Virtual brokerage eXp Realty is turning to a familiar friend to lead the company into the future.
Glenn Sanford, who founded the online brokerage in 2009, is returning to the chief executive role, holding company eXp World Holdings announced on Tuesday. Sanford will maintain his other responsibilities as chairman and chief executive of eXp World Holdings.
Jason Gesing, who has been chief executive since 2019, is moving into an executive role with the holding company. Gesing will serve as chief industry relations officer, focusing on industry relations, metaverse advisory and environment, social, governance initiatives. Gesing will also keep his seat on the board of directors.
After emerging as a top producer at Keller Williams, Sanford founded the brokerage more than a decade ago, aiming to build the first fully virtual brokerage of scale.
The pandemic supercharged the brokerage’s growth. In 2020, the company’s ranks reached up to 50,000 agents and generated $31 million in profits. The stock of the holding company surged, giving it a market cap of $5.4 billion and placing Sanford on the Forbes billionaires list.
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eXp rides housing boom with $31M in profits
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The Closing: Glenn Sanford
The company now counts more than 86,000 agents across the world, but still has its detractors. Critics have said the brokerage uses high commission splits and a revenue-sharing program in prioritizing recruiting new agents over selling real estate. Sanford previously told The Real Deal the company’s model as the most fair way to scale the business.
Sanford said in a statement he is shooting for “exponential growth” during his next tenure as the brokerage’s leader, which comes as the housing market faces major headwinds. As sales have fallen off, the company has been forced to lay off support staff and outsource some work. Sanford told Inman in November that more cost-cutting moves may be needed.
Sanford told the outlet he anticipated slower agent growth in 2023 compared to recent years, but that the company could still expand its ranks by 15 to 20 percent.