Early Friday afternoon, eXp World Holdings, Inc. (OTCQB:
EXPI) released its financial results for the first quarter of 2016. Due to its
tremendous success in expanding its agent base in recent months – its real estate
division’s agent count increased by 106 percent year-over-year to include 1,104
agents – the company achieved revenue of $7,142,812, realizing an increase of
107 percent from the comparable period of 2015. EXPI has continued to build on
this success thus far in the second quarter, and the company’s Agent-Owned
Cloud Brokerage™ today includes more than 1,240 real estate professionals
across 38 states and Alberta, Canada.
“It is extremely gratifying to see the value proposition of
eXp Realty being embraced by an ever increasing number of forward-thinking
agents and brokers,” Glenn Sanford, chairman and chief executive officer of
EXPI, stated in today’s news release. “Our internal mantra of ‘We want the
value proposition of eXp Realty to be so good that it would be irresponsible
for an agent and broker to hang their license anywhere else’ has and will
continue to drive innovation around the Agent/Owner model.”
Demonstrating the company’s commitment to this mantra, EXPI
last month entered into an agreement with VirBELA, LLC, one of the leading
developers of immersive online worlds, to develop an innovative 3-D platform
that addresses the specific needs of real estate professionals. By eliminating
the need for brick and mortar office space and replacing it with avatar-based
online environments, EXPI aims to minimize the overhead costs absorbed by
agents and brokers without sacrificing on the fundamental benefits provided by
physical office locations. Through its partnership with VirBELA, EXPI also
opened the door for additional growth by maintaining the option for exclusive
rights to similar online platforms for a number of vertical industries within
the real estate sector, including mortgage origination, mortgage lending, title
and escrow, and title insurance.
“The fact that our growth is accelerating in both agent
count and the percentage of overall growth is a testament to our continued
iterations around the broker and agent value proposition,” continued Sanford.
“We are also excited about the journey of extending this mantra into other
related industries, most notably mortgage with First Cloud Mortgage, Inc. which
reported its first revenues this quarter as well.”
Formed in July of last year, First Cloud Mortgage, Inc. is a
majority-owned subsidiary of EXPI. In keeping with EXPI’s mission of creating a
comprehensive, cloud-based real estate services company, First Cloud Mortgage
offers borrowers in California, Arizona, New Mexico and Texas premium loan
products through an intuitive cloud-based platform.
Observing the correlation between EXPI’s financial growth
and the proliferation of its Agent-Owned Cloud Brokerage™, a recent launch in
four new states and the District of Columbia, as announced earlier this month,
should position the company to build on its strong first quarter in the weeks
to come. EXPI’s continuing ability to attract and develop leaders in the real
estate industry makes the company an intriguing option for prospective
shareholders moving forward.
For more information, visit the company’s website at
http://investors.exprealty.com
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