eXp World Holdings Expands Real Estate Operations Into Mexico

Rhea-AI Summary

eXp World Holdings (Nasdaq: EXPI) has announced its expansion into Mexico, marking its sixth international move under the eXp Mexico brand. This expansion includes both residential and commercial brokerage operations, aiming to tap into Mexico's vibrant real estate market, which serves a population of 126 million. eXp Realty currently operates globally with over 39,000 agents. The innovative, cloud-based model and unique compensation options aim to drive growth for agents in the country. eXp Mexico will be led by Ismael Gonzalez, a seasoned real estate professional.

Positive

• Expansion into Mexico opens new market opportunities for growth.
• Adoption of a unique compensation model may attract more real estate agents.
• Presence in Mexico enhances eXp's global footprint with over 39,000 agents worldwide.

Negative

• None.

One of the Fastest-growing Real Estate Companies Extends Innovative Business Model to the Mexico Market

BELLINGHAM, Wash., Dec. 01, 2020 (GLOBE NEWSWIRE) -- eXp World Holdings (Nasdaq: EXPI), the parent company for eXp Realty, one of the fastest-growing real estate companies in the world, today announced its expansion into Mexico, under the eXp Mexico banner. The addition of residential and commercial brokerage operations in Mexico represents the sixth international expansion for the company. In addition to its robust U.S. presence, eXp Realty also operates in Canada, the United Kingdom, Australia, South Africa, and India, with more than 39,000 agents across the globe.

eXp Realty offers proprietary software, including the company’s cloud-based virtual environment, leading-edge marketing resources, world-class training, and a global real estate community to its network of agents. Additionally, a unique compensation model, which includes revenue share and equity ownership opportunities, offers agents a roadmap to elevate themselves, their families, and communities by potentially building financial independence.

“We carefully selected Mexico as the first Spanish-language country in our global expansion, due to their vibrant history, rich culture, and strong real estate market,” said Michael Valdes, President of eXp Global. “With a population of 126 million, we see a phenomenal opportunity with our superior platform to change the real estate industry in a country as important as Mexico. eXp brings to Mexico tremendous opportunities for agents to grow and develop not only their own businesses, but to support the growth of other agents as well. Mexico is also the perfect fit for eXp’s community based culture.”

eXp Mexico is being led by Ismael Gonzalez, Designated Managing Broker. Gonzalez brings over a decade of real estate experience in Mexico.

“We haven't seen anything like the eXp Realty model before in Mexico,” said Gonzalez. “It has been overwhelming to see the interest and excitement from so many agents and real estate leaders in our country. I firmly believe eXp Mexico will be a true game changer, and I am excited to extend this opportunity to all of my fellow real estate agents throughout Mexico,” he said.

The company’s presence in Mexico will encompass a national footprint, including all major cities and states. Mexico represents one of five countries eXp Global has identified for expansion by the end of 2020. South Africa launched in October 2020, India in November 2020, and the remaining countries include France and Portugal.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) owns eXp Realty and Virbela.

eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 39,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa and India. 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.

For more information about eXp World Holdings, please visit the company’s website at 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

Mexico Media Relations Contact:
Ismael Gonzalez
ismael.gonzalez@exprealty.net

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

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/99346004-250a-4fb2-88c1-abfd8f741cd0

FAQ

What recent expansion did eXp World Holdings announce?

eXp World Holdings announced its expansion into Mexico under the eXp Mexico brand.

How many agents does eXp Realty have globally?

eXp Realty operates with over 39,000 agents worldwide.

Who is leading eXp Mexico?

eXp Mexico is being led by Ismael Gonzalez, who has over a decade of real estate experience in Mexico.

What are the benefits of eXp Realty's business model?

eXp Realty offers proprietary software, marketing resources, training, and a unique compensation model including revenue share and equity opportunities.

Why did eXp choose Mexico for expansion?

Mexico was selected due to its vibrant history, strong real estate market, and the potential to influence the industry with eXp's platform.