For
years, virtual or augmented reality was the stuff of science fiction, a concept
so innovative and unique that many people did not expect to see it come to
fruition during their lifetime. But with rapid technological advancements, in
particular the fast-growing, ever-expanding smartphone market and the associated
technology that can power inexpensive VR headsets, virtual reality has now
stepped beyond the realm of sci-fi and socialization games, and it is being
used by multiple industries, ranging from healthcare to education,
manufacturing or logistics.
The rise
of new, more affordable hardware has put virtual reality technology in the
hands of an increasing number of companies and individuals, becoming an
essential part of numerous applications and services. It is estimated that over
the next few years, the augmented reality/virtual reality market will grow from
$5.6 billion in 2016 to $126 billion by 2020, and experts believe this
technology will become more prominent in our everyday lives, fundamentally
changing how we interact with each other and how we do our work.
A
company that has already wholeheartedly embraced what virtual reality has to
offer is eXp World Holdings, Inc. (OTCQB: EXPI), via its Agent-Owned Cloud
Brokerage™ division, eXp Realty. With a network of more than 1,600 real estate
professionals covering 41 states, the District of Columbia and Alberta, Canada,
the residential and commercial brokerage uses cloud-based technologies and an
advanced virtual reality platform to create a tightknit online community of
agents and brokers.
All
the operations are conducted through this platform, including training for its
agents, lead generation, IT services and others. Leadership meetings are held
in the same platform, where every attending management member has his or her
avatar. The VR space is described by the company as a corporate campus, where
agents can meet with other agents to exchange ideas and share experiences. They
can take online real estate classes and even play a virtual game of soccer
together.
Completely
eliminating the costs associated with running a brick-and-mortar office, eXp
Realty allows members to provide more efficient services to consumers while
increasing their own profit with lower risk. The brokerage is built around the
principle that agents should also have the opportunity to be owners and
therefore offers members lucrative revenue sharing programs and the opportunity
of becoming shareholders in exchange for their contributions to company growth.
The beauty of the system is that agents and brokers can operate from the
comfort of their own homes without having to worry about franchise fees, desk
fees or other similar expenses, as their entire activity is in a cloud-based
office environment.
The
model proposed by eXp Realty has been a tremendous success so far, making the
brokerage the driving force behind eXp World Holdings’ impressive growth over
the last few months. The company has reported record revenues in the first two
quarters (more than $7 million in Q1, $13 million in Q2) and a significant
increase in its number of agents, topping 1,600 at the end of August.
For
more information, visit the company’s website at www.eXpWorldHoldings.com
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