In its recent 10-Q filing, real
estate-focused holding company eXp Realty International reported second-quarter
and six-month revenue growth driven by an increase in agent attraction and
retention. For the three months ended June 30, 2015, EXPI reported revenue of
$5.5 million, an increase of 57% compared to $3.5 million for the same quarter
2014. First-half 2015 revenues increased by 52% vs the same period last year.
“As a company, from our staff, agents,
brokers and the leadership team we are excited about our continued growth.
Toward the end of 2014 and after the introduction of the company’s enhanced
agent ownership initiatives we have seen an acceleration in agent attraction
and an increase in overall agent retention which translates to a significant increase
in revenue growth. We expect that this trend will continue as more and more
agents look at the overall value proposition that eXp Realty represents in the
industry. In addition to reduced overhead and generally higher compensation for
agents and brokers, agents and brokers are attracted to education, technology,
revenue sharing, and the opportunity to build an ownership stake in the public
company,” reported Glenn Sanford, CEO of EXPI.
The company also reported additional growth
metrics:
- • Through the end of July 2015 the company has benefited from agent growth of 50% year to date, bringing the total agent count up from 467 at the beginning of 2015 to in excess of 700 agents today.
- • In April of 2015 EXPI announced that Gene Frederick and a number of other agents / brokers were in the process of joining in Austin, Texas.
- • Since that time eXp Realty has added 41 real estate professionals to its roster in Austin, Texas and has learned that it is now one of the fastest growing real estate brokerages in Austin.
Also noted in the filing, EXPI in June 2015
represented through its agent and broker base approximately $100 million in
real estate sales, setting a new monthly sales record and positioning the
company on a going forward sales run rate of $1 billion annually. Through all
of 2014 the company did approximately $505 million in real estate sales.
EXPI offers agents and brokers the
opportunity to earn equity awards for production and contributions to overall
company growth. Similarly, eXp Realty LLC and eXp Realty of Canada, Inc. also
feature an aggressive revenue sharing program.
eXp Realty, the Agent-Owned Cloud Brokerage™,
is a full-service real estate brokerage providing 24/7 access to collaborative
tools, training and socialization for real estate brokers and agents through
its 3-D, fully-immersive, cloud office environment. This model is designed to
reduce agents’ overhead, increases their profits, and provide greater service
value to consumers.
eXp Realty engages in the marketing and sale
of residential real estate to become the first global real estate brokerage
company delivering truly cloud-based, full-service, and around-the-clock access
to collaborative tools and professional development for managing real estate
brokers and agents. eXp Realty can now be found in approximately 31 states and
parts of Canada.
For more information, visit:
www.exprealty.com or www.investors.exprealty.com
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