains. “Here, you don’t get used up in the business and spit out at 65 years old with nothing to show for it. We keep revenue in our agents’ pockets instead of spending it on antiquated expenses like brick-and-mortar. And, if you hit a certain level of production, you get that 20 percent back in stock. At eXp Realty, you can work from anywhere, with anyone you want, and get stock traded on NASDAQ; EXPI. Why wouldn’t you join!?”
In a little over two years, Rich has gone from roughly $40 million per year with a team of three to selling over a billion solely by collaborating the way the model was intended. “I brought over 50 of the best agents in the country, and they brought the rest — now making our organization 900 agents strong and growing 40 new agents per month,” says Rich. “Simply put, I recruited the best producing agents in Charlotte, and they brought their friends. Our team has doubled each year. We’re bringing number-one agents in from everywhere, and monster brokerages have joined us, too.”
eXp Realty is now the sixth biggest real estate company in the nation in over 400 markets, 50 states, and seven countries. Rich’s organization is a boat that rose with the tide, now occupying 28 states and six countries with agents referring to each other in all of them. Lead generation is built into the model at no cost to agents, and layers of income generation are available. eXp Realty offers 70 hours a week in live education, and its virtual campus has 650 employees answering 28,000 agents’ questions in real time.
“eXp Realty’s philosophy is to treat the agent better, because if the agent is happy, they’ll be a better agent,” explains Rich. “My residual income alone is more than I ever made in real estate, and I’m not the only success story. Lots of people I’ve brought over have stock and revenue shares in addition to income. Working this thing hard can change your financial trajectory. There is way less anxiety for me now.”
There is also more time for Rich to spend with his family. He and his wife, Katie, have two boys. Ronin is 3 and a half years old, and Viggo is 10 months. “We like making pancakes together, going for walks, traveling and spending time with my parents who live just 100 yards down the road,” smiles Rich. “It’s the way Italians have been living for generations, appreciating the simple things. The COVID-19 crisis is going to change the way the world works for a while. My advice is for agents to do their own diligence the way they would for a client. People from all different walks of life are succeeding at eXp Realty.”