eXp World Holdings Expands Real Estate Operations Into Colombia

Rhea-AI Summary

eXp World Holdings, the parent company of eXp Realty, has launched eXp Colombia, expanding its presence in Latin America. With this new operation, eXp Realty now spans 14 countries and territories, boasting over 50,000 agents globally. The company aims to transform the real estate sector in Colombia by introducing innovative tools and models to meet market demands. This expansion reflects a broader strategy, with plans for further growth into Spain and Israel in the coming months. eXp Realty operates a unique model that allows agents to earn equity in the company.

Positive

• Expansion into Colombia enhances eXp's international presence, growing from 13 to 14 countries.
• Over 50,000 agents globally indicates strong market penetration.
• Visionary leadership with experience in global real estate markets.
• Opportunity for innovation in Colombia’s real estate sector enhances growth potential.
• Agents can earn equity, incentivizing growth in company revenue.

Negative

• None.

One of the Fastest-growing Global Real Estate Companies Extends its Footprint In Latin America with the Opening of eXp Colombia

BELLINGHAM, Wash., April 27, 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 Colombia, under the eXp Colombia banner. eXp Realty now operates in 14 countries and territories with more than 50,000 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.

“The response to our announcement to launch in Colombia has been overwhelming,” said Valdes. “With a history of strong housing price growth, a strong focus on digital infrastructure and a culture of entrepreneurship, we see incredible opportunity in Colombia. We are excited to continue changing lives through our unique model and company culture.”  

eXp Colombia’s brokerage operations will be led by Santiago Carrizosa, Managing Broker, eXp Colombia. Santiago comes to eXp with more than 24 years of experience in Colombian and international real estate.

“Colombia has a stable real estate market and international buyers have begun to see great opportunities for investment in the country,” says Carrizosa. “However, there remains a tremendous need for the implementation of efficient tools and models in the real estate sector. With the opening of eXp Colombia, we are looking to transform the way we sell and buy real estate, breaking down barriers and obsolete models.”

Colombia represents the first of the three markets that eXp Global has identified for expansion in the second quarter of 2021, with the openings of Spain and Israel slated to open later in the quarter. Puerto Rico, Brazil, Italy and Hong Kong opened eXp operations in the first quarter of 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 50,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Italy, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong and Colombia 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

Colombia Media Relations Contact:
eXp Colombia
pressrelations@expcolombia.co

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/9b51e86a-f9f9-4a81-80f4-6760ad39b498

FAQ

What is the significance of eXp Colombia's opening for EXPI shareholders?

The opening of eXp Colombia indicates the company's commitment to international expansion, potentially leading to increased revenue and profitability, which positively impacts EXPI shareholders.

How many countries does eXp Realty operate in after launching eXp Colombia?

After launching eXp Colombia, eXp Realty operates in a total of 14 countries and territories.

What opportunities does eXp Colombia offer for real estate agents?

eXp Colombia offers agents the chance to earn equity for their performance and to utilize innovative tools aimed at transforming real estate transactions.

When is eXp Global planning to expand to Spain and Israel?

eXp Global plans to open operations in Spain and Israel in the second quarter of 2021, following the launch in Colombia.

Who is leading the operations of eXp Colombia?

The operations of eXp Colombia will be led by Santiago Carrizosa, who has over 24 years of experience in the real estate sector.