eXp Realty Surpasses 40,000 Real Estate Agents Globally On Its Immersive Cloud-Based Platform

Rhea-AI Summary

eXp World Holdings has surpassed 40,000 agents globally, marking a remarkable 60% year-over-year growth from 25,000 agents last year. This milestone highlights the company’s rapid international expansion and strong performance, as it recorded a 100% revenue increase year-over-year, amounting to $564.0 million in Q3 2020, with a net income of $14.9 million. eXp’s growth is supported by its agent-focused model and expansion into commercial real estate, alongside strategic acquisitions that position the company for continued success in 2021.

Positive

• Increased agent count to over 40,000, reflecting 60% year-over-year growth.
• 100% revenue growth year-over-year to $564.0 million in Q3 2020.
• Net income reached $14.9 million, showcasing strong financial performance.
• Successful expansion into commercial real estate with eXp Commercial.
• Strategic acquisitions of Showcase IDX and SUCCESS Enterprises to enhance growth.

Negative

• None.

40,000 Agent Milestone Represents 60% Year-over-year Growth

BELLINGHAM, Wash., Dec. 14, 2020 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (Nasdaq: EXPI), the holding company for eXp Realty, one of the fastest-growing residential and commercial real estate companies, has exceeded 40,000 agents globally. This represents a year-over-year increase of 60% when compared to 25,000 agents at this same time last year.

The milestone of surpassing 40,000 agents follows eXp’s rapid international expansion and record-setting year for net agent growth, transaction growth and the company’s top- and bottom-line. In the third quarter of 2020, the company’s revenues increased 100% year-over-year to a record $564.0 million, which drove record net income of $14.9 million.

“Our record-breaking financial results and solid growth trajectory are a testament to our agent-first model and innovative cloud-based platform,” said eXp Realty CEO Jason Gesing. “Our clear financial incentives continue to drive successful agents to our platform, as we added more agents than ever before in the third quarter. As we look ahead to 2021, we expect to continue adding agents at a rapid pace and growing our overall residential real estate business, both domestically and abroad.”

eXp’s expansion into the commercial real estate space, with eXp Commercial, has also catalyzed the company’s strong growth. eXp’s Commercial platform offers agents the same attractive commission and capping model, a revenue-share program and stock option opportunities.

Additionally in 2020, eXp World Holdings made two purchases to help with future growth: It purchased Showcase IDX, a real estate search platform popular with consumers and real estate agents. It also acquired SUCCESS Enterprises, a personal and professional development media company, which will allow eXp to blend its technology and content to enhance the personal development platform for entrepreneurs and sales professionals around the globe.

“The synchronicity of these businesses coupled with our agent growth puts us in an exceptionally strong position headed into 2021,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “I’m confident our agent growth will continue at a rapid clip, as more and more agents are drawn to our agent-centric brokerage with a track record of innovation and success.”

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty, eXp Commercial, 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 40,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico and Portugal 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/.

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

Media Relations Contact:
Molly Strong
eXp Realty
press@exprealty.net

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cfdf52b9-01d5-469b-870d-cfb1d6e2277a

FAQ

What is the recent milestone achieved by eXp World Holdings (EXPI)?

eXp World Holdings recently surpassed 40,000 agents globally, representing a 60% year-over-year growth.

How much revenue did eXp World Holdings (EXPI) earn in Q3 2020?

eXp World Holdings reported $564.0 million in revenue for Q3 2020, marking a 100% increase year-over-year.

What was the net income for eXp World Holdings (EXPI) in Q3 2020?

The net income for eXp World Holdings in Q3 2020 was $14.9 million.

How does eXp World Holdings (EXPI) plan to continue its growth in 2021?

The company plans to continue adding agents rapidly and expand its overall residential real estate business in 2021.

What recent acquisitions did eXp World Holdings (EXPI) make to support growth?

eXp World Holdings acquired Showcase IDX and SUCCESS Enterprises to enhance its technology and personal development offerings.