eXp World Holdings Expands its Residential Real Estate Network to South Africa

Rhea-AI Summary

eXp Realty Expands into South Africa

eXp World Holdings (Nasdaq: EXPI) has announced the expansion of eXp Realty into South Africa, marking its fourth international move. With over 35,000 agents globally, the company enhances its brokerage model by integrating revenue-sharing and stock award opportunities for agents. The South African market will support residential and commercial operations, leveraging eXp's innovative cloud-based technology. This expansion aligns with eXp's strategy to tap into vibrant real estate communities worldwide, alongside its presence in Canada, the UK, and Australia.

Positive

• Expansion into South Africa enhances eXp Realty's international presence.
• Offers unique financial incentives for agents, including revenue sharing and stock awards.
• Cloud-based technology improves operational efficiency for agents.

Negative

• None.

–eXp Realty’s Innovative Business Model Allows Local Real Estate Agents to Invest In Their Futures–

BELLINGHAM, Wash., Oct. 13, 2020 (GLOBE NEWSWIRE) -- eXp World Holdings (Nasdaq: EXPI), the holding company for eXp Realty, one of the fastest-growing residential and commercial real estate companies, today announced the expansion of its brokerage model into South Africa under the eXp South Africa banner. The addition of residential and commercial brokerage operations in South Africa represents the fourth international expansion for the U.S.-headquartered company. In addition to its robust U.S. presence, eXp Realty also operates in Canada, the United Kingdom and Australia, with more than 35,000 agents in its global network.

eXp Realty offers a unique financial model for residential and commercial real estate agents, going beyond just commissions to provide its agents with revenue share and additional equity programs that include opportunities for stock awards. The partnership model also offers proprietary marketing resources, including the company’s cloud-based virtual environment and customized technology platform that enhances virtual prospecting, sales, training and communications for agents.

“The response to our innovative model has been phenomenal, and we’re excited to bring this opportunity to the vibrant residential real estate community in South Africa,” said Michael Valdes, President of eXp Global. “In addition to increased revenue opportunities for agents, our focus on virtual technology and ability to deliver valuable marketing resources gives agents an advantage and positions them well for the future of real estate.”

“There are deep traditions within South Africa real estate, and we want to build on those. Our approach is to celebrate these diverse cultures and blend them with our innovative real estate opportunities to help develop agents throughout the country,” said eXp South Africa Designated Managing Broker Andrew Thompson. “eXp Realty’s global model and the expansion into South Africa further strengthens our international presence, and its unique revenue model is a game-changer for agents in our worldwide network. The kind of advanced technology and virtual experience that eXp South Africa offers will add massive value to both the agent and consumer experience.”

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The company’s presence in South Africa will encompass a national footprint, including all major towns, cities and provinces. South Africa represents one of five countries eXp Realty and the global business has identified for expansion by the end of 2020, including France, India, Mexico and Portugal.

About eXp Realty
eXp Realty is an eXp World Holdings, Inc. (Nasdaq: EXPI) company. eXp World Holdings also owns VirBELA. eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 35,000 agents in the United States, Canada, the United Kingdom and Australia. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.

VirBELA is an immersive technology platform for business, events and education. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit the company’s website at virbela.com.

Connect with eXp World Holdings and its companies: https://expworldholdings.com.

Media Relations Contacts:

eXp Realty Alyson Austin 949-403-0484 alyson@gaffneyaustin.com

eXp South Africa Amanda Wray 082-854-2737 amanda.wray@exprealty.net

FAQ

What is eXp Realty's recent announcement regarding South Africa?

eXp Realty has expanded its operations into South Africa, marking its fourth international expansion.

How many agents does eXp Realty have globally?

eXp Realty has over 35,000 agents in its global network.

What innovative financial model does eXp Realty offer?

eXp Realty provides agents with revenue share and equity opportunities, including stock awards.

Which countries are part of eXp Realty's expansion plans?

eXp Realty plans to expand into France, India, Mexico, and Portugal by the end of 2020.