EXP World Holdings Inc (EXPI)

[MissionIR]

EXPI Launches Real Estate Brokerage Operations in Utah

Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) announced that its full-service real estate brokerage, eXp Realty, has commenced operations in the State of Utah. The company’s operations in Utah will be overseen by managing broker Rick Southwick, a recognized leader in the local real estate community with more than 30 years of experience. Among his achievements, Southwick was named 2015 Utah Realtor of the Year and served as the 2014 president of the Utah Association of Realtors. Prior to joining eXp Realty, he worked as an owner and team leader with Keller Williams for 15 years and as associate vice president for Coldwell Banker for approximately 16 years.

“The industry has been hungry for a business model that is wholly different from anything that its members have been presented with before,” Southwick stated in this morning’s news release. “eXp is that business model and agent ownership provides the greatest opportunity for agents that I’ve seen during my years in the business.”

To date, eXp Realty has commenced operations in nearly 40 U.S. states, as well as Alberta, Canada, attracting more than 1,240 real estate professionals with its innovative Agent-Owned Cloud Brokerage™ business model. The company has found similar success in recruiting industry leaders in its operating markets. Late last month, EXPI announced that Sally and Stephen Koss of the venerable Landmark brand in Greater Boston had joined the eXp Realty team after more than three decades within the RE/MAX (NYSE: RMAX) system.

“The Company continues to attract highly-respected, strong, and established leaders who share our passion for and commitment to agent-ownership and utilization of technologies that will position agents well as the industry continues to evolve,” Jason Gesing, chief executive officer of eXp Realty, stated in this morning’s news release.

EXPI’s recent progress toward expanding its presence in the real estate sector has also translated into considerable financial growth. In the first quarter of 2016, the company recorded revenues in excess of $7.1 million, an increase of 107 percent from the previous year. This performance was attributed to EXPI’s success in increasing its sales agent base and, as a result, realizing a greater sales volume through its brokerage division. The company’s agent count at the conclusion of Q1 2016 was up 106 percent from the comparable period of 2015.

With recent news in mind, this rapid growth seems set to continue. Last month, eXp Realty was named among the best places to work by both The Washington Post and the Atlanta Journal-Constitution, based on the feedback of workplace members. This marked the second consecutive year in which the Agent-Owned Cloud Brokerage was recognized as one of the best places to work in Atlanta.

For more information, visit the company’s website at http://investors.exprealty.com