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eXp World Holdings, Inc. (EXPI) Agent-Owned Cloud Brokerage™ Model Continues To Produce Impressive Bottom-Line & Engagement Results
The good news just keeps rolling in for eXp World Holdings, Inc. (OTCQB: EXPI), with Q1 revenues reported last month up a handsome 106 percent year-over-year, and, now, back-to-back recognition for the company’s primary subsidiary, eXp Realty, by the Atlanta Journal-Constitution, as well as the number four digital draw of 2015, The Washington Post. Hailed for the second straight year by the Top Workplaces program, the ingeniousness of eXp Realty’s fusion of an agent-owned, full-service real estate brokerage, empowered by a real-time cloud office virtual environment, is now really starting to turn heads in the industry. This latest accolade is living proof of how compelling the company’s business model is and how rewarding the value proposition is for both agents and brokers.
The Top Workplaces program results are based on direct feedback from workplace members and represent a high-fidelity look into the health of eXp Realty’s thriving business culture, whose virtualized, broker-friendly, agent-owner centricity has considerable potential when it comes to fundamentally disrupting the real estate brokerage industry as we have known it. Given that The Washington Post was number four last year in terms of digital draw and recently surged to some 76 million monthly users, this kind of exposure is precisely the kind of thing the company needs to get the word out to a wider investing audience, especially considering how eXp Realty came in 12th out of 165 honorees in the Atlanta area and was ranked 20th best workplace overall in Washington in a survey conducted with the help of premier employee feedback and performance improvement solutions provider WorkplaceDynamics.
The concept of eXp Realty’s Agent-Owned Cloud Brokerage™ is an idea whose time has come. Supercharged by an extremely aggressive revenue sharing platform that rewards agents for new agents they bring into the network, paying out a percentage of their colleagues’ gross commission, this 21st century brokerage platform eradicates demographic barriers and puts a virtual cloud office into the hands of every agent. The fact that this revolutionary, agent-centric model is backed up by a cutting-edge cloud office, which is available around the clock in real-time, is a major reason the formula has been successful, particularly when it comes to a happy agent force. The company has swelled its ranks to nearly 1,300 agents in what seems like no time, and its army now spans 38 states in the continental U.S., as well as Alberta, Canada. This growing legion of unshackled agents continues steadily gaining traction among the huge number of agents that make up the overall pool, largely on the strength of its seemingly ideal and wholly-fresh approach to the space.
EXPI has even managed to branch out into the loan origination game via its First Cloud Mortgage subsidiary, which is already licensed in Arizona, California, and New Mexico. This bold move shows how successful the company’s agent-owned model truly is, and it is a shrewd play by EXPI going further into a 2016 market characterized by an increasing inflow of international capital and moderate home price growth. If we look at the underlying firm and office affiliations of realtors that are mapped out by the National Association of REALTORS® 2016 NAR Member Profile, we see that just over half are affiliated with an independent company, and around 86 percent of all members profiled were independent contractors.
Hopefully, savvy investors can appreciate what EXPI is doing here, spreading a viral model that empowers agents logistically and financially within an environment where localization is key. This distributed approach not only makes the agents happier, but it allows the entire network to flex dynamically, responding as regional markets ebb and flow. This makes sense for agent and broker alike, constituting a supreme value proposition in either case.
