Virtual brokerage eXp Realty’s profit soars

Virtual brokerage eXp World Holdings trounced on its bricks-and-mortar rivals during the first quarter, posting a $14.5 million profit — up 132 percent compared to 2018.

Parent company eXp World Holdings said the firm pulled in revenue of $157 million during the first quarter, up 153 percent compared to last year’s $62 million. The firm’s net loss during the quarter was $6.3 million, down from $10.7 million compared to the prior year.

The Seattle-based company — which has been wooing agents with its profit share and stock options — ended the quarter with 17,929 agents nationwide, a 93 percent year-over-year jump. The company said first-quarter sales volume rose 149 percent to $5.8 billion, while the number of transactions was up 136 percent to 22,307.

In a statement, CEO Glenn Sanford said eXp rolled out additional tech tools, including an on-demand home tour mobile app, which has bolstered recruitment.

Despite the strong financial showing, however, eXp has weathered tumult in the C-suite in recent months. Earlier this week, it named Dave Conord and Stacey Onnen as co-presidents, replacing Vikki Bartholomae, who left in November.

In March, the California Department of Real Estate accused eXp of violating state laws regarding display names and failing to adequately supervise 1,941 agents in the state.