The real estate industry is
changing fast, with technology and enhanced interconnectivity set to mark a
significant shift in the sector and alter realty professions significantly.
Several industry-related jobs, most notably real estate brokers and sales agents,
are actually likely to disappear and be replaced with artificial intelligence
computer algorithms in the near future, according to Oxford University research
(http://nnw.fm/k8ZZZ).
The question that naturally
arises is how these jobs will transform if they are to remain relevant and
still present on a fast-changing, dynamic market such as the real estate
industry. How will the real estate broker’s role change to meet the demands of
an industry governed by technological advances, where virtual communication or
virtual modelling are changing the rules of the game and challenging the
traditional way of doing business?
eXp World Holdings, Inc.
(OTCQB: EXPI) and its rather unique real estate brokerage division, eXp Realty
LLC, might hold the answer to that question. With eXp Realty, The Agent-Owned
Cloud Brokerage™, eXp World Holdings has tried and succeeded to stay ahead of
the curve and create an innovative model of real estate brokerage that relies
heavily on Internet and cloud technologies to build a strong online community
of professionals and provide efficient services to consumers.
The concept at the base of
eXp Realty is a cloud office environment, which offers its members, brokers and
agents nonstop access to collaborative tools and systems, training features and
socialization avenues so as to build a tight-knit community of real estate
professionals that can share their experiences, strategize and innovate
together.
This business model
eliminates the traditional brick and mortar office, allowing brokers and agents
to increase their profits, lower overhead and risk and provide a more effective
service to consumers. In addition, eXp Realty’s platform offers members the
opportunity to earn equity in exchange for their contribution to company growth.
Brokers and agents also benefit from an innovative revenue sharing program that
allows them to win a percentage of the commissions earned by other brokers they
recruit into the company.
So far, it looks like this
model is definitely paying off, as eXp World Holdings reported record revenue
for the second quarter of 2016. The company reported revenues of $13,282,028
for Q2 2016, which is up a whopping 137% from $5,584,963 in Q2 2015. On June
30, 2016, eXp World Holdings had 207% more cash and cash equivalents than the
same time last year, while its real estate division’s agent count was up 111%
year-over-year to more than 1,400 agents.
These remarkable financial
results were driven by EXPI’s realty division, particularly by its increased
sales volume and growing agent base, according to the company’s CEO Glenn
Sanford.
The realty division was also
the driving force behind the company’s record figures last year, and the trend
is likely to endure as eXp Realty continues to expand in terms of both sales
agent base and coverage. It should be noted that since the end of the reporting
period on June 30, eXp Realty has grown to more than 1,500 real estate
professionals across 41 states, the District of Columbia and Alberta, Canada.
For more information, visit
the company’s website at www.eXpWorldHoldings.com
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