eXp World Holdings Expands Real Estate Operations Into Italy

Rhea-AI Summary

eXp World Holdings, operating under EXPI, has expanded its real estate services into Italy, marking a significant growth step in continental Europe. This expansion adds to its presence in over 10 countries globally, with more than 49,000 agents. Led by Michael Valdes, the company aims to cater to the resilient Italian market, particularly in major cities. The move capitalizes on the digital transformation of the real estate sector, offering a cloud-based model that benefits agents through innovative solutions and income opportunities.

Positive

• Expansion into Italy opens new market opportunities for revenue growth.
• Strong demand for real estate services in major Italian cities.
• Agent-centric model provides potential equity incentives and income opportunities.

Negative

• None.

One of the Fastest-growing Global Real Estate Companies Extends its Footprint In Continental Europe, With the Opening of eXp Italy

BELLINGHAM, Wash., March 23, 2021 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (Nasdaq: EXPI), the holding company for eXp Realty, one of the fastest-growing real estate companies in the world, has expanded into Italy, under the eXp Italy banner. In addition to its robust U.S. presence, eXp Realty also operates in 10 other countries and locations, including Australia, Brazil, Canada, France, India, Mexico, Portugal, Puerto Rico, South Africa and the United Kingdom, with more than 49,000 agents across the globe.

eXp Realty’s worldwide expansion is being led by Michael Valdes, President of eXp Global and an international real estate veteran with experience opening markets around the world.

“In the midst of a shifting global market due to COVID-19, our company and global regions have seen unprecedented growth. As we continue to expand throughout continental Europe, we are thrilled to introduce the eXp model and culture to Italy, a country in which we have already registered substantial interest,” said Valdes. “Italy continues to see high demand in major cities. With central bank policies and capital flows creating favorable market conditions, the country has demonstrated a resilient housing market that we are excited to be a part of. As the fourth-largest economy in Europe, Italy is a key player in our expansion. Our agent-centric model has provided life-changing benefits in 11 countries so far and will be a welcome addition to the choices available to real estate agents in Italy.”

eXp Italy’s brokerage operations will be led by Denis Andrian, Director, eXp Italy. Andrian brings decades of experience in the European luxury real estate market.

“The last year has brought about major changes in the Italian real estate industry, with nearly all real estate agencies facing an immediate need to adapt to the digitized market,” said Andrian. “eXp is entering Italy at an ideal time, as the business model provides a solution to the new needs of real estate agents, which include a virtual work structure, a global community, distance learning, and the ability to meet a changing market with innovation and agility. With its cloud-based structure, competitive model and low fixed costs, eXp offers a high level of professionalism and quality service to the end consumer. The future of the real estate market has arrived in Italy with eXp!”

eXp’s presence in Italy will encompass all major cities and regions. Italy represents one of the countries that eXp Global has identified for expansion during the first quarter of 2021. Puerto Rico launched in January, Brazil in February, and Hong Kong is also set to launch in Q1 2021.

eXp Realty offers a unique financial model for residential and commercial real estate agents, going beyond attractive commissions to provide its agents with an opportunity to earn additional income by helping the company to grow its revenue base anywhere in the world. Agents can also earn equity in eXp World Holdings stock for listing and selling activities. eXp’s cloud-based brokerage is powered by Virbela, the company’s immersive and collaborative platform, enabling agents and staff to communicate, meet and conduct business in a virtual world.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty, Virbela 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 49,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil and Italy 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.

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

Italy Media Relations Contact:
eXp Italy
pressrelations@expitaly.it

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/4656761a-b2fb-4788-bdda-b8ff30c1df91

FAQ

What recent expansion did eXp World Holdings (EXPI) announce?

eXp World Holdings announced its expansion into Italy, marking its presence in continental Europe.

How many agents does eXp Realty have globally?

eXp Realty has more than 49,000 agents globally, including its recent expansion into Italy.

Who is leading the expansion of eXp Realty into Italy?

Michael Valdes, President of eXp Global, is leading the expansion of eXp Realty into Italy.

What is the business model of eXp Realty in Italy?

eXp Realty offers a cloud-based brokerage model to cater to the changing needs of real estate agents in Italy.

Why is the Italian market significant for eXp World Holdings (EXPI)?

Italy is the fourth-largest economy in Europe, presenting essential growth opportunities for eXp World Holdings.