Virtual brokerage eXp’s revenue jumps 220% to $500M

Agent headcount more than doubled to 15K+

TRD NATIONAL /
Mar.March 18, 2019 05:30 PM

Glenn Sanford (Credit: Twitter)

After more than doubling its agent count, virtual brokerage eXp Realty’s revenue soared 220 percent in 2018 — hitting a “record” $500.1 million, the company reported Monday.

But its net loss — $22.4 million — remained relatively steady compared to 2017’s net loss of $22.1 million.

“In the past year, eXp has grown in extraordinary ways in both financials and size,” CEO Glenn Sanford said in a statement.

EXp went public last year, trading at a $1 billion market capitalization. Founded by Sanford in 2009, eXp offers agents a virtual world where they can network and take classes. Agents can also earn company stock.

In its earnings report, eXp said it closed out 2018 with 15,570 agents, up from 6,511 a year prior. In recent months, the cloud-based brokerage has attracted several top agents and their teams, including David Devoe in Hoboken, who moved 32 agents and 10 staffers from Keller Williams.

The firm said it closed 74,678 transactions, up 195 percent year over year. It sold $19.8 billion worth of property, a 226 percent year-over-year spike. [Inman]E.B. Solomont


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
Eric Gordon

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

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

MAP: Here’s a look at all the Big Tech locations in NYC
With many tech companies open to long-term remote work for their employees, questions are being asked about how that will impact the office and residential markets in hubs of tech talent. (iStock)

TRD Insights: What #WFH could mean for office and resi costs in tech hubs

TRD Insights: What #WFH could mean for office and resi costs in tech hubs
eXp Realty founder and CEO Glenn Sanford (Image via eXp)

Virtual broker eXp sees record profits in Q2

Virtual broker eXp sees record profits in Q2
From left: Trinity Investments CEO Sean Hehir and Benchmark Real Estate Group principals Aaron Feldman and Jordan Vogel (iStock, LinkedIn, Trinity Investments)

“Blank-check” companies make a comeback in real estate

“Blank-check” companies make a comeback in real estate
Starwood Capital Group CEO Barry Sternlicht (Getty)

Starwood eyes $11B raise for real estate, distressed bets

Starwood eyes $11B raise for real estate, distressed bets
NY Community Bank president Joseph Ficalora

NYC’s biggest multifamily lender says rent collections are holding steady

NYC’s biggest multifamily lender says rent collections are holding steady
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...