eXp World Holdings Expands Real Estate Operations Into Panama

Rhea-AI Summary

eXp World Holdings, Inc. (Nasdaq: EXPI) has announced its expansion into Panama, marking its entry into a total of 17 countries and territories with over 59,000 agents worldwide. The move is part of eXp's strategy in the Caribbean and Latin America region, emphasizing Panama's strong housing demand and resilient property market. Led by Luis Pimentel, eXp Panama aims to transform the real estate experience in the country. eXp's innovative model offers agents unique opportunities, including company equity and a cloud-based platform.

Positive

• Expansion into Panama increases eXp's market presence to 17 countries.
• Panama's property market shows strong demand, promising future growth.
• Agents can earn equity in eXp World Holdings stock.
• Leadership by experienced real estate professional Luis Pimentel.

Negative

• None.

One of the Fastest-growing Global Real Estate Companies Extends Its Footprint in the CALA Region With the Opening of eXp Panama

BELLINGHAM, Wash., July 13, 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 Panama, under the eXp Panama banner. eXp now operates in 17 countries and territories with more than 59,000 agents across the globe.

eXp offers real estate agents a unique cloud-based work platform and a particularly attractive commission model, which includes company equity. The agile and universally attractive model has allowed eXp to spread rapidly across the globe, opening five new countries in 2020, and seven new markets in the first half of 2021.

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 opening of Panama is one more critical step in the expansion of eXp in the Caribbean and Latin America region (CALA),” said Valdes. “Panama has long been an attractive destination for foreign investment in real estate, boasting high housing demand and a resilient property market, all factors that we believe make Panama an ideal market for our model. We have received an incredible amount of interest from agents in the country and are truly looking forward to expanding the incredible culture of eXp to such a dynamic market.”

eXp Panama’s brokerage operations will be led by Luis Pimentel, Director, eXp Panama. Pimentel comes to eXp with more than 20 years of experience in the real estate sector. Pimentel is past president of the Panamanian Association of Real Estate Brokers and Developers (ACOBIR) and was elected to serve on the board of directors of the National Association of Realtors (NAR), as an international member.

“I am already a strong believer in the agent-centric culture of the company and am confident that our entrance in the Panama market will create positive changes in the lives of agents and in the end buyer and seller. Our country has never seen anything like this,” says Pimentel.

Panama represents the first of three markets that eXp Global has identified for expansion in the third quarter of 2021, with the openings of Germany and Japan slated later in the year. Puerto Rico, Brazil, Italy, Colombia, Spain, Israel and Hong Kong have already begun operations in the first two quarters of the year.

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, 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 59,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel and Panama, 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

Panama Media Relations Contact:
eXp Panama
pressrelations@exppanama.com

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/1ac7f64c-03f0-4b07-9d3d-a22e023eac4c

FAQ

What is the significance of eXp Realty's expansion into Panama?

The expansion allows eXp Realty to tap into Panama's strong housing demand and resilient property market, further enhancing its presence in the Caribbean and Latin America.

How many agents does eXp Realty have globally?

eXp Realty operates with over 59,000 agents across 17 countries and territories.

Who is leading eXp Panama's operations?

Luis Pimentel, a seasoned professional with over 20 years of experience in real estate, is leading eXp Panama.

What are the unique benefits for agents at eXp Realty?

Agents at eXp Realty enjoy an attractive commission model, opportunities for equity in the company, and the advantage of a cloud-based brokerage platform.

What future expansions does eXp Global plan?

eXp Global plans to expand further with openings in Germany and Japan slated for later in 2021.