Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI)
continued the rapid expansion of its real estate division when it announced the
launch of eXp Realty in New Jersey. Including the Utah launch, which was
announced earlier this week, the company’s Agent-Owned Cloud Brokerage™ is now
operational in 43 states, as well as the District of Columbia and Alberta,
Canada. In total, EXPI’s innovative brokerage now includes more than 1,400 real
estate professionals, an increase of over 60 percent from the beginning of
2016.
EXPI’s pioneering agent-owned business model has proven
successful in attracting some of the leading real estate professionals across
all of its markets, and New Jersey is no different. The company’s broker of
record for the state, Jeanne Borgers, brings more than 12 years of New Jersey
real estate experience to the eXp Realty team. During this time, she worked
with Keller Williams NJ Metro Group, earning the nickname of ‘Short Sale Queen’
for her ability to navigate the challenging realty landscape ushered in by the
Great Recession.
“We are fortunate to have experienced and talented
leadership in place with Jeanne as we enter a highly competitive market and a
state where the practice of real estate varies significantly from the north to
the south,” Jason Gesing, chief executive officer of eXp Realty, stated in this
morning’s news release. “We look forward to offering new opportunities to and
welcoming entrepreneurial professionals across the state into our community of
agent owners.”
Over the past two months, EXPI’s realty division has
experienced tremendous national growth, expanding into an impressive six states
since early May. This growing national presence has set the stage for
considerable financial growth in the months to come. In the first quarter of
2016, the company recorded a year-over-year increase in revenues of 107
percent. This coincided with an increase in agent count for its real estate
division of 106 percent from the previous year. eXp Realty has already added
roughly 300 new agents to its Agent-Owned Cloud Brokerage since the end of the
first quarter, and it’s showing no signs of slowing down.
In a recent news release, Glenn Sanford, chairman and chief
executive officer of EXPI, stated, “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.” If financial performance
continues to mirror this growth in agent count, the company could be primed for
record results moving forward.
For more information, visit the company’s website at
http://investors.exprealty.com
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