EXp Realty’s massive growth push is paying off.
The virtual brokerage’s revenue soared as the company’s been adding agents and growing transaction volume. In the second quarter, revenue for eXp World Holdings, the parent company of eXp Realty, climbed to a record $130.5 million, versus $39 million a year earlier. Net loss was $1.9 million, compared with a net loss of $2.1 million in the second quarter of 2017, according to the company’s statement.
At the same time, residential transaction volume in the quarter rose to $5.3 billion from $1.5 billion last year. The growth comes as the eXp has doubled in size to have roughly 12,000 agents. The company said it’s on track to end the year with an agent count between 16,000 and 20,000.
EXp entered the NASDAQ exchange in May, trading at a $1 billion market capitalization. The company’s value currently is a bit lower, around $900 million, putting in line with national franchise brokerage Re/Max. But eXp hasn’t caught up to Redfin and Realogy, which are valued at roughly $1.5 billion and $2.5 billion, respectively.
CEO Glenn Sanford founded eXp Realty in 2009, which includes a virtual world where avatars of brokers can network and attend classes. Agents can earn stock in the company when they close deals or recruit new agents.
The company currently operates in 49 states, Washington, D.C. and Canada.