The Real Deal New York

Keller Williams joins eXp Realty and Real in virtual brokerage game

It will introduce the model to its 166 "expansion businesses"
August 22, 2018 09:45AM

From left: Keller Williams CEO John Davis and eXp Realty CEO Glenn Sanford (Credit: Keller Williams and eXp)

UPDATED, Aug. 22, 11:43 a.m.: Keller Williams will join eXp Realty and Real in launching virtual brokerages in every U.S. state to connect brokers looking to expand outside of their own markets.

The new virtual brokerage will be available in the company’s 166 expansion businesses, representing 509 locations and 3,433 real estate agents, according to an Inman report. The so-called expansion businesses are available for agents to expand across markets, including overseas.

Over 40,000 transactions were closed in 2017 by expansion businesses, representing $12 billion in sales volume.

Keller Williams, which reported $98 billion in sales volume in the U.S. and Canada in the second quarter, will face competition from similar models provided by eXp Realty and Real. After introducing the virtual brokerages, eXp Realty recorded a revenue surge to $130.5 million, up from $39 million a year earlier, according to a company statement this month.

Keller Williams reported that its artificial intelligence-based assistant Kelle created 8,680 live referrals in the second quarter, representing $2.07 billion in sales volume. [Inman] — David Jeans 

Correction: an earlier version of this post misidentified eXp Realty’s CEO in the image caption.