Cloud Brokerage Comparison: eXp, Real, LPT, and Fathom

Key Takeaway: eXp Realty, Real Broker, LPT Realty, and Fathom Realty share a no-office baseline but differ structurally in commission structure, fee levels, revenue share programs, equity and stock programs, and financial stability metrics. Agents evaluating these four brokerages need to compare each variable individually rather than assume the models are interchangeable.

TL;DR About Cloud Brokerage Comparison

• Four major cloud brokerages share no-office baseline
• Financial stability metrics differ across the four
• Commission structures and fee levels vary significantly
• Revenue share tiers and pool structures vary
• Equity and stock programs vary or are absent
• Training delivery depth differs across all four
• Growth phase affects brokerage risk and opportunity profile

eXp Realty, Real Broker, LPT Realty, and Fathom Realty are the four major cloud-based real estate brokerages operating in the United States. All four eliminate the physical office requirement and deliver brokerage services through virtual infrastructure.

Many agents treat these four brokerages as interchangeable because they share the no-office model. The four differ in financial stability, commission structure, revenue share program design, and equity program availability in ways that require separate evaluation.

This article explains how comparing the major cloud brokerages fits into the broader Smart Agent Alliance brokerage comparison resources agents use to research and compare brokerages.

The sections below cover shared baseline characteristics, financial stability metrics, commission and fee structure, revenue share and equity programs, training depth, and growth phase framing across eXp, Real, LPT, and Fathom:

What the Four Major Cloud Brokerages Have in Common

eXp Realty, Real Broker, LPT Realty, and Fathom Realty all operate without a required physical office. Agents at each brokerage affiliate virtually and access brokerage services through digital platforms rather than a local office.

All four operate outside a traditional franchise structure. Agents are not required to affiliate with a branded local office or pay franchise royalties on transactions.

All four include technology as part of the agent affiliation package rather than requiring agents to source tools independently. All four use an agent-owned production model in which each agent’s transaction income is calculated on that agent’s individual production.

The shared cloud baseline makes direct structural comparison meaningful. Fee levels, revenue share program design, equity programs, and financial stability vary across the four and require separate evaluation before any affiliation decision.

Financial Stability: How to Evaluate a Cloud Brokerage Long-Term

Financial stability in brokerage evaluation refers to a brokerage’s ability to sustain operations, maintain agent compensation programs, and remain solvent over time. Brokerage financial health affects whether revenue share programs, equity programs, and operational infrastructure remain available.

Key evaluation metrics include: public vs private operating status, profitable quarter history, agent count trajectory over recent years, revenue per agent trends, and publicly available debt or cash reserve data.

eXp Realty, Real Broker and Fathom Realty are publicly traded companies. LPT Realty is privately held. Publicly traded brokerages are required to file quarterly earnings reports and SEC disclosures, which provide direct access to financial stability data.

Financial stability metrics do not predict agent-level compensation amounts. A profitable brokerage does not guarantee that individual agent net income will increase or remain stable.

Commission Structure and Fee Comparison Table

eXp Realty and Real Broker operate on a split plus cap model. LPT Realty and Fathom operates on an agent choice between 100% commissions or a split plus cap model with revenue share earning potential.

Revenue Share and Equity Programs: A Four-Brokerage Comparison

eXp Realty offers a revenue share program with seven tiers based on downline depth. Revenue share is calculated as a percentage of the gross commission generated by sponsored agents. The program is willable and can be kept in retirement. Front-line agent production requirements apply for full participation. eXp also offers a stock award program tied to production milestones and ICON Agent status.

Real Broker offers a revenue share program with a five tier structure. Revenue share pool structure differ from eXp’s program.

LPT Realty offers a revenue share program with a seven tier structure. The available revenue share pool does not receive contributions from all agents.  It only receives contributions from agents not opting into a flat-fee commission structure. LPT is not publicly traded.

Fathom Realty offers a revenue share program with five tiers. Like LPT, the available revenue share pool does not receive contributions from all agents.  It only receives contributions from agents not opting into a flat-fee commission structure.  Fathom Realty is publicly traded but Fathom does not include equity grants or stock award programs as part of agent compensation.

Training and Support Depth

eXp Realty delivers training through eXp University, with 50+ hours of live training and a library of on-demand video courses covering production, technology, and compliance topics. Live virtual training sessions are held regularly through eXp World, the brokerage’s virtual campus platform. Additional training is available through some eXp Realty sponsors who are free to create and supply their own training to their downline agents.

Real Broker delivers virtual training sessions and maintains an on-demand library. Training availability and library depth are smaller than eXp’s current catalog.

LPT Realty delivers virtual training through its platform. As a growing brokerage, its training library is expanding but is currently less extensive than eXp’s.

Fathom Realty provides virtual training access to affiliated agents. Delivery format is on-demand and virtual. Training depth and catalog size are more limited relative to eXp.

Training availability does not determine agent production outcomes. Access to training content and actual agent utilization are separate variables.

Growth Phase and Agent Profile Fit

eXp Realty is the most established of the four cloud brokerages by agent count, public market tenure, and program maturity. Real Broker and LPT Realty are in earlier growth phases with smaller agent bases and newer program structures. Fathom Realty is publicly traded but smaller in agent count.

A mature brokerage offers more established infrastructure, documented program history, and greater financial transparency. An earlier-stage brokerage may offer faster-growing revenue share downlines and potentially better stock value positioning, alongside greater uncertainty about program longevity.

Agent profile fit depends on production level, sponsoring capacity, and risk tolerance. No single growth phase profile suits all agents. Evaluating fit requires weighing current fee structure, income program design, and brokerage stability against each agent’s priorities.

For head-to-head brokerage matchup analysis, see eXp vs LPT, eXp vs Real, and eXp vs Fathom.

What Agents Also Ask About Cloud Based Brokerages

What is the difference between eXp Realty and Real Broker structurally?

Both use a split plus cap model but differ in cap amount, monthly fee structure, transaction fee levels, and equity program design. eXp operates a 7-tier willable revenue share with a stock award program. Real operates a 5-tier structure.

Does LPT Realty have a stock or equity program?

LPT Realty offers private stock access as part of its compensation structure. Because LPT is privately held, the stock is not publicly traded. Vesting conditions and forfeiture terms apply. Agents should confirm current program terms directly with LPT before evaluating private stock as a compensation input.

What financial metrics indicate a cloud brokerage is stable?

Key indicators include public vs private operating status, profitable quarter history, agent count trajectory over recent years, and revenue per agent trends. For publicly traded brokerages, quarterly earnings reports and SEC filings provide direct access to this financial data.

Why This Matters

Comparing cloud brokerages accurately requires evaluating financial stability, fee structure, and income programs, not only the shared no-office baseline. At eXp Realty, all agents receive the same core brokerage platform, including compliance, compensation, and access to company divisions.

What differs is the sponsor ecosystem an agent aligns with. The sponsor an agent selects shapes which tools, training, and resources, if any, they can access, including structured support for evaluating cloud brokerage options before a switch decision.

Related Topics

• Cloud vs Traditional Real Estate Brokerages Explained
• Revenue Share Compared: eXp, LPT, Real, Fathom, and KW
• Top Real Estate Companies: Profitability Rankings