eXp Realty Opens Brokerage Operations in the Dominican Republic

Rhea-AI Summary

eXp Realty has expanded its operations into the Dominican Republic, marking its presence in 19 countries with over 73,000 agents globally. Marbel Lugo, a veteran in real estate with over 20 years of experience, will lead the new operations. The decision comes amidst strong interest from local agents, underpinned by the Dominican Republic's robust housing market fueled by tourism and investment incentives. The move is part of eXp's aggressive international growth strategy, with additional markets in Greece and New Zealand planned for early 2022.

Positive

• Expansion into the Dominican Republic signifies growth opportunities.
• Leverage of Marbel Lugo's extensive experience in the local market.
• Strong demand from local agents indicates potential for rapid recruitment.
• The firm has consistently opened new markets, enhancing its global footprint.

Negative

• None.

BELLINGHAM, Wash., Feb. 08, 2022 (GLOBE NEWSWIRE) -- eXp Realty^®, the fastest-growing global real estate brokerage and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), has expanded into the Dominican Republic. eXp Realty now operates in 19 countries with over 73,000 agents around the world.

eXp’s real estate brokerage operations in the Dominican Republic will be led by Marbel Lugo, who brings more than 20 years of experience in real estate investment, consulting and development. Lugo is a pioneer in the Dominican Republic real estate industry as a Board member of the Association of Real Estate Agents, author, and the first real estate coach in the country.

“As we continue to gain traction in the Caribbean and Latin American markets, we have had significant interest from agents in the Dominican Republic and feel it’s a perfect next step in expanding our footprint,” said Michael Valdes, President of eXp Global who is responsible for eXp Realty’s worldwide expansion. “With a strong residential property market driven by tourism, easy international access and attractive incentives for foreign investment, the Dominican Republic is an ideal market to expand our growing brand.”

eXp Realty’s agile cloud-based work platform has allowed it to expand rapidly across the globe, opening 14 new markets over the past two years. The Dominican Republic represents the first of three markets that eXp Global has identified for expansion in the first quarter of 2022. Greece and New Zealand are slated to open later in the quarter.

“eXp is transforming the real estate industry, and with new operations in the Dominican Republic, we will improve the lives and businesses of real estate agents by providing new tools and growth opportunities,” said Lugo. “Together, we will bring the future of real estate to our agents in the Dominican Republic through eXp Realty’s unique model, while also offering faster and more efficient services to homebuyers and sellers.”

eXp Realty’s financial model for residential real estate agents offers an attractive commission structure, providing agents with an opportunity to earn additional income by helping to grow the company’s agent base globally, and earn equity in the company through listing and selling activities. eXp Realty’s cloud-based brokerage is powered by Virbela, the company’s immersive and collaborative virtual platform, which enables its agents to communicate, meet and conduct business in the metaverse.

About eXp World Holdings, Inc.

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

eXp Realty is the fastest-growing real estate company in the world with more than 73,000 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, Germany and the Dominican Republic 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 Virbela, an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS Enterprises, anchored by SUCCESS magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.

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 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 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.

Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com

Investor Relations Contact:
MZ Group – MZ North America
investors@expworldholdings.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0493904-8a70-43c8-8d6c-8b8626448894

FAQ

What recent market expansion did eXp Realty announce?

eXp Realty announced its expansion into the Dominican Republic.

Who will lead eXp Realty's operations in the Dominican Republic?

Marbel Lugo, with over 20 years of real estate experience, will lead the operations.

How many agents does eXp Realty have globally?

eXp Realty has over 73,000 agents worldwide.

What other countries will eXp Realty expand into in 2022?

eXp Realty plans to expand into Greece and New Zealand as well.

What is the significance of the Dominican Republic for eXp Realty?

The Dominican Republic offers a strong residential market driven by tourism and investment incentives.