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eXp World Holdings, Inc. (EXPI) Using VR Spaces, Cloud Technologies to Grow Brokerage Division
For years, virtual or augmented reality was the stuff of science fiction, a concept so innovative and unique that many people did not expect to see it come to fruition during their lifetime. But with rapid technological advancements, in particular the fast-growing, ever-expanding smartphone market and the associated technology that can power inexpensive VR headsets, virtual reality has now stepped beyond the realm of sci-fi and socialization games, and it is being used by multiple industries, ranging from healthcare to education, manufacturing or logistics.
The rise of new, more affordable hardware has put virtual reality technology in the hands of an increasing number of companies and individuals, becoming an essential part of numerous applications and services. It is estimated that over the next few years, the augmented reality/virtual reality market will grow from $5.6 billion in 2016 to $126 billion by 2020, and experts believe this technology will become more prominent in our everyday lives, fundamentally changing how we interact with each other and how we do our work.
A company that has already wholeheartedly embraced what virtual reality has to offer is eXp World Holdings, Inc. (OTCQB: EXPI), via its Agent-Owned Cloud Brokerage™ division, eXp Realty. With a network of more than 1,600 real estate professionals covering 41 states, the District of Columbia and Alberta, Canada, the residential and commercial brokerage uses cloud-based technologies and an advanced virtual reality platform to create a tightknit online community of agents and brokers.
All the operations are conducted through this platform, including training for its agents, lead generation, IT services and others. Leadership meetings are held in the same platform, where every attending management member has his or her avatar. The VR space is described by the company as a corporate campus, where agents can meet with other agents to exchange ideas and share experiences. They can take online real estate classes and even play a virtual game of soccer together.
Completely eliminating the costs associated with running a brick-and-mortar office, eXp Realty allows members to provide more efficient services to consumers while increasing their own profit with lower risk. The brokerage is built around the principle that agents should also have the opportunity to be owners and therefore offers members lucrative revenue sharing programs and the opportunity of becoming shareholders in exchange for their contributions to company growth. The beauty of the system is that agents and brokers can operate from the comfort of their own homes without having to worry about franchise fees, desk fees or other similar expenses, as their entire activity is in a cloud-based office environment.
The model proposed by eXp Realty has been a tremendous success so far, making the brokerage the driving force behind eXp World Holdings’ impressive growth over the last few months. The company has reported record revenues in the first two quarters (more than $7 million in Q1, $13 million in Q2) and a significant increase in its number of agents, topping 1,600 at the end of August.
For more information, visit the company’s website at www.eXpWorldHoldings.com
