eXp Realty and New Story Set Goal to Fund 100 Newly Built Homes in Mexico

Rhea-AI Summary

eXp World Holdings CEO Glenn Sanford has announced a partnership with New Story to build 100 homes in Morelos, Mexico, following a devastating earthquake. eXp Realty aims to raise $600,000, with Sanford personally matching up to $300,000 in contributions. Each home will cost around $6,000, funded entirely by donations, ensuring local workers and materials are used. This initiative underscores eXp's commitment to social responsibility and community support, especially in regions still recovering from disasters.

Positive

• eXp Realty has committed $600,000 to build homes in Mexico, showing strong corporate social responsibility.
• Glenn Sanford's matching contribution reflects leadership commitment to community support.
• The project will utilize affordable and sustainable building materials, benefiting the local economy.

Negative

• None.

eXp World Holdings CEO Glenn Sanford to Match Up to $300K in Contributions

SAN FRANCISCO and BELLINGHAM, Wash., Sept. 21, 2021 (GLOBE NEWSWIRE) -- eXp Realty announced a joint initiative with New Story, a nonprofit that pioneers solutions to end global homelessness, to build 100 homes in the Morelos region of Mexico, which was devastated by a 7.1 magnitude earthquake in September of 2017 and is still trying to rebuild after four years. eXp Realty has committed to raising funds among its employees and network of agents, and in addition, Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings, has pledged to match up to $300,000 in contributions with a goal of raising $600,000.

With the help of corporate and matching donations, each home averages $6,000 in construction costs and New Story works with local partners, equipped with the trust of communities and cultural competencies, to complete these builds. The result transforms dangerous living environments, including those impacted by natural disasters, into communities of safe, sustainable homes. One hundred percent of donations raised through eXp Realty will be directly applied by New Story to hire local workers and purchase local materials for the construction of the homes. Once families move in, New Story surveys the community over time to measure the exact impact a safe home has on the families’ lives.

“We are honored to work with New Story to provide relatively low cost, sustainable homes because we know the importance a home makes to families no matter where they live,” said Sanford. “We are passionate about bettering lives and helping communities around the globe and this area of Mexico is still in need of housing for those impacted. I wanted to personally show my commitment with this matching gift to help build safe, sustainable homes.”

The homes will be constructed using Ecoblock, a sustainable, resilient building material made from compressed earth that is four times stronger than traditional cinder blocks. Composed of 90% earth and 10% concrete, Ecoblocks are more affordable than traditional construction materials, are easier to reuse and create less waste. The construction approach also fuels the local economy by sourcing local material paid at fair prices.

“We see every day how eXp Realty agents around the world are operating from a purpose-driven perspective and this partnership with New Story is an opportunity to work together to make a real difference in the communities in which we operate,” said Michael Valdes, President of eXp Global. “The matching donation from our founder and CEO illustrates the sincere commitment of our leadership to give back and do what we can to help those in need find a home to call their own.”

eXp is headquartered in the United States and opened brokerage operations in Mexico in November 2020. It was eXp's first Spanish-language country in its global expansion and the perfect fit for eXp's community based culture.

"Our goal is to improve the resilience of communities for the long-term," said Brett Hagler, CEO of New Story. "eXp Realty's partnership allows us to keep implementing sustainable innovations to provide the lasting stability families deserve."

An estimated 1.6 billion people throughout the world currently live in inadequate shelter. New Story aims to change that with innovation and through partnerships such as eXp Realty. To learn more about eXp Realty and New Story’s partnership, go to newstorycharity.org/exp-realty.

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty, Virbela, Showcase IDX and SUCCESS Enterprises.

eXp World Holdings and its global brokerage, eXp Realty, is one of the fastest-growing real estate tech companies in the world with more than 64,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama and Germany, and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive.

For more information, visit https://expworldholdings.com.

Safe Harbor Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

About New Story
New Story is a non-profit working to create a world where no human being lives in survival mode. The organization currently works in Mexico, Haiti, El Salvador, and Bolivia where they have funded more than 2,300 homes for families in need. Their 100% model ensures every penny of each donation goes to building homes while their organization overhead is covered by private donors. Learn more at newstorycharity.org.

CONTACTS

Alyson Austin
alyson@gaffneyaustin.com

Samantha Schikowski
samantha@newstorycharity.org

FAQ

What is eXp Realty's recent initiative in Mexico?

eXp Realty is partnering with New Story to build 100 homes in Morelos, Mexico, with a fundraising goal of $600,000.

How much is Glenn Sanford contributing to the eXp Realty initiative?

Glenn Sanford has pledged to match up to $300,000 in contributions for the housing project.

What is the purpose of the new homes being built by eXp Realty?

The homes aim to provide safe and sustainable living conditions for families affected by the 2017 earthquake.

What materials will be used to build the homes in Mexico?

The homes will be constructed using Ecoblock, a sustainable building material made from compressed earth.

How does eXp Realty ensure contributions are effectively used?

One hundred percent of donations will go directly to hiring local workers and purchasing local materials for construction.