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