The Real Deal New York

It took this brokerage one day of trading to cross a $1B market cap

Company became more valuable than Re/Max after first day on Nasdaq
May 22, 2018 09:45AM

EXp Realty’s Glenn Sanford

EXp Realty’s entry into Nasdaq was a billion-dollar day.

The cloud-based brokerage founded in 2009 crossed $1 billion in market cap on Monday, the same day it started trading on Nasdaq, according to Inman. Its market cap at the end of the day was at $1.044 billion, making it already more valuable than national franchise brokerage Re/Max, which has a market cap of $944 million.

However, it still has far to go to catch up to other real estate companies like Redfin, valued at $1.83 billion, and Realogy, valued at $3 billion.

CEO Glenn Sanford founded EXp Realty in 2009, which includes a virtual world where avatars of brokers can network and attend classes. Agents earn stock in the company when they make contributions such as closing deals or recruiting new agents, and the company currently exists in 49 states, Washington, D.C. and Canada. [Inman]Eddie Small