A cloud brokerage does not have physical offices for real estate agents. Cloud brokerages provide cloud-based software and services for their agents. This helps work get completed remotely. Cloud brokerage splits are often more favorable to agents than those of traditional brokerages.
eXp Realty, a national cloud brokerage, has quickly emerged as a top-5 real estate brokerage by transaction sides. This has created a push from traditional and tech-enabled brokerages to increase their officeless offerings.
Cloud brokerages do not have physical office space. Traditional traditional brokerages almost always have office space. A lack of office space reduces the cost structure of running a cloud brokerage. But it also means that technology and remote service much be strong enough to support remote work.
Most cloud brokerages employ their agents as independent contractors. They appeal to agents who want the support of a traditional brokerage but don't care much about office space. Instead, agent fees go towards technology and non-office services.
eXp Realty and Real are two popular cloud brokerages. Both have consistent commission splits for all agents. They both provide technology to all agents to support an officeless structure.