Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI)
announced that eXp Realty, its real estate brokerage division, has surpassed
1,500 agents across all of its operating markets in the United States and
Canada. This growth milestone continues to build on an impressive start to 2016
for the company, with overall agent count expanding by more than 57 percent
since January 1, when EXPI reported 864 agents.
“eXp Realty continues to attract Increasing numbers of top
agents who are entrepreneurial in their approach to the business and who
recognize agent ownership as a fundamental shift in the way in which real
estate professionals are valued as partners,” Glenn Sanford, founder and chief
executive officer of EXPI, stated in today’s news release. “The Company is
excited about its current growth trajectory and is continually looking to
attract high quality professionals to the brokerage.”
eXp Realty’s growth is particularly compelling when studying
the company’s recent history. Originally launched in October 2009, the
Agent-Owned Cloud Brokerage™ introduced an aggressive revenue sharing program
that offers agents a percentage of the gross commission income earned by
professionals they recruit to the company. While this idea represented an
innovative take on the traditional real estate brokerage business model, EXPI
uncovered a formula for accelerated growth and retention in 2014. After listing
as a public company in 2013, EXPI instituted an equity-sharing initiative with
its agents and brokers that has helped it establish a sizable foothold in major
real estate markets across North America.
In late June, the benefits of eXp Realty’s high-engagement,
low overhead business model were on display when Sally and Stephen Koss,
founders of Greater Boston’s Landmark Group, decided to join the eXp team after
more than three decades within the RE/MAX (NYSE: RMAX) system. When interviewed
about the change, Sally Koss pointed toward EXPI’s ownership opportunities as a
real game changer in the real estate industry.
“With eXp we have access to ground-breaking real estate
technology to better serve our agents and clients,” she stated in a news
release. “Most importantly though, we are able to thank our agents by providing
them with the very same opportunities that we have — ownership as fellow
shareholders able to build organizations within and across markets. While there
are other companies in the industry that are publicly held, the driving force
behind eXp’s public company status is to give direct ownership to its agents
and brokers.”
In recent weeks, EXPI has continued to build on its success
in growing the eXp Realty brand. The company added brokerage operations in both
Utah and New Jersey in mid-July, expanding its national network to include 43
states, in addition to the District of Columbia. EXPI also recently announced
the additions of Rick Miller and Randall Miles as independent members of its
board of directors, and industry veteran Russ Cofano was introduced as the
company’s chief strategy officer and general counsel. All three of these
individuals are expected to play key roles in EXPI’s continued development,
both within the public financial markets and as a rapidly-growing organization.
For more information, visit the company’s website at
http://investors.exprealty.com
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