Followers | 37 |
Posts | 4190 |
Boards Moderated | 0 |
Alias Born | 10/18/2016 |
Monday, February 27, 2017 9:26:16 AM
On Thursday, February 23, 2017, eXp World Holdings, Inc. (OTCQB: EXPI), a publicly-traded holding company whose primary operational business is eXp Realty LLC, the “Agent-Owned Cloud Brokerage®”, presented a virtual webinar covering the company’s operations, business model, and progress.
Glenn Sanford, company chairman and CEO, made the presentation, beginning with a summary of his background and the history of the company:
Glenn Sanford founded eXp Realty in 2009, coming from a background of technology, marketing, and sales. He founded a number of technology startups in the 1990s, going on to become successful in real estate, until the industry crisis began unfolding around 2006, making the traditional brick-and-mortar based real estate brokerage model less and less sustainable. It became clear that a radically different approach to the real estate brokerage business, based upon newly evolving technologies, was not only possible but necessary.
eXp Realty was founded on the idea that a national brokerage could operate much more cost effectively and efficiently without depending upon cash-draining physical facilities, over and above the minimum required by state laws. Through the application of advanced technologies, all types of agent related communication and training could actually be enhanced, without requiring time-consuming travel to central offices. A virtual campus could bring together a few, or a few hundred, agents, providing superior information flow and relationships, while giving agents more time and tools to succeed, and all at a dramatically reduced cost. It was this revolutionary approach that was designed-in to eXp Realty from the beginning, a unique foundational business model that is not easy to start, and almost impossible to transition to from a traditional model, but which eXp Realty has now successfully grown with dramatic results.
The approach was an innovation that has resulted in dramatic cost savings and operational efficiencies, allowing a variety of creative and unmatched benefits and attracting new agents from across the county. The company, which started out with only 24 agents, has already grown to over 2,700 agents, and it continues to expand. The operation now covers 42 states, with growth in revenue paralleling the growth in agents.
The benefits of this new way of doing business are key:
- It is easy to scale, making rapid expansion both possible and manageable
- Operating costs are minimized, even as size increases
- Cost savings feed attractive financial and other benefits for agents, encouraging growth
Agent benefits include:
- More attractive financial splits, where a greater percentage of each commission goes to the agent
- Revenue sharing programs, giving agents money that would normally be needed to support the brokerage
- Superior and timely communication, with agents able to get more training to succeed and build the company, without having to travel to a physical office
- Equity ownership programs, whereby agents continually grow their stake in the company by getting shares that are earned for future payout, encouraging lower turnover
The company’s equity sharing programs, now available through eXp World Holdings as a publicly-traded corporation, are a huge draw for the company, and have significantly encouraged growth in the number of agents. These programs provide a variety of ways for agents to get actual shares of the company, in addition to superior commissions, effectively providing a form of retirement program in which it is easy to participate. The shares can be earned in a number of ways, and are not just a reward for exceptional performance, but are also held for payout at a set future date to encourage agents to stay with the company, significantly lowering agent turnover.
Such equity sharing works hand-in-hand with the company’s position as a truly national brokerage, rather than a traditional franchise-based operation. Instead of local brokerages and agents feeling compelled to compete with one another, there is only one brokerage, in which agents own a growing stake. As a result, they are encouraged to bring in other agents and to do whatever they can to make the business grow. The effect has been rapid expansion, which the technology is easily able to handle without the loss of community and company unity.
For more information, visit the company’s website at www.eXpWorldHoldings.com
Recent EXPI News
- eXp World Holdings Reports Q1 2024 Results • GlobeNewswire Inc. • 05/01/2024 08:15:00 PM
- Kendall Bonner Named Vice President of Industry Relations at eXp Realty • GlobeNewswire Inc. • 04/30/2024 04:00:00 PM
- eXp Realty Announces Strategic Leadership Changes to Enhance Global Growth • GlobeNewswire Inc. • 04/29/2024 07:00:00 PM
- Wendy Forsythe Joins eXp Realty as Chief Marketing Officer to Propel Agent-Centric Initiatives and Amplify Brand Reach • GlobeNewswire Inc. • 04/25/2024 01:00:00 PM
- eXp Realty Expands Global Network in Second Quarter, Welcoming Top Agents and Securing High Industry Honors • GlobeNewswire Inc. • 04/19/2024 04:00:00 PM
- eXp World Holdings to Announce First Quarter 2024 Results on May 1, 2024 • GlobeNewswire Inc. • 04/17/2024 07:00:00 PM
- Leading the Industry in Sides, eXp Realty Celebrates Its Agents' Remarkable Achievements With the Top Producers Lists for 2023 • GlobeNewswire Inc. • 04/16/2024 04:00:00 PM
- eXp Realty Names Leo Pareja as CEO to Drive Next Era of Growth and Innovation • GlobeNewswire Inc. • 04/05/2024 01:00:00 PM
- eXp Realty Expands Executive Team With Key Human Resources and Technology Leadership Appointments • GlobeNewswire Inc. • 03/28/2024 03:30:00 PM
- eXp Realty Leads the Pack in the RealTrends 500, Capturing Top Honors in Five Categories • GlobeNewswire Inc. • 03/22/2024 02:00:00 PM
- eXp Realty Pays More Than $230 Million in Revenue Share and Equity Benefits to Agents and Brokers in 2023 • GlobeNewswire Inc. • 03/11/2024 07:56:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/08/2024 11:35:03 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:40:57 PM
- Form 144/A - Report of proposed sale of securities: [Amend] • Edgar (US Regulatory) • 03/01/2024 10:05:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/01/2024 07:46:43 PM
- eXp World Holdings Revolutionizes Real Estate Radio With "KGCI Real Estate on Air" Partnership • GlobeNewswire Inc. • 02/29/2024 02:00:00 PM
- eXp World Holdings Reports Q4 and Full-Year 2023 Results • GlobeNewswire Inc. • 02/22/2024 09:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/22/2024 08:58:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/02/2024 09:27:17 PM
- eXp World Holdings to Announce Full-Year and Fourth Quarter 2023 Results on February 22, 2024 • GlobeNewswire Inc. • 02/02/2024 05:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/01/2024 02:00:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/23/2024 05:30:26 PM
- eXp Luxury Solidifies Expansion Into New International Markets • GlobeNewswire Inc. • 01/18/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/17/2024 07:58:08 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 01/12/2024 02:00:36 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM