EXp Realty revenue soars as the virtual brokerage’s agent count doubles

The virtual brokerage could end the year with 20,000 agents

TRD NATIONAL /
Aug.August 13, 2018 12:00 PM

EXp CEO Glenn Sanford and eXp’s virtual avatars (Credit: eXp Cloud and Glassdoor)

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.


Related Articles

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

What will proptech look like in 2019 and beyond?

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

From left: RealPlus' Eric Gordon, Corcoran's Pam Liebman, Halstead's Diane Ramirez, Douglas Elliman's Howard Lorber and Brown Harris Stevens' Bess Freedman (Credit: Eric Gordon by Emily Assiran, Getty Images, Halstead, BHS, iStock)

Terra sells part of RealPlus stake to Corcoran and Elliman

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

Kurz Real Estate joins eXp Realty

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

arrow_forward_ios