Virtual brokerage eXp notches most profitable quarter ever

Sales rose 112% to $23.6B during Q3

National /
Nov.November 10, 2020 11:00 AM
eXp's Glenn Sanford and Jeff Whiteside

eXp’s Glenn Sanford and Jeff Whiteside (iStock)

eXp Realty’s profits soared during the third quarter thanks to the booming housing market and the firm’s virtual operations.

Parent company eXp World Holdings said sales more than doubled during the third quarter to $23.6 million, compared to $11.1 billion in the third quarter of 2019. The company’s net income hit a record $14.9 million, compared to a loss of $1.8 million during the same period last year.

“Despite the unprecedented in-person business restrictions related to Covid-19, our agents were able to continue leveraging our virtual platform to conduct business as usual,” founder and CEO Glenn Sanford said in a statement.


eXp, founded in 2009 and based in Bellingham, Washington, went public in 2018. Last year, it reported its first profitable quarter. For all of 2019, eXp generated $980 million in revenue, up 96 percent year over year. It lost $9.6 million, compared to a net loss of $22.4 million in 2018.

Following several months of lockdown during the pandemic, eXp said revenue during this year’s third quarter surged 100 percent to a record $564 million. That’s up from $282.2 million in the third quarter of 2019. During the quarter, agents logged 75,392 transactions, up 95 percent year over year. Cash flow rose 188 percent year over year to $43.2 million, the firm said.

eXp, which operates entirely in a virtual world, now has 35,877 agents, up 56 percent year over year.

In a statement, CFO Jeff Whiteside said eXp would continue its international push, focusing on South Africa, India and Mexico. It also plans to launch a commercial brokerage arm.





    Related Articles

    arrow_forward_ios
    Ori Allon and Robert Reffkin (Getty, iStock)

    Why Compass is going public now — and the obstacles it faces

    Why Compass is going public now — and the obstacles it faces
    Compass CEO Robert Reffkin (Getty; iStock)

    Compass eyes IPO in 2021

    Compass eyes IPO in 2021
    From left: Google's Sundar Pichai, Facebook's Mark Holliday, and Factory_OS's Rick Holliday and Larry Pace (Getty; Factory_OS; iStock)

    Facebook, Google back modular housing startup

    Facebook, Google back modular housing startup
    Realync CEO Matt Weirich (Headshot via Realync)

    Video tour startup raises $22M after demand spikes

    Video tour startup raises $22M after demand spikes
    Peter Zinkovetsky (Photo via Zinkovetsky Law Firm)

    NYC attorney launches virtual closing startup

    NYC attorney launches virtual closing startup
    Airbnb CEO Brian Chesky (Getty)

    Inside Airbnb’s IPO pitch

    Inside Airbnb’s IPO pitch
    Endpoint CEO Scott Martino and First American CEO Dennis Gilmore (iStock)

    Title giant First American pumps $40M into digital closing startup

    Title giant First American pumps $40M into digital closing startup
    Howard Lorber (Getty, iStock)

    Elliman reports $12M profit in third quarter after a year of heavy losses

    Elliman reports $12M profit in third quarter after a year of heavy losses
    arrow_forward_ios

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

    Loading...