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.