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EXPI Announces Third Quarter Financial Results
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) released its financial results for the third quarter of 2016. Among the highlights, the company achieved a 112 percent year-over-year increase in revenues, recording $15.6 million for the three-month period ended September 30. EXPI attributed this increase to the growth of its real estate division, eXp Realty, which now includes more than 2,130 real estate professionals across 41 states, the District of Columbia and Alberta, Canada. This total marks an increase of more than 150 percent from the end of Q3 2015.
In recent weeks, eXp Realty’s commitment to offering an unparalleled value proposition to its agents and brokers has helped it attract a number of high-profile professionals to its ranks. In October, the company announced the addition of Miguel Herrera, known as the top international luxury agent in all of South Texas, to the Agent-Owned Cloud Brokerage®. Other recent additions to the eXp Realty team include the Brent Gove Team, which was recognized as one of the top real estate teams in California; Darren James Real Estate Experts, which was ranked number one in the Gulf States region by REALTOR® for total production in both 2014 and 2015; and Burch & Co. Real Estate, which was ranked the top real estate firm in Northeast Arkansas in 2015.
“It continues to be gratifying to know that creating a cloud-based brokerage focused on the agent resonates so clearly that it is reflected in the continued high rate of growth in agent count and revenues,” Glenn Sanford, chairman and chief executive officer of EXPI, stated in the news release. “With this level of growth also comes the responsibility to manage that growth so it is sustainable over the long haul. Continually evaluating and investing in the infrastructure and tools necessary to support our growth and ensure scalability of eXp Realty’s business model is a top priority and is a commitment shared at all levels of the organization, from the board, senior leadership and other stakeholders.”
In addition to its revenue growth, EXPI successfully strengthened its cash position in the third quarter of 2016. The company reported cash and cash equivalents of $944,000 as of September 30, marking an increase of 110 percent from the comparable period of 2015. Total stockholder’s equity was also up an impressive 141 percent to $2 million at the close of Q3, which was a year-over-year increase of 141 percent.
Rounding out its latest financial release, EXPI reported a net loss attributable to common shareholders of $14.6 million for the three-month period. This loss was primarily attributable to a $14.1 million non-cash stock option compensation expense. The adjusted net loss attributable to common shareholders was reported at $559,000 for the quarter.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Brokerage Passes 2,000-Agent Mark as More Members Join Every Day
Likely the fastest growing cloud-based brokerage in the United States, eXp Realty recently announced that it has passed the 2,000-agent mark as more and more real estate professionals are choosing to join its ranks every day. A subsidiary of eXp World Holdings, Inc. (OTCQB: EXPI), eXp Realty announced that it expanded its agent base to more than 2,000 members in a Twitter post a few days ago.
The Agent-Owned Cloud Brokerage™ reported having a total of 2014 agents at the end of October, and since then, dozens of new members have joined. This makes it very likely that the company will reach and even surpass its target of having 2,200 agents by the end of the year. In addition to the individual real estate agents that joined the brokerage over the last few days, several realty firms have also entered its ranks. The most recent addition is Arkansas’s number two realty firm, Burch & Co. Real Estate, which transitioned its entire team of 17 brokers and agents to eXp Realty. Before them, the Agent-Owned Cloud Brokerage™ was joined by leading Baton Rouge, Louisiana, firm Darren James Real Estate Experts; one of the top realty teams in California – Sacramento’s Brent Gove Team; and South Texas’s top international luxury agent, Miguel Herrera.
This accelerated growth is largely due to the business model proposed by eXp Realty, a model that has been continuously pushing the brokerage further and acted as the driving force behind its continued growth and that of its parent company, EXPI. eXp Realty is, first of all, a brokerage of the future, embracing the latest technologies and virtual and augmented reality advancements to create a tight-knit community of real estate professionals covering 41 states, the District of Columbia and Alberta, Canada. Its use of virtual reality and cloud-based platforms reflects a growing trend in the real estate market that’s expected to reach new heights in 2017, according to the annual PwC report ‘Emerging Trends in Real Estate®’ (http://nnw.fm/FQo7O). The analysis puts emphasis on the increased quality of service that augmented reality can bring and notes that experts expect up to $2.6 billion in real estate VR/AR applications by 2025.
As a fully cloud-based brokerage, eXp Realty conducts all its operations through a virtual reality platform, from agent training to lead generation, leadership meetings, exchanges of ideas and experience, IT services and many more. In addition to helping agents and brokers stay connected 24/7 from the comfort of their own homes, this model also eliminates all the expenses traditionally associated with owning and running a brick-and-mortar office, so brokerage members are able to provide more efficient services to their consumers and increase their own profit without spending too much out of pocket. Another attractive feature of the eXp Realty model is that it gives its members the opportunity to become owners through lucrative revenue sharing programs and by enabling them to become shareholders in exchange for their contributions to the company’s growth and development.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Capitalizing on Canada’s Real Estate Market
Recently, real estate in Canada has reached an all-time high, but it is worth noting that many analysts, including those at the Financial Post (http://nnw.fm/Mjp4w), are convinced that price acceleration in Canada will slow without experiencing a hard landing. The article also reports significantly elevated prices in both Vancouver and Toronto, although these are slowly dropping. In addition, a report entitled ‘Vancouver still top real estate market to watch in Canada: report’ (http://nnw.fm/8SNch) names Vancouver the top Canadian real estate market to watch in 2017 thanks to millennials.
The article (by News 1130) says that, although housing prices could drop slightly in 2017, Canada is in for a year of continued stability. Not only this, the PWC report ‘Emerging Trends in Canadian Real estate 2017’ (http://nnw.fm/2qNNY) states that “the main message is that every regional market offers opportunities for savvy developers and investors—as long as they embrace technology and anticipate their future buyers’ needs.”
With the technological factor in mind, it is no surprise that companies such as eXp World Holdings, Inc. (OTCQB: EXPI) are set to capitalize on Canada’s real estate market. With potential tenants and buyers more informed than ever thanks to the Internet, real estate firms are having to adapt to customer’s growing tech needs, a point brought to light by a respondent of the PWC report. The respondent stated, “We’re getting to the point where if people don’t recognize technologies are existing and, moreover, how to integrate them, opportunities are being missed.”
EXPI is the holding company for a number of subsidiaries, most notably, eXp Realty LLC and eXp Realty of Canada. eXp Realty, the Agent-Owned Cloud Brokerage®, is a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization through a 3-D cloud office environment. This breakthrough in technology is allowing EXPI to create a business model that increases brokers and agent listings and sales while reducing overhead capital requirements.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Announces Addition of Eric Burch Real Estate Team to eXp Realty
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) announced the addition of Eric Burch, principal of the independent brokerage Burch & Co. Real Estate, to the Agent-Owned Cloud Brokerage®. As part of this move, Burch transitioned his entire team of 17 agents and brokers, which was ranked the number one team in Northeast Arkansas in 2015 in terms of transaction volume, to eXp Realty. With this announcement, eXp Realty has now added three leading real estate teams from markets across the country over the past two weeks.
“Burch & Co. is our heart, our baby,” Eric Burch stated in this morning’s news release. “We wouldn’t be making the transition if we didn’t firmly believe that eXp represents the very best option for us as a team and as individual real estate professionals. With eXp, we can provide better service to our clients and, importantly, the opportunity for true ownership to our agents.”
Burch was formally introduced to the eXp Realty community during the company’s weekly leadership meeting this morning. To view these meetings, visit the company’s YouTube channel at www.youtube.com/user/eXpRealty.
eXp Realty has been in a period of rapid growth since the beginning of 2016, expanding its family of agents and brokers by more than 120 percent since January 1. Earlier this month, the company added its 1,900th agent, and management has already set its sights on a goal of 2,200 agents by the end of this year. Through the recent additions of top real estate teams such as Sacramento’s Brent Gove team and Darren James Real Estate Experts of Baton Rouge, as well as Miguel Herrera – the top international luxury agent in all of South Texas, eXp Realty is demonstrating that the value proposition presented by the Agent-Owned Cloud Brokerage® is unmatched in the industry.
“eXp provides top teams and brokerage owners with the opportunity to expand into new markets without additional capital requirements and an agent experience for their members that is collaborative, interpersonal and enriching,” Vikki Bartholomae, president of eXp Realty, stated in the news release. “We welcome Eric and his team to Agent Ownership and look forward to extending that same opportunity to other entrepreneurial brokerage owners, agents, and teams of agents in all markets.”
Since its launch in October 2009, eXp Realty has leveraged an aggressive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals whom they attract into the company. In 2013, EXPI transitioned into being a public company before implementing an innovative equity sharing initiative the next year. When combined with the company’s collaborative training tools and immersive, 3-D cloud office environment, this equity sharing model has proven extremely successful, as eXp Realty’s rates of growth and agent retention have greatly accelerated in recent years.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Brokerage Division Continues Accelerated Growth, Tops 1,900 Agents
Continuing its already significant growth rate, eXp Realty, the real estate brokerage division of eXp World Holdings, Inc. (OTCQB: EXPI), has expanded its agent base to more than 1,900 professionals, reporting a 151% increase in agent count, as compared to the third quarter of 2015. If it continues to expand at the same rate, it is very likely that the Agent-Owned Cloud Brokerage® will hit the 2,200-agent mark by the end of the year.
The company has been experiencing accelerated growth since the beginning of the year, expanding both its agent base and its coverage. With only 864 agents on January 1, it reached 1,500 agents in early August and now has 1,900 professionals across 41 markets in the U.S. and Canada – more specifically covering 41 states, the District of Columbia and Alberta, Canada. According to a company press release, the brokerage had 1,816 real estate professionals at the end of the third quarter, compared to 721 agents at the end of Q3 2015, marking an increase of over 151%. Earlier this month, it added its 1,900th agent.
This exponential growth rate is the direct results of eXp Realty’s unique business model. Unlike most competitors that concentrate their activity around a brick and mortar office, eXp’s commercial and residential brokerage relies heavily on cloud-based technologies and an advanced virtual reality platform to build an online community of real estate professionals. The platform allows for a wide range of operations, including agent training, lead generation, IT services, leadership meetings and more. Agents can meet in this virtual reality space to share experiences, exchange ideas with other agents, take online real estate classes and even play a game of virtual soccer.
In addition, the eXp Realty model is based on the idea that all agents should also have the possibility of being owners, so the brokerage offers its members access to lucrative revenue sharing programs and the opportunity to become shareholders based on their contributions to company growth. Since everything is done online, from the comfort of one’s home, agents can provide more efficient service and increase their profit with a lower risk, without having to worry about franchise and desk fees or similar expenses.
This system has allowed for a massive increase in the number of agents, but also for record revenue for eXp World Holdings in the first two quarters of the year, including more than $7 million in the first quarter and $13 million in the second. The financial figures for Q3 have not yet been released. According to eXp Realty CEO Jason Gesing, this growth rate shows that the company has become the brokerage of choice for agents and teams, as well as for brokerage owners that want to increase their profit. He also said his company was very happy with the quality of the real estate professionals who are joining the organization.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Announces Addition of Darren James Real Estate Team to eXp Realty
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI), through eXp Realty, announced the latest addition to its Agent-Owned Cloud Brokerage® – Darren James of Darren James Real Estate Experts in Baton Rouge, Louisiana. In his 15 years operating in the real estate industry, James has earned a number of noteworthy honors, including being named the number one REALTOR® in the Gulf States region for total individual production in both 2014 and 2015. His brokerage has recorded similar success, with the Darren James Real Estate Experts team having been ranked just outside the top 50 in terms of transactions by the Wall Street Journal in 2015.
“The eXp Realty business model is more progressive and agent-centric than any I’ve seen in my 15 years in this business,” James noted in this morning’s news release. “This is a tremendous opportunity, not just for me and for my family, but for all of the agents who have been great and loyal contributors to my success.”
James will be officially introduced to the eXp Realty community during this week’s leadership meeting, which can be viewed on the company’s YouTube channel (http://dtn.fm/mg5PA) on Friday at 11:00 am ET.
eXp Realty has been in a period of rapid growth for much of 2016, and it continues to attract leading real estate professionals from across North America with its aggressive revenue sharing program and collaborative, cloud-based resources. Earlier this month, the company announced that its family of agents and brokers had grown to include more than 1,900 members across 41 markets in the United States and Canada, representing an increase of roughly 120 percent from the beginning of this year. EXPI aims to build on this growth throughout the balance of 2016, expanding beyond 2,200 agents by year end.
“Increasingly, eXp Realty is the destination for top producing teams and for brokerage owners looking to increase profitability, achieve scalable growth across markets, and deliver the opportunity of ownership to their valued agents and team members,” Jason Gesing, chief executive officer of eXp Realty, stated in this morning’s news release. “As a company, we are committed to offering a value proposition that is so strong that it would be professionally irresponsible for an agent to affiliate with any other brokerage.”
The announcement that Darren James and his real estate team have joined the Agent-Owned Cloud Brokerage® comes on the heels of two similar announcements over the past two weeks. On October 14, the company announced the addition of Miguel Herrera, the top international luxury agent in all of South Texas, to the eXp team. EXPI followed up on this announcement on October 17 when Sacramento’s Brent Gove team, one of the top real estate teams in California, joined the growing brokerage company. The opportunity for agents and brokers to become owners through eXp Realty’s innovative business model is proving enticing for top real estate professionals from a number of markets.
“The eXp Realty business model is the strongest in the industry,” Herrera noted in a recent news release. “This is the future of real estate and I want to be a part of it.”
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI First in Line to Adapt to Changing Perspectives Among Consumers and Real Estate Industry
Much has changed in the real estate industry over the past decade, with companies modifying everything from their offices and operations to the tools they use and their overall culture. Real estate companies have also changed the way they brand themselves in order to better target younger consumers looking for a more personalized buying or renting experience.
Traditionally, real estate companies have focused their branding on promoting awards and titles, such as being number one or becoming a top producer. Now, with generation X and Y part of the real estate market, things have changed. These younger markets don’t care much for titles and awards. While such new consumers are still passionate about becoming homeowners, they are looking for a wider range of services, coupled with online/mobile access to information.
Gone are the days when real estate agents could quickly and mechanically push clients through the sales funnel. Today, customers can easily switch companies, with no warning, and they expect the full package. They want someone who is going to support them, be knowledgeable, and, above all, is trustworthy from the moment they start searching for a home to the moment they finalize their transaction.
Moreover, customers are not the only ones whose needs have shifted. The requirements of real estate agents and brokers have also changed. Rather than needing an office, agents are more interested in quick availability of important resources. Advances in technology mean that they need instant access to a range of information to keep their clients satisfied, whether they are in an office or in the field.
Non-traditional offices are popping up, with agencies shifting toward smaller or, sometimes, no offices. In addition, they are now focusing solely on the consumer and using more “free” or inexpensive tools such as social media marketing applications, blogs, and search engine optimization (SEO) to reach the right audience.
eXp World Holdings, Inc. (OTCQB: EXPI), the Agent-Owned Cloud Brokerage™ that offers its services across the U.S. and Canada, has been powering higher in the industry for the better part of two years thanks to its ability to adapt to the changing perspectives of both consumers and the industry as a whole.
Through the company’s website, sellers list properties, while prospective buyers easily search real-time property listings, and both buyers and sellers have quick access to a network of professional, consumer-centric agents. EXPI has made significant operational changes compared to its competitors, shifting toward a more sustainable industry with virtual and on-the-go training techniques, virtual meeting platforms, and other tools that help agents and brokers collaborate and connect with consumers without depending upon brick and mortar facilities. Based on the changes the industry has experienced over the past decade, EXPI has tailored its services to perfectly suit buyers and sellers of the 21st century.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Adds Brent Gove Team to Growing Brokerage Division
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI), through subsidiary eXp Realty, announced the addition of the Brent Gove team, a leading real estate team operating in California, to its family of agents and brokers. Gove brings nearly two decades of industry experience to the Agent-Owned Cloud Brokerage™. During this time, he earned a spot as one of the 11 most successful agents in the global RE/MAX (NYSE: RMAX) network, completing 429 transactions accounting for about $169 million in sales volume in 2005 alone. Gove then moved to Keller Williams Realty, where he served as CEO and team leader of the company’s most profitable market center in 2010. Despite only switching brokerages once throughout his extensive career in the real estate industry, Gove pointed to the tremendous value proposition offered by eXp Realty as a key driver in his decision to make the jump to EXPI.
“Everyone on my team is excited about the opportunity to become an owner of eXp World Holdings and to be part of a community of agent-owners working closely together with systems and infrastructure that will allow us to continue to grow both as a team and as professionals — building relationships and organizations that span across borders,” Gove stated in this morning’s news release. “eXp Realty represents the best opportunity for us as a team and as individuals.”
The addition of the Brent Gove team to the eXp Realty family continues to build on what has been an eventful October for the company. Just last Friday, EXPI announced the addition of Miguel Herrera, the top international luxury agent in South Texas, to eXp Realty. In the news release, Herrera hailed the eXp Realty business model as “the strongest in the industry.” According to an update issued last week, the company’s real estate brokerage division currently boasts a family of agents and brokers that includes more than 1,900 members across 41 high-demand markets in the United States and Canada. This marks an increase of about 120 percent from the beginning of 2016.
“We are excited, not only by our growth, but by the quality of agents that are being attracted to eXp Realty,” Jason Gesing, chief executive officer of eXp Realty, stated in a recent news release. “Increasingly throughout the year, eXp Realty has become the brokerage of choice for top producing agents and teams, and for brokerage owners looking to increase profits, achieve scalable growth, and deliver the opportunity of ownership to the agents in their organization.”
These growth milestones come on the heels of EXPI’s third annual real estate convention, which took place from October 5-7 in San Antonio, Texas. The company reports that nearly one-third of the agents and brokers licensed with eXp Realty at the time of the event were in attendance, representing more than a threefold increase from the previous year’s convention and marking the first time that the company has sold out one of its major annual events. Russ Cafano, president of EXPI, summed up eXp Realty’s recent performance in a news release.
“[W]e have uncovered a total value proposition which resonates with real estate professionals but to date, no firm had figured out how to implement,” he stated. “Our growth numbers clearly indicate that we have hit a sweet spot in the industry.”
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Welcomes Top-Ranked Real Estate Agent to eXp Realty, Shares Surge
Shares of eXp World Holdings (OTCQB: EXPI) climbed 12% in Friday’s mid-day trade after the company announced the addition of Miguel Herrera, the top-rated international luxury agent in South Texas, as the newest member of its eXp Realty, LLC real estate brokerage division in San Antonio, Texas. The company’s stock may also be moving on momentum from yesterday’s news that it has grown its family of agents and brokers to more than 1,900 across 41 markets in North America, up from 864 agents at the start of the year.
With nearly 30 years of previous business experience behind him, Herrera launched his real estate career in 2010 and quickly became a recognized leader within and among the luxury agent community.
In 2015 Herrera achieved production of more than $15 million, followed by more than $24 million in 2016. He was aptly named the #1 International Luxury Agent in San Antonio, Hill Country and South Texas by Luxury League, and has been a member of the Platinum Top 50 San Antonio group of agents from 2012-2016.
Herrera was first introduced at a press availability last week when eXp Realty – the Agent-Owned Cloud Brokerage® – held its third annual conference in San Antonio.
“The eXp Realty business model is the strongest in the industry,” Herrera stated in today’s news release. “I am excited about the opportunity for true ownership, not just for me, but for my loyal and talented team members, and I am excited to teach and coach eXp agents from all markets who aspire to work in luxury on the eXpWorld campus. This is the future of real estate and I want to be a part of it.”
eXp Realty CEO Jason Gesing welcomed Herrera to the team and commented that his “desire to share what he knows is perfectly aligned with our ownership culture and we look forward to his leadership and contributions for many years to come.”
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Teams with New Story to Aid Relief Efforts in Haiti
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI), through wholly-owned subsidiary eXp Realty, announced a partnership with New Story, a charitable organization focused on constructing homes in Haiti and other impoverished areas. Originally highlighted last Friday as part of the company’s third annual convention in San Antonio, Texas, the partnership entailed a challenge for eXp Realty’s agents and brokers to raise $18,000 in order to fund three new homes in Haiti and aid in the ongoing relief of damage caused by both the 2010 earthquake, which claimed nearly 300,000 lives, and Hurricane Matthew, which struck the island nation just last week. According to today’s update, EXPI’s challenge was met within three hours of the announcement, and the company’s agents and brokers have since raised more than $35,000 to fund additional relief projects.
“We are honored and deeply grateful to the eXp Realty community, whose members have immediately demonstrated a great generosity of resources and spirit to help families in need,” Brett Hagler, chief executive officer of New Story, stated in today’s news release. “eXp Realty agents understand that talent is universal but that opportunity is not and they recognize that a home provides the foundation for family, for safety, and for the creation and pursuit of opportunity.”
New Story’s infrastructure costs and salaries are underwritten in full by private partners, allowing the organization to allocate 100 percent of donations directly to people in need. As an added layer of contribution, New Story employs local workers and resources when constructing these homes, providing additional opportunities to residents of the impoverished areas.
To date, New Story has constructed hundreds of homes in Haiti by leveraging a cost-effective building plan that can be completed for roughly $6,000. Despite the low cost, these structures have shown to be extremely resilient. According to New Story, all of the dwellings weathered the impact of Hurricane Matthew without significant damage.
For eXp Realty, the decision to partner with New Story came as the result of a demand among its agents and brokers “to identify and serve a greater purpose as a central component of their businesses,” according to CEO Jason Gesing. The company has been experiencing rapid growth as of late, most recently through its August expansion into the State of Alaska. In total, eXp Realty is currently operational in 41 states; Alberta, Canada; and the District of Columbia, and its family of agents and brokers now includes more than 1,800 members.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Better Serving Clients with Web-Based Real Estate Marketing and CRM Software
With the real estate industry on the rise, it is no surprise that agencies are looking for innovative ways to grow their business. In order to better serve clients, companies have to create and maintain a competitive edge. To achieve this, client/customer relationship management (CRM) has become increasingly important and now plays a significant role for real estate operations around the world.
CRM is a strategy used to manage a company’s interactions and relationships with its customers. Real estate CRM can be used to service all clients, including prospects, vendors, buyers, and virtually any other stakeholder. It is important since it allows companies to reach out to a variety of groups via a range of marketing mediums. CRM offers listing management tools, advertising, and professional services to buyers, helping agents to better hold clients for life.
eXp World Holdings, Inc. (OTCQB: EXPI), a rapidly growing Agent-Owned Cloud Brokerage, understands the value of advanced CRM and has entered into a strategic relationship with Commissions, Inc. (CINC), a leading provider of web-based real estate marketing and CRM software for agents and teams across North America.
This new system will be put in place in early 2017 and will enable EXPI agents and brokers to create and have real time views of sales funnels, create reminders and pop-ups, maintain customer records and transactions, and much more. EXPI will be the only large brokerage firm where all agents will be granted access to CINC tools and resources without having to pay any additional fees.
Each EXPI agent will be given his or her own consumer website encompassing local MLS data with a CRM platform giving agents the chance to manage their relationships with clients from the start to the end of a sale. Agents will also be introduced to three mobile apps: CINC Agent App, Houses.net, and Open Houses by CINC.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Hosts Third Annual Real Estate Conference after Leadership Change
Fast-growing eXp World Holdings, Inc. (OTCQB: EXPI), owner of unique real estate brokerage firm eXp Realty, recently appointed industry veteran Russ Cofano as its new president and general counsel, a move likely to bring the company added value and more expertise in the real estate field. Cofano, who served as chief strategy officer and general counsel since late June, is replacing Jason Gesing as president. Gesing will stay on as CEO of eXp Realty.
Cofano, a highly experienced real estate professional, is expected to help drive a new chapter of growth for eXp World Holdings and its companies, the group’s CEO and Chairman Glenn Sanford believes. The new president has years of experience in the field, having worked with several major realtors in the U.S. before joining eXp World Holdings.
The decision, which became effective immediately following its September 23 announcement, came just a couple of weeks before eXp Realty’s annual real estate conference in San Antonio, Texas. The third edition of eXpCon, scheduled for October 5-7, has already been sold out and is expected to bring together more than 600 of the brokerage division’s agents and brokers – more than three times the turnout from last year’s event.
The record attendance numbers are indicative of the company’s strength and reflect the Agent-Owned Cloud Brokerage’s growing trend this year. eXp Realty has been the driving force behind the entire group’s remarkable growth over the last few months, based largely on its unique cloud-based business model. eXp World Holdings 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 1,700 at the end of September. The business model proposed by eXp Realty completely eliminates the costs associated with running a brick-and-mortar office, allowing members to provide more efficient services to consumers while increasing their own profit with lower risk. 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 activity takes place in a cloud-based office environment.
This year’s conference highlights will include keynote addresses from business and real estate gurus such as Rick Miller and Stefan Swanepoel. Miller, who was elected independent director to the eXp Board in July, will deliver the opening keynote address. His experience as CEO or president of various companies ranging from a startup to a nonprofit and his unconventional management approach have made him one of the most notable business leaders of the moment.
Real estate visionary Swanepoel will give his keynote address on the morning of October 6. Author of more than 30 books and reports on the real estate brokerage business, Swanepoel has given over 1,000 talks to one million people throughout his career and currently owns the T3 Sixty Group, a leading real estate multi-solution group that offers consultancy services and produces some of the industry’s most authoritative reports, such as the Swanepoel Power 200, the Swanepoel TRENDS Report, the T3 Risk Guide, the T3 Tech Guide and The Real Estate Confronts series. He also serves as editor-in-chief of SP200, which ranks the most powerful real estate people, and as host of the real estate T3 Summit.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Maintaining a Positive Outlook Thanks to Advances in Internet Technology
At the beginning of 2016, 43% of real estate agencies expected competition from non-traditional firms. Although this number was down 2% from 2015, a survey by the National Association of Realtors (NAR) (http://dtn.fm/Fx2Sb) found that 46% of agencies believe the competition from virtual firms is increasing, compared to a small 17% of agencies expecting competition from brick and mortar firms.
With this in mind, it is worth noting that the real estate industry is one of the slowest to adapt to this new digital age. The last few years can be seen as the first real phase of digital development within the real estate industry, as technology has played but a minimal role until now. Thanks to today’s growing technology, people in the real estate industry are able to make faster and more informed decisions.
Until now, the industry has believed in location. However, today people can access and accomplish more through the use of smartphones, computers, and other mobile devices. With technology companies such as Airbnb, people are becoming more accustomed to a sharing economy. According to an article by Wharton University of Pennsylvania (http://dtn.fm/M0Vl6), 86% of Americans believe the sharing economy they are now part of makes life more affordable, 83% say things are more convenient and efficient, and 63% believe it is more fun than engaging with traditional companies.
But why does the technology industry want to play a role in the real estate sector? The answer is simple. Real estate is one of the largest single assets in the United States. The sector is now worth approximately $50 trillion, with residential housing making up approximately $26 trillion of this. As a result, real estate companies are having to embrace the digital world quickly at the risk of letting technology-savvy companies take over.
To do this, real estate firms are having to implement cloud-based Big Data technologies to better serve their customers. eXp World Holdings, Inc. (OTCQB: EXPI) is a prime example. eXp Realty, the company’s real estate division, is a fully agent-owned cloud brokerage. The agents and brokers at EXPI work, train, strategize, collaborate, innovate, and build teams across North America from the comforts of home using the company’s cloud office environment.
EXPI believes that, with the advancements in technology today, real estate consumers are equipped with deeper knowledge and understanding than ever before. Many consumers today leverage the company’s cloud-based technology to buy and sell without the aid of brick and mortar offices. EXPI’s primary goal is to become “the first truly agent-owned, cloud-based, full service, global real estate brokerage company delivering around-the-clock access to collaborative tools and professional development for managing real estate brokers and agents.”
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Taking the Complexity Out of Real Estate Transactions
eXp World Holdings, Inc. (OTCQB: EXPI) serves as the holding company for multiple companies, including eXp Realty. Through eXp Realty, the corporation is using innovation to better develop real estate prospects and is effectively changing how real estate dealings are conducted.
Recent strides in the tech and e-commerce fields have had a substantial effect on how numerous industries (real estate included) operate. Buyers and sellers have more on-the-spot data at their fingertips via the Internet, yet the home buying and selling process remains a complex and often emotional activity.
This is where eXp Realty comes in, as a tried-and-tested organization with a team of professionals who can explain the complexities and implications of real estate buying and selling decisions. In today’s changing world, the company leverages a unique set of advanced communication technologies to differentiate its services, leaving a lasting impression on clients. It strives to meet the needs of the modern and often mobile consumer, who, although equipped with residential dreams and an abundance of information, still requires a high level of close personal service.
eXp Realty provides cloud-based real estate brokerage services for the American and Canadian residential markets. Known as the Agent-Owned Cloud Brokerage, eXp Realty is a full-service real estate brokerage firm offering round-the-clock access to collaborative tools, training, and socialization for brokers and agents via a fully-immersive, 3-D cloud-office environment. Along the way, eXp Realty has become recognized as a national leader that provides brokerage services at value, successfully lowering its agents’ operating costs while raising their profits.
eXp Realty also delivers high-level service to buyers and sellers. Through access to a network of professional, consumer-centric agents and brokers, it aids buyers in finding their perfect homes by allowing them to search millions of real-time property listings. It also aids sellers in selling their homes by listing their properties through its website. The firm’s agents have access to cutting-edge technology, and are equipped to personally help guide the search process, share their insights about properties, and offer an experienced perspective. They present local market expertise and, perhaps most importantly, help advocate and negotiate on the buyer’s or seller’s behalf.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXP continues to deliver, growth and sales! Buy, hold - repeat.
CEO Glenn Sanford
http://thestockradio.com/3140-3140.html
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
This has been slowly rising for quite some time. Can you tell me in your opinion what's the catalyst, or the perfect mix, that's causing this recent rise in the pps?
EXPI Offering More Than Just Basic Training to its Agents
Becoming a real estate agent is a combination of good education, passing licensing exams, and getting clients. As a first step, potential real estate agents must take pre-licensing courses. Although state requirements differ, working with a brokerage is obligatory in order to practice as a real estate agent, and individual real estate companies often set additional requirements that are necessary to start practicing with them.
Brokers normally offer an extra three years of training after pre-licensing courses. It is crucial for prospective agents to think long and hard about the brokerage they are looking to train and work for. Reputation, size, and additional training are just some of the factors to bear in mind when contacting brokerages for additional training and employment. New agents need to find out if the brokerage offers more training, entails additional coursework or requires years of experience. It’s also important for the agent to determine whether he or she will be working with one specific person, what the brokerage’s client contact style is to develop leads, and how long it takes to begin earning commission checks.
After training, new agents are required to pass state and national exams. There is a fee, and this may also require additional background checks. Aside from all of the above, becoming a real estate agent is not cheap. Advertising fees, licensing courses, business cards, and association fees are just some of the expenses to consider – not counting the costs of maintaining a physical office. Becoming a real estate agent or broker is essentially starting a small business.
However, one brokerage offers all of these services to real estate professionals from the comforts of their own homes. At eXp World Holdings, Inc. (OTCQB: EXPI) subsidiary eXp Realty, the greatest asset is the company’s ever-growing network of agents and brokers. The Agent-Owned Cloud Brokerage™ operates on the principle that brokers and agents should also be owners. Agents and brokers within EXPI’s realty division are able to build their own business, allowing them to work, train, strategize, collaborate, innovate, build teams, and share experiences, all from a cloud-based office environment.
This means that each person is able to reach his or her full potential from the comforts of home. Not only this, EXPI allows brokers to continue their training while offering high commissions, a variety of revenue streams, and opportunities for ownership. EXPI gives its brokers a chance to become sizable shareholders and partners within its collective success. EXPI’s forward-thinking model cuts a number of overhead expenses, including royalty fees, brick and mortar costs, franchise fees, and desk fees. It’s a major reason why the company has experienced such tremendous growth in recent months.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Brokerage Division Tops 1,600 Agents
Things are looking good for eXp World Holdings, Inc. (OTCQB: EXPI). Spearheaded by its unique real estate brokerage division, eXp Realty, the company has been reporting steady growth over the past few months and is showing no signs of slowing down. August in particular seems to have been an exceptional month for the company, as it reported record revenue in the first two quarters and an impressive increase in its brokerage agent base, surpassing the 1,500 agent milestone for the first time.
The growth didn’t stop there; eXp Realty management recently announced that its Agent-Owned Cloud Brokerage™ welcomed 160 new members in August, bringing its total number of agents to over 1,630, eXp Realty director of Cloud Leadership & Growth David Gagnon said during an online leadership meeting of the brokerage on August 26.
Along with its agent base increase, the brokerage has been steadily expanding its coverage and now serves a total of 41 states, the District of Columbia and Alberta, Canada. The newest addition to its network of real estate professionals is Alaska, where operations began on August 19.
eXp World Holdings’ steady growth and record revenue of more than $13 million in the second quarter of 2016 have also prompted the Fundamental Research Corp. to update its analysis of the company. The independent research group that specializes in the microcap and small-cap sectors highlighted eXp World Holdings’ strong financial performance and growth and now anticipates a higher overall revenue for both 2016 and 2017. Compared to its April report, the group upped its forecast for 2016 to $48 million from $40 million and for 2017, for $82 million from $72 million.
The company largely owes its success and record figures to the innovative model of real estate brokerage proposed by eXp Realty. Unlike most competitors that still concentrate their activity around a brick and mortar office, eXp Realty describes itself as a brokerage that heavily relies on cloud technologies and the Internet to build an online community of real estate professionals.
Members work in a cloud office environment which allows them round-the-clock access to training features, collaborative tools and socialization methods to help them share their knowledge and experience and build an efficient strategy together. Even leadership meetings are held online in a virtual reality space where each attending management member has an avatar.
The platform allows agents and brokers to provide more efficient services to consumers and increase their profits with a lower risk. Members also benefit from revenue sharing programs and the opportunity of earning equity in exchange for valued contributions to company growth.
For more information about eXp World Holdings and its brokerage division, visit www.eXpWorldHoldings.com.
EXPI's Agent-Owned Cloud Brokerage Offers a New Deal as New Home Sales Keep Rising
eXp World Holdings, Inc. (OTCQB: EXPI) is offering Americans a 21st century new deal with its Agent-Owned Cloud Brokerage™. Back in the 1930s, Americans were, as they have been in recent times, picking up the pieces after a series of devastating economic events, but if we thought the Great Recession was bad, it’s because most of us haven’t been around long enough to remember the Great Depression. Writing in the Wall Street Journal (http://nnw.fm/Diys5), well-known financial commentator and hedge fund director Roger Lowenstein opined that ‘the world didn’t experience anything close to a global depression during the recent crisis. Peak to trough, global GDP fell 15%, world-wide, from 1929 to 1932; it fell less than 1% from 2008 to 2009.’
As part of recovery efforts back then, President Franklin D. Roosevelt launched his New Deal, under which the Federal Housing Administration (FHA) was created. The FHA was a big deal for housing since it gave rise to the vibrant housing market now estimated by the National Association of Home Builders to contribute about 15 percent of GDP (http://nnw.fm/8GTa4). The FHA set standards for construction and underwriting of mortgage loans. Its most important contribution, however, was its provision of insurance for loans for home building made by banks and other private lenders.
The FHA has become the largest insurer of mortgage loans in the world, insuring over 34 million properties since its inception in 1934. It now falls under the aegis of the Department of Housing and Urban Development. After its creation, home ownership increased. It was 44 percent in post-Depression 1940, but is now 62.9 percent, according to a July 2016 press release from the Census Bureau (http://nnw.fm/0vHQq) … and it keeps rising.
Last week, housing data for July 2016 (http://nnw.fm/oX6sp) released by the Census Bureau and the Department of Housing and Urban Development (HUD) showed that ‘private-owned housing starts in July were at a seasonally adjusted annual rate of 1,211,000… (which) is 5.6 percent above the July 2015 rate of 1,147,000.’ Private-owned houses completed ‘were at a seasonally adjusted annual rate of 1,026,000… 3.2 percent above the July 2015 rate of 994,000.’
eXp World Holdings is offering brokers, agents and prospective home owners a new deal in these still uncertain times. Its Agent-Owned Cloud Brokerage, operated by wholly-owned subsidiary eXp Realty, offers brokers and agents a full service national real estate brokerage platform with all the services offered by a traditional brick-and-mortar brokerage… but without the associated costs. It provides a novel 3-D environment in which agents and brokers can source training, educational, coaching and mentoring resources, as well as transaction and technical support.
An updated research report from Fundamental Research (http://nnw.fm/Nmzm0) issued last week details that ‘Since our previous report in May 2016, the company has expanded its membership count by 31%, from 1,204 to 1,580. The platform only had 665 real estate brokers and agents as members as of June 30, 2015.’
For buyers, things have never been easier. From the comfort of their armchairs, they can find the right agent and, through him or her, the right house. eXp Realty is currently operating in 41 states across the U.S., as well as the District of Columbia and Alberta, Canada. This new deal from eXp World Holdings looks like the real deal.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Subject of Updated Research Report by Fundamental Research Corp.
Yesterday, Fundamental Research Corp., an independent research firm specializing in the small-cap and microcap sectors, announced the release of an updated analysis on eXp World Holdings, Inc. (OTCQB: EXPI). The new analysis, which includes upward revisions from Fundamental Research Corp.’s original report released in April of this year, highlights EXPI’s strong fiscal performance in the second quarter of 2016, healthy balance sheet and recent independent additions to its board of directors as reasons prospective investors may want to take a second look at the company.
“We are raising our revenue forecast for 2016 from $40.50 million to $48.94 million, and for 2017 from $72.00 million to $82.50 million,” reads the Fundamental Research Corp. report. “We are also raising our long-term forecasts. In our previous models, we had assumed growth to 10,000 members by 2020. We are now extending our models based on the assumption that membership will increase to 15,000 by 2022.”
To view the full report, visit http://nnw.fm/QC5eP
Taking a quick look at EXPI’s progress toward expanding its presence in the North American real estate market in recent months, Fundamental Research Corp.’s decision to revise its previous growth forecasts comes as no surprise. Since the original report in April, EXPI has successfully commenced real estate brokerage operations in seven new states and the District of Columbia. In total, the company’s Agent-Owned Cloud Brokerage® is currently operational in 41 states; Alberta, Canada; and Washington, D.C. Alongside its entry into new jurisdictions, eXp Realty, the real estate brokerage division of EXPI, has had tremendous success in recruiting real estate professionals to its growing family of agents and brokers. In a news release from earlier this month, the company reported more than 1,580 agents across all of its markets, up from just 864 at the beginning of 2016.
The rapid growth of its real estate brokerage division has also spurred strong fiscal results for EXPI in recent months. On August 15, the company released its second quarter results, which included revenues of more than $13.2 million, a year-over-year increase of 137 percent. This coincided with a 111 percent year-over-year increase to eXp Realty’s agent count. EXPI’s cash position was also strengthened during the second quarter, with cash and cash equivalents up 207 percent from June 2015. Glenn Sanford, chairman and chief executive officer of EXPI, summed up these results in a recent news release.
“eXp Realty continues to experience accelerated growth in agent count and in revenues as a result of our commitment to agent ownership, agent support, and agent engagement,” he stated.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Reports Record Revenues in Q2 2016 Driven by Game-Changing Brokerage Division
The real estate industry is changing fast, with technology and enhanced interconnectivity set to mark a significant shift in the sector and alter realty professions significantly. Several industry-related jobs, most notably real estate brokers and sales agents, are actually likely to disappear and be replaced with artificial intelligence computer algorithms in the near future, according to Oxford University research (http://nnw.fm/k8ZZZ).
The question that naturally arises is how these jobs will transform if they are to remain relevant and still present on a fast-changing, dynamic market such as the real estate industry. How will the real estate broker’s role change to meet the demands of an industry governed by technological advances, where virtual communication or virtual modelling are changing the rules of the game and challenging the traditional way of doing business?
eXp World Holdings, Inc. (OTCQB: EXPI) and its rather unique real estate brokerage division, eXp Realty LLC, might hold the answer to that question. With eXp Realty, The Agent-Owned Cloud Brokerage™, eXp World Holdings has tried and succeeded to stay ahead of the curve and create an innovative model of real estate brokerage that relies heavily on Internet and cloud technologies to build a strong online community of professionals and provide efficient services to consumers.
The concept at the base of eXp Realty is a cloud office environment, which offers its members, brokers and agents nonstop access to collaborative tools and systems, training features and socialization avenues so as to build a tight-knit community of real estate professionals that can share their experiences, strategize and innovate together.
This business model eliminates the traditional brick and mortar office, allowing brokers and agents to increase their profits, lower overhead and risk and provide a more effective service to consumers. In addition, eXp Realty’s platform offers members the opportunity to earn equity in exchange for their contribution to company growth. Brokers and agents also benefit from an innovative revenue sharing program that allows them to win a percentage of the commissions earned by other brokers they recruit into the company.
So far, it looks like this model is definitely paying off, as eXp World Holdings reported record revenue for the second quarter of 2016. The company reported revenues of $13,282,028 for Q2 2016, which is up a whopping 137% from $5,584,963 in Q2 2015. On June 30, 2016, eXp World Holdings had 207% more cash and cash equivalents than the same time last year, while its real estate division’s agent count was up 111% year-over-year to more than 1,400 agents.
These remarkable financial results were driven by EXPI’s realty division, particularly by its increased sales volume and growing agent base, according to the company’s CEO Glenn Sanford.
The realty division was also the driving force behind the company’s record figures last year, and the trend is likely to endure as eXp Realty continues to expand in terms of both sales agent base and coverage. It should be noted that since the end of the reporting period on June 30, eXp Realty has grown to more than 1,500 real estate professionals across 41 states, the District of Columbia and Alberta, Canada.
For more information, visit the company’s website at www.eXpWorldHoldings.com
EXPI Launches Real Estate Operations in Alaska
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) announced the commencement of real estate brokerage operations in Alaska. Following this announcement, the company’s real estate brokerage division, eXp Realty, is now operational in 41 states across the country, as well as Alberta, Canada, and the District of Columbia. To date, the Agent-Owned Cloud Brokerage™ has attracted more than 1,500 of North America’s leading agents and brokers by leveraging an aggressive revenue sharing program and a host of collaborative tools made available through a unique, fully-immersive cloud training environment. The company’s brokerage operations in Alaska will be overseen by Brandon Tatum and Frank Zellers.
“Frank and I are excited to have the opportunity to bring eXp Realty to Alaska,” Tatum stated in this morning’s news release. “We’re looking forward to introducing the concept of agent-ownership and the idea that you can work alongside with and build relationships with some of the best agents in the business on a daily basis without having to go to a physical office or travel by plane or boat.”
News of the Alaska launch builds on what has already been an incredibly eventful week for EXPI. On Monday, the company released its second quarter financial results, reporting a 137 percent year-over-year increase in revenues to more than $13.2 million for the three-month period. This financial growth coincided with a 111 percent year-over-year increase in agent count for the company’s real estate division. Likewise, EXPI’s cash and cash equivalents at June 30, 2016, were up 207 percent from the second quarter of 2015. With a continued commitment to agent ownership, support and engagement, the company is strategically positioned to build on this impressive growth in the months to come.
The foundation for this growth has already been set through eXp Realty’s entry into new markets. Since the end of Q2, the company has already launched operations in both Utah and New Jersey, as well as Alaska. EXPI has also made moves to bolster its leadership team, adding industry veterans Rick Miller and Randall Miles to its board of directors on July 20. In the news release announcing these additions, Glenn Sanford, CEO of EXPI, referred to the move as “tremendous,” adding that the new board members “bring deep and diverse expertise” to EXPI and “give greater independence to its composition as the Company progresses.”
For more information, visit the company’s website at www.eXpWorldHoldings.com
Very much looking forward to it. Have a nice position and waiting much like many of you.
Finally bought in here today. Been watching for couple months and that has cost me dearly. I have two realtor friends who made the switch and love it! Ground Floor!
The Search Continues to Grow for EXPI
According to PewResearchCenter (http://nnw.fm/gg2Sh), 84% of American adults use the Internet, a number that has grown from 52% in 2000, and access is now part of most people’s daily routines. It’s a phenomenon that has changed the way U.S. consumers live, and businesses have had to adapt to this still expanding trend. Much like any other sector, the real estate industry has seen a considerable shift toward related technologies in order to advance communication capabilities, both for consumers and agents, and better serve a constantly changing real estate market. According to ‘Home Buyer & Sellers, Generational Trends 2016 Highlights’ (http://nnw.fm/81Jyj), published by the National Association of Realtors, millennials, heavy Internet users, now make up 35% of all home buyers in the U.S.
This is where eXp World Holdings, Inc. (OTCQB: EXPI) subsidiary eXp Realty comes in. This relatively new real estate brokerage was created to address a significant gap in the market by developing a unique agent-owned cloud brokerage offering full real estate service to home buyers in 43 states and the District of Columbia, as well as Alberta, Canada. As stated on the company’s website: “Advances in Internet technology and the proliferation to the masses of information and imagery concerning residential properties… has created a real estate consumer who is armed with more knowledge, context and understanding than ever before.” The company offers a one-of-a-kind, virtual-based training service to its agents with the end goal of helping consumers make more relevant searches online while guiding them through the emotional process of buying a home.
The growth of the Internet and the online real estate industry has shown significant advantages for eXp World Holdings. According to Google Trends (http://nnw.fm/ZI7gI), searches for “exp realty” peaked to 100 (the highest popularity score possible for the term). Not only this, Google Adwords has shown significant growth in keyword researches relevant to eXp World Holdings. Since July 2015, the monthly search on Google for “eXp realty” has more than doubled from 2,400 searches a month to 5,400.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Brokerage Division Surpasses 1,500 Agents
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) announced that eXp Realty, its real estate brokerage division, has surpassed 1,500 agents across all of its operating markets in the United States and Canada. This growth milestone continues to build on an impressive start to 2016 for the company, with overall agent count expanding by more than 57 percent since January 1, when EXPI reported 864 agents.
“eXp Realty continues to attract Increasing numbers of top agents who are entrepreneurial in their approach to the business and who recognize agent ownership as a fundamental shift in the way in which real estate professionals are valued as partners,” Glenn Sanford, founder and chief executive officer of EXPI, stated in today’s news release. “The Company is excited about its current growth trajectory and is continually looking to attract high quality professionals to the brokerage.”
eXp Realty’s growth is particularly compelling when studying the company’s recent history. Originally launched in October 2009, the Agent-Owned Cloud Brokerage™ introduced an aggressive revenue sharing program that offers agents a percentage of the gross commission income earned by professionals they recruit to the company. While this idea represented an innovative take on the traditional real estate brokerage business model, EXPI uncovered a formula for accelerated growth and retention in 2014. After listing as a public company in 2013, EXPI instituted an equity-sharing initiative with its agents and brokers that has helped it establish a sizable foothold in major real estate markets across North America.
In late June, the benefits of eXp Realty’s high-engagement, low overhead business model were on display when Sally and Stephen Koss, founders of Greater Boston’s Landmark Group, decided to join the eXp team after more than three decades within the RE/MAX (NYSE: RMAX) system. When interviewed about the change, Sally Koss pointed toward EXPI’s ownership opportunities as a real game changer in the real estate industry.
“With eXp we have access to ground-breaking real estate technology to better serve our agents and clients,” she stated in a news release. “Most importantly though, we are able to thank our agents by providing them with the very same opportunities that we have — ownership as fellow shareholders able to build organizations within and across markets. While there are other companies in the industry that are publicly held, the driving force behind eXp’s public company status is to give direct ownership to its agents and brokers.”
In recent weeks, EXPI has continued to build on its success in growing the eXp Realty brand. The company added brokerage operations in both Utah and New Jersey in mid-July, expanding its national network to include 43 states, in addition to the District of Columbia. EXPI also recently announced the additions of Rick Miller and Randall Miles as independent members of its board of directors, and industry veteran Russ Cofano was introduced as the company’s chief strategy officer and general counsel. All three of these individuals are expected to play key roles in EXPI’s continued development, both within the public financial markets and as a rapidly-growing organization.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Reports Significant Changes and Growth for the Month of July
eXp World Holdings, Inc. (OTCQB:EXPI) is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage™. The company is a cloud-based real estate brokerage service for residential homing in North America. With this cloud platform, agents and brokers build their businesses from the comforts of their own homes. As a result, they can work, attend classes, strategize, and innovate, no matter where they are in the world.
With recent advances in technology, the 21st century consumer is even more equipped to make an informed decision when buying a home. Through EXPI’s cloud environment, prospective buyers can see more images, read more information on properties, and have more overall context, while still enjoying the ongoing support of a professional real estate team.
The month of July proved especially successful for EXPI. The company recently announced the appointment of three new, key members of the team. These include Russ Cofano, who has been appointed as chief strategy officer and general counsel, along with Rick Miller and Randall Miles, who have joined the company as part of the board of directors. Between them, these new members bring over 75 years of experience and expertise in the fields of real estate, brokerage, sales, leadership, finance, financial technology, and much more.
Aside from new appointments to the management and directors teams, EXPI will now operate in both New Jersey and Utah. The two new expansions will be led by Jeanne Borgers and Rick Southwick, two recognized leaders in the areas. As a result of this, EXPI is now operational in 43 States, as well as Alberta, Canada, and the District of Columbia, and is featured in more than 105 different Multiple Listing Services.
To top off the good news for July, eXp Realty has officially reached more than 1,400 real estate professionals, a number that grew by 67 between the 1st and 15th of July, and one that has grown from 862 since the beginning of 2016. In addition, at the beginning of the month, EXPI had a revamp of the eXp World cloud environment, enabling the company to leverage systems and tools that allow them to continue to provide consumers with efficient and quality services without the added expenses and burdens of brick and mortar facilities.
For more information, visit the company’s website at http://investors.exprealty.com
I have been a shareholder is this Company from the day they went public. Exp Continues to build on its fundamentals. Very impressive growth potential to come!
EXPI Adds Russ Cofano to Management Team
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) announced the addition of industry veteran Russ Cofano to its management team. Cofano will serve as EXPI’s chief strategy officer and general counsel moving forward.
“I have been looking for ‘the next great opportunity’ within the industry, and I’m certain that I’ve found that opportunity at eXp,” Cofano stated in this morning’s news release. “Unlike other new entrants, eXp is redefining the brokerage model of the future from within. Glenn Sanford has assembled a fantastic team and I’m excited to join them and use my various industry experiences to help the company chart its course of success.”
In total, Cofano brings more than 25 years of industry experience to the EXPI team. In recent years, he has served as senior vice president of industry relations for MOVE, Inc., operator of a network of real estate websites that attracts more than 30 million monthly visitors, including REALTOR.com®. Cofano’s duties in this role included developing strategy and business relationships with leading organizations within the real estate industry, as well as multiple listing services (MLS) and technology firms. In addition to his work with MOVE, Inc., Cofano has also served as chief executive officer of the Missouri REALTORS®, the largest trade association in the state of Missouri, and as vice president and general counsel for John L. Scott Real Estate, which was consistently ranked among the largest real estate brokerages in the country.
“Russ brings a wealth of experience and industry knowledge to the Company from multiple perspectives,” Glenn Sanford, founder and chief executive officer of EXPI, added in the news release. “We’re fortunate to be able to add Russ to our team and believe he will have an immediate and lasting impact on the Company as we continue to grow.”
EXPI has continued to build on its success in expanding the reach of its Agent-Owned Cloud Brokerage™ in recent weeks. In mid-July, the company launched eXp Realty in New Jersey, bringing its total national presence to 43 states and the District of Columbia. eXp Realty is also operational in Alberta, Canada. Additionally, the company is now listed in more than 105 unique MLS, and its network includes more than 1,400 real estate professionals, an increase of 62 percent from the beginning of 2016.
This nationwide growth is particularly intriguing when studying EXPI’s most recent financial results. In the first quarter of 2016, the company recorded revenues of $7.1 million, an increase of 107 percent from the previous year. This total correlated with a 106 percent year-over-year increase in agent count in its real estate division.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI is In Search of Excellence with its Agent-Owned Cloud Brokerage
Back in 1982, management gurus Tom Peters and Robert Waterman took the corporate world by storm with their thought-provoking opus, In Search of Excellence. This best-selling manual examined the management practices of America’s best run companies with the aim of uncovering the factors that made them successful. The book detailed the duo’s pilgrimage in search of excellence that took them to Amoco, Avon (NYSE: AVP), The Walt Disney Company (NYSE: DIS), Frito-Lay, HP (NYSE: HPQ), IBM (NYSE: IBM), P&G (NYSE: PG) and 36 other companies. Peters and Waterman popularized the term ‘management by wandering around’ (MBWA), where management opens informal lines of communication with staff. It’s been over 30 years since In Search of Excellence hit the charts, but Glenn Sanford, founder and CEO of eXp World Holdings, parent company of cloud-based real estate firm eXp Realty, recently followed its precepts. He hit the trail in a 43-foot, class-A Winnebago RV to practice MBWA.
The real estate Inman site gives an account (http://nnw.fm/fu5E3) of Sanford’s MBWA trip around the country. In September 2015, he undertook his adventure to ‘touch base’ with eXp Realty’s 1,000+ agents and brokers spread over 31 states in the U.S. eXp Realty now has representation in 40 states. Sanford’s excursion has given him unparalleled insight into the current state of the residential real estate industry, which, coupled with his experience (he has been a broker himself), endows him with a unique ability to mentor and coach. On the road, he shared his observations in a presentation titled ‘How to generate online leads without using Trulia, Zillow or realtor.com’, which was so well received that it led to a ‘lunch and learn’ series open to all industry professionals. Sanford said at the time:
“We have adopted that concept (MBWA) into our cloud office environment, only we call it ‘management by avataring around.’ And now that I am on the road, we’ve added ‘management by motor coaching’.”
Sanford’s safari took him to 10 states, and he covered a distance of over 6,000 miles.
The objectives of MBWA are to listen, to respond to problems and ideas, and to take effective action. Action is intrinsic to the MBWA approach. Indeed, one of the eight characteristics that excellent companies were found to possess was ‘a bias for action’. The best companies were not afraid to sometimes ‘ready, fire, aim’. Excellent companies also stay ‘close to the customer’, taking a genuine interest in finding out what they want. The best companies foster autonomy and entrepreneurship. They allow employees scope for professional development and encourage them to think like businesspersons. These are all principles you will find at work at eXp World Holdings.
The Agent-Owned Cloud Brokerage offered by its wholly-owned subsidiary, eXp Realty, is a full service national real estate brokerage platform. Since it is cloud-based, eXp Realty avoids the costs associated with a brick-and-mortar establishment and so allows real estate agents and brokers to operate at significantly lower costs than traditional brokerages would. The online environment offered by eXp Realty operates in a 3-D mode that will be familiar to those who play online games. The platform actually employs a gaming software engine. On eXp Realty’s cloud campus, agents can not only transact business but also educate themselves and communicate with their mentors. The platform is as much a support system for agents and brokers as it is transactional. In addition, agents have ‘skin in the game’ since they are owners, which, no doubt, plays a key role in eXp World Holdings’ continuing success.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Adds Two New Members to Board of Directors
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) announced the addition of Rick Miller and Randall Miles to its Board of Directors. Glenn Sanford, chief executive officer of EXPI, described the move as a “significant point for the Company and for its shareholders.” In addition to bringing years of experience at the highest levels of leadership and deep and diverse expertise spanning a variety of industries, Miller and Miles offer “greater independence to [the Board’s] composition as the Company progresses, both within the public financial markets and as a rapidly-growing organization,” according to Sanford.
Rick Miller brings more than 25 years of senior leadership experience to the EXPI Board, including time with both Fortune 500 companies and young startups. After beginning his career at Sperry/Unisys, he was recruited by AT&T (NYSE: T), where he served as president of its $13 billion Global Services division. Miller later served as president, COO and a Board member at internet startup OPUS360, where he was tasked with overseeing the firm’s IPO. In later years, Miller was recruited by Lucent Technologies to lead its $21 billion worldwide sales efforts. He was also named president, Lucent Government Solutions. Currently, Miller serves as CEO at Being Chief, LLC, where he offers advisory services to a broad range of executives across a diverse collection of industries.
Randall Miles also brings over 25 years of experience in senior leadership positions to the EXPI board, with positions spanning global financial services, financial technology and investment banking. Miles has an extensive investment banking background at bulge bracket, regional and boutique firms, where he has served as an advisor, guiding companies’ strategic and financial needs across many disciplines. This experience is complemented by his work in leadership positions with both public and private equity backed financial technology, specialty finance and software companies. Notably, Miles served as chairman and CEO of LION MTS, CEO of Syngence Corporation, COO of AtlasBanc Holdings Corp., and CEO of Advantage Funding/NAFCO Holdings. Currently, he is a managing partner at SCM Capital Group, a global strategic and financial advisory firm, and Senior Managing Director at Tigress Financial Partners, a full-service institutional broker dealer.
“Rick and Randall are tremendous additions to our Board,” Sanford stated in this morning’s news release.
Through rapidly-growing subsidiary eXp Realty, EXPI is currently operational in 43 states, as well as Alberta, Canada, and the District of Columbia. The Agent-Owned Cloud Brokerage™ offers 24/7 access to collaborative tools, training and socialization features through an innovative cloud-based office environment that effectively eliminates the high costs associated with maintaining a traditional brick and mortar office. eXp Realty’s network of real estate professionals currently includes more than 1,400 members, an increase of more than 60 percent from the beginning of this year.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Revolutionizing an Industry with Cutting Edge Technology
With advancements in technology hitting each sector of the world, the real estate industry is not far behind. Almost every industry has been subject to some form of digitization, allowing these industries to grow and reach new audiences. This virtual world has enabled real estate companies to reach not only new audiences, but audiences further afield. From the comfort of a computer or a mobile device, people can choose their next homes, no matter where they are.
The real estate industry did not just lean toward a more digital approach because it would sell to more people. This phenomenon has enabled people to gain more information and imagery concerning residential and commercial properties. Thanks to the digital revolution, consumers have more knowledge, context, content and understanding of what they are purchasing. eXp World Holdings, Inc. (OTCQB: EXPI) offers just this with its marketing and cloud technology.
EXPI realized that, despite the evolution of technology, consumers still need real estate agents. They need agents to help them navigate through an emotional process. These services allow agents to give more information, offer perspective and market expertise, and to communicate with sellers on their behalf. As a result, eXp World Holdings created a real estate brokerage with the right people in mind, but without the brick and mortar expenses.
The company uses the Unity3D virtual reality platform to not only help consumers make decisions on their property choices, but also to train, educate, and help their agents build their own businesses. With this, EXPI has been able to grow an internationally renowned brokerage, owned by the agents themselves. Most recently, EXPI was compared to Pokemon Go, the wildly popular location-based reality mobile game that has developed a compelling merger of game and technology. The key difference between the two is that eXp World Holdings uses its unique technological platforms for business in order to help consumers buy and/or sell their homes.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Shares Underlying Technology with Pokémon GO
Since its release on July 6, 2016, Pokémon GO, the free-to-play location-based augmented reality mobile game from Niantic, has taken the world by storm. Within days, the game became one of the most widely used smart device apps in history, with far-reaching effects spanning into the financial sector. Nintendo (OTC: NTDOY) saw its stock price nearly doubling before closing at its highest level since 2010 last Friday, while Zagg, Inc. (NASDAQ: ZAGG) benefitted from its recent acquisition of a smartphone battery case manufacturer on its way to a 27 percent jump in stock price in just over a week. One feature of Pokémon GO that’s played a key role in its commercial success is its underlying Unity3D platform. This is the same technology used by eXp World Holdings, Inc. (OTCQB: EXPI) to power its immersive 3D Campus for eXp Realty and related ventures.
Unlike Pokémon GO, EXPI has successfully leveraged the Unity3D virtual reality platform for business purposes. Through eXp Realty, the company uses the technology to offer an immersive 3D environment to its brokers and agents that takes the place of traditional infrastructure without negatively impacting the training and interpersonal interaction that’s necessary for real estate professionals to effectively operate in the industry. In line with the development of this platform, EXPI recently announced entry into an agreement with VirBELA, LLC, one of the leading developers leveraging Unity3D to create immersive online worlds, through which it gained exclusive rights to the VirBELA platform within the real estate industry, as well as an option for exclusive rights covering a number of vertical industries such as mortgage origination, mortgage lending, title and escrow and title insurance.
“When we discovered immersive worlds to use in business we knew we had something and since then we have run the real estate brokerage almost entirely via a virtual world platform,” Glenn Sanford, chief executive officer of EXPI, stated in this morning’s news release. “Our staff, management, agents and brokers have fully embraced avatars for work, attend classes, strategize, collaborate, innovate, enjoy water-cooler chats, build teams, and share experiences. The close-knit community that we’ve been able to build over the years on our campus has distinguished us from ‘virtual’ brokerage models.”
Despite its similarities to Pokémon GO, EXPI’s Agent-Owned Cloud Brokerage™ is a major force in the real estate industry. Since 2013, when the company committed to making its agents and brokers the owners of its publicly-traded stock, eXp Realty has expanded its agent base to include more than 1,400 agents across 43 states; Alberta, Canada; and the District of Columbia. Though consumers may never see EXPI’s innovative cloud campus, the company’s agents visit on a daily basis to remain up-to-day on the best ways to optimize the level of service they can offer to clients.
“We’re different from Pokémon GO in that we use our Unity-powered platform for business, working on behalf of consumers engaged in what is often the most significant transaction of their lifetimes — the purchase and/or sale of a home,” added Jason Gesing, CEO of eXp Realty. “However, the power of augmented and virtual reality platforms like Unity will allow us to continue to build a culture of service, of entrepreneurship and of a shared sense of ownership, allowing our agents to develop meaningful personal and professional relationships with their colleagues from across North America.”
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Launches Real Estate Brokerage Operations in New Jersey
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) continued the rapid expansion of its real estate division when it announced the launch of eXp Realty in New Jersey. Including the Utah launch, which was announced earlier this week, the company’s Agent-Owned Cloud Brokerage™ is now operational in 43 states, as well as the District of Columbia and Alberta, Canada. In total, EXPI’s innovative brokerage now includes more than 1,400 real estate professionals, an increase of over 60 percent from the beginning of 2016.
EXPI’s pioneering agent-owned business model has proven successful in attracting some of the leading real estate professionals across all of its markets, and New Jersey is no different. The company’s broker of record for the state, Jeanne Borgers, brings more than 12 years of New Jersey real estate experience to the eXp Realty team. During this time, she worked with Keller Williams NJ Metro Group, earning the nickname of ‘Short Sale Queen’ for her ability to navigate the challenging realty landscape ushered in by the Great Recession.
“We are fortunate to have experienced and talented leadership in place with Jeanne as we enter a highly competitive market and a state where the practice of real estate varies significantly from the north to the south,” Jason Gesing, chief executive officer of eXp Realty, stated in this morning’s news release. “We look forward to offering new opportunities to and welcoming entrepreneurial professionals across the state into our community of agent owners.”
Over the past two months, EXPI’s realty division has experienced tremendous national growth, expanding into an impressive six states since early May. This growing national presence has set the stage for considerable financial growth in the months to come. In the first quarter of 2016, the company recorded a year-over-year increase in revenues of 107 percent. This coincided with an increase in agent count for its real estate division of 106 percent from the previous year. eXp Realty has already added roughly 300 new agents to its Agent-Owned Cloud Brokerage since the end of the first quarter, and it’s showing no signs of slowing down.
In a recent news release, Glenn Sanford, chairman and chief executive officer of EXPI, stated, “Our internal mantra of ‘We want the value proposition of eXp Realty to be so good that it would be irresponsible for an agent and broker to hang their license anywhere else’ has and will continue to drive innovation around the Agent/Owner model.” If financial performance continues to mirror this growth in agent count, the company could be primed for record results moving forward.
For more information, visit the company’s website at http://investors.exprealty.com
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
EXPI Evolving with its Clientele
In the past, companies worldwide focused on traditional functional benefits, price competition, and features. Businesses sometimes lost their focus, aiming to be the best for themselves instead of their clients. Of course, these two go hand-in-hand in the sense that companies cannot succeed without the support and loyalty of their customers. However, in the past 20 years, technology has changed the relationship between companies and their customers, a change clearly seen in the nation’s real estate industry.
The real estate brokerage world has taken a shift toward the client. This shift has been branded “client centric”. An article entitled ‘The Evolving Brokerage Model’ on REALTORMag sums up this new model perfectly. It states, “These days, the most successful brands center on experiential benefits, relationships, and relevance to consumers.” Since the housing boom, a younger generation of homeowners have come to the surface, a generation not interested in whether or not a real estate broker is number one in the state or country. They want to know they are being treated with respect and getting the most honest, trustworthy services.
Sherry Chris, president and CEO of Better Homes & Gardens Real Estate LLC, described this new type of homeowner as “searching for someone who will look out for their best interests, not efficiently move them through the sales funnel.” eXp World Holdings (OTCQB: EXPI) has evolved alongside its clientele by doing just this. EXPI understands that buying a home can be an emotional time for a person. The company knows that its clients depend on it to navigate the process, give insight into properties, offer a comparative perspective, negotiate, and advocate on their behalf.
EXPI has also evolved its relationship with its agents and brokers to offer the best and most revolutionary working environment it can. The Long-Term View section of the EXPI site reads: “The greatest asset of any real estate brokerage is the group of agents and brokers who are a part of it. In our view, those agents and brokers should be owners and at eXp Realty, they are”.
Aside from paying special attention to it consumers, agents and brokers, EXPI has taken a step toward the future with a cloud-based environment where, according to the company, “agents and brokers build their own businesses. They work, attend classes, strategize, collaborate, innovate, enjoy water-cooler chats, build teams, build unity and share experiences across geographic borders inside of our Cloud Office Environment.”
For more information, visit the company’s website at http://investors.exprealty.com
Agents Can Keep Afloat Despite Disruption with EXPI's Cloud Brokerage
A study completed at Oxford University in the U.K. (http://dtn.fm/X1kBb) on jobs that were most likely to be replaced by computerization placed real estate brokers at number 40 out of the 702 positions surveyed, with a 97 percent chance of losing out to computers. Digital technologies are disrupting many industries, particularly those whose raison d’être is the reduction of information asymmetries. Upstarts like Airbnb and Uber Technologies have revolutionized business paradigms, and the waves of disruption are already lapping on the shores of the real estate domain. The real estate industry will have to keep up or give up. With its Agent-Owned Cloud Brokerage, eXp World Holdings (OTCQB: EXPI) is offering brokers and agents the opportunity to keep up.
Disruption is the new buzzword, but it’s a reality as well. Now, homeowners can list a For Sale By Owner (FSBO) on ListingDoor, which Forbes has called the ‘Uber for Real Estate Sales’. If that is not alarming enough, the ListingDoor site proclaims that it has ‘Everything you need to sell and market your home FSBO, without the hassle of a real estate agent’. ListingDoor gives home sellers a complete market analysis with an Intel Report, which removes any information advantage a broker may have. A property owner is given a custom website to list his or her property. The best of the property can be highlighted in up to 24 images. He is provided with listing brochures and a colorful ‘For Sale’ yard sign printed and delivered next day by courier. In addition, the listing is syndicated to popular real estate sites such as Zillow (NASDAQ: Z), Yahoo! (NASDAQ: YHOO) Homes, and Trulia (NYSE: TRLA).
The revolution has not quite deposed real estate agents and brokers, however. A recent research report (http://dtn.fm/nW6aM) on eXp World Holdings, issued by Fundamental Research in April 2016, points out that, for most Americans, the purchase of a home involves the largest financial outlay. It also cites statistics published by the National Association of Realtors:
‘…approximately 87 percent of buyers recently purchased their home through a real estate agent or broker (up from 69 percent in 2001), 8 percent purchased directly from a builder or builder’s agent, and 5 percent directly from previous owners. In the case of sellers, approximately 89 percent of sellers used a real estate agent when selling their home. For-Sale-by-Owner (FSBO) sellers accounted for just 8 percent, and such properties are typically sold to someone the seller knows.’
The changing landscape offers not just threats, but opportunities, as well. There are many advantages to working with a real estate agent, as this Forbes article (http://dtn.fm/e7X0C) points out. First, don’t try this at home; selling or buying a property is not as easy as it looks on TV. It will take you time to track down the specific information you require, and, even then, information is not knowledge. Only experience will allow you to use that information wisely. Second, a middleman focuses the negotiation on the factors that matter. Direct contact between buyer and seller risks bringing personality issues to the forefront. A deal can fall apart because the buyer doesn’t like the seller, even though he likes the house, or because the seller can’t bear the thought of his home falling into the hands of ‘someone like that’.
Thirdly, how up-to-speed are you on the legal issues? These can be notoriously arcane. Wouldn’t it be better to let a professional handle them? Fourthly, in a one-on-one deal, the maxim caveat emptor applies, whereas agents and brokers must follow regulatory guidelines and rules when conducting business. It’s possible, depending on state law, that a fiduciary relationship may arise, which means that the agent or broker is bound to put your interests ahead of his or her own. Fifth, for the buyer, monetary costs may go down before the sale but go up after the sale. The greatest danger for the lone ranger is not knowing what he does not know.
The Agent-Owned Cloud Brokerage offered by eXp World Holdings’ wholly-owned subsidiary, eXp Realty, is a full service national real estate brokerage platform. Its cloud-based format reduces the costs associated with operating a brick-and-mortar office, yet, through a 3-D environment, provides all the services offered by traditional brokerages. In addition, agents can draw on services that include training and education, coaching and mentoring, and transaction and technical support. eXp Realty has already added over 1,100 agents and brokers operating in 40 states and Canada to its platform.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Succeeding Thanks to Professional Real Estate Career Training
Developing good communication skills, learning to negotiate, and being prepared to work long days both in and out of an agency office are just some of the abilities that people assume they need in order to become a real estate agent. Of course, all of this would come after initial training and certification. After that, there would be continuing meetings and training at the agency to build agent skills and relationships. However, with the technological advancements available today, a revolution is building in the way agents are trained and operate, a revolution being led by eXp World Holdings (OTCQB: EXPI).
Not only has the number of remote workers grown by 103% since 2005, but, according to Global Workforce Analytics, “3.7 million employees (2.8% of the workforce) now work from home at least half the time”. In the real estate industry, eXp World Holdings has led this new wave, using advanced technologies to support the remote worker revolution and changing people’s perceptions of what a real estate agent does on a day-to-day basis. eXp Realty is an agent-owned cloud brokerage that provides its agents with 24/7 access to a variety of online tools and training programs in order to help them to continue to grow. EXPI’s management team saw a gap in the market which encouraged them to replace the expense of brick and mortar offices with a cloud-based environment while growing and maintaining strong relationships with its agents.
EXPI has made real estate career training accessible for free to all its agents through the Expressway system, a learning management platform that provides a flexible option to agents, allowing them to continually improve and advance their eXp Realty businesses. There are a range of free courses from which to choose, including how to build their own real estate teams, how to find and convert customers, creating and using websites, and others. Expressway also offers State Compliance Courses for each U.S. state, as well as Alberta, Canada.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Adds Boston’s Landmark Group to Agent-Owned Cloud Brokerage™
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) announced the addition of Sally and Stephen Koss, founders of the respected Landmark brand in Greater Boston, to its Agent-Owned Cloud Brokerage™ after more than three decades as franchisees under the RE/MAX (NYSE: RMAX) umbrella. Over the past 31 years, Sally and Stephen Koss have successfully developed one of the strongest real estate brands in Southern New England, operating a number of offices throughout the state of Massachusetts. Their decision to exit the RE/MAX system in favor of eXp Realty’s high-engagement, low overhead business model highlights the marketability of the company’s innovative agent-ownership model in the rapidly evolving real estate industry.
“With eXp we have access to ground-breaking real estate technology to better serve our agents and clients,” Sally Koss stated in today’s news release. “Most importantly though, we are able to thank our agents by providing them with the very same opportunities that we have — ownership as fellow shareholders able to build organizations within and across markets.”
In addition to offering equity incentives to its agents and brokers, eXp Realty has developed a comprehensive cloud environment designed to offer the systems, support, culture and community required for its agents and brokerage-owners to thrive despite the unpredictability of the economic landscape. This formula has proven extremely popular, with EXPI’s agent base surpassing 1,100 members in the first quarter of 2016, marking a 100 percent year-over-year increase. The company built on this success last week when it was named among the best places to work by both The Washington Post and the Atlanta Journal-Constitution, and this recognition is catching the attention of some of the country’s most seasoned and successful real estate professionals.
“While there are other companies in the industry that are publicly held, the driving force behind eXp’s public company status is to give direct ownership to its agents and brokers,” continued Koss. “That’s a game-changer for us.”
Coming off a first quarter during which it achieved year-over-year revenue growth of 107 percent to more than $7.1 million, EXPI’s success in attracting top-level agents and brokers such as Sally and Stephen Koss sets the stage for additional financial growth. In line with this goal, the company is seeking to deliver a value proposition that outpaces anything the competition has to offer, effectively making it “irresponsible for an agent and broker to hang their license anywhere else,” according to Glenn Sanford, chairman and CEO of EXPI. eXp Realty’s Agent-Owned Cloud Brokerage™ currently includes more than 1,240 real estate professionals spanning 38 states and Alberta, Canada.
For more information, visit the company’s website at http://investors.exprealty.com
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.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Subsidiary Recognized as Top Workplace by Two Major Newspapers
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) announced that its subsidiary, eXp Realty, has been listed among the best places to work by The Washington Post and the Atlanta Journal-Constitution. The award marks the second consecutive year in which eXp Realty has been recognized as one of the best places to work in Atlanta, where it placed 12th out of 165 honorees. In Washington, eXp Realty was listed in the top 20 based on surveys conducted by both the Post and its partner, Workplace Dynamics.
“This is a tremendous honor for the agent-owners who are on our team,” David Harbour, leader of eXp Realty’s Washington, DC, metro region, stated in today’s news release. “This award speaks to the collaborative, engaging and rewarding environment of our company, not just here but in and across all eXp markets.”
EXPI’s continued success in offering an exceptional work environment for its agent-owners is particularly noteworthy following the company’s recent expansion efforts. Last month, EXPI announced that its real estate brokerage division had commenced operations in four new states, as well as the District of Columbia. In total, eXp Realty currently boasts a network of more than 1,240 real estate professionals across 38 states and Alberta, Canada. Ian Marshall, managing broker of eXp Realty in Atlanta, highlighted this growth in today’s news release.
“In the past two and one-half years we have introduced a new company, concept and brand into the Atlanta market; have added more than 100 real estate professionals to our team; and, are closing in on 1,000 homes sold,” Marshall stated. “eXp Realty agent-owners encourage and support the achievements of their fellow shareholders, not just in Georgia but across all eXp markets in the United States and Canada, and the achievements of the Company.”
For months, EXPI has operated with the goal of creating a value proposition that’s so lucrative that it would be ‘irresponsible for an agent and broker to hang their license anywhere else’, and the resulting agent/owner business model has proven to be a hit in markets around North America. In the first quarter of 2016, the company successfully leveraged a growing network of real estate professionals to achieve year-over-year revenue growth in excess of 100 percent. For the three month period, EXPI’s revenues totaled $7.1 million, up 107 percent from $3.4 million the previous year. This increase directly correlated with the company’s 106 percent increase in agent count over the first quarter of 2015.
The Agent-Owned Cloud Brokerage™ comes complete with a number of collaborative tools, training and socialization features designed to help brokers and agents maximize their positions in real estate markets around the continent. When combined with an aggressive revenue sharing program that offers brokers a percentage of the gross commission income earned by fellow real estate professionals they attract to the company, it’s clear to see why eXp Realty was ranked as a top workplace in Atlanta and Washington, DC, and similar recognition in other major markets could be on the horizon.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Delivering Leads to Agents through ‘Making It Rain’ Program
eXp World holdings, Inc. (OTCQB: EXPI) is a publicly-traded holding company for subsidiaries such as eXp Realty LLC and eXp Realty of Canada, which offer professionals the opportunity to earn equity awards for contributing to their growth. EXPI offers a full-service real estate brokerage that provides 24/7 access to collaborative tools and training. The company operates through a fully immersive, cloud-based environment in which real estate brokers are better able to collaborate and socialize. The company features an aggressive revenue sharing program where the agent is paid a percentage of gross commission income by introducing other real estate professionals into the company. As of today, EXPI has 106% agent growth. However, aside from the commission and the flexibility through the cloud-based environment, eXp World Holdings, Inc. has another secret weapon: the ‘Making It Rain’ program.
EXPI’s ‘Making It Rain’ program is a high-quality lead generation program that delivers leads to agents and brokers at discounted prices. Every agent at eXp World Holdings, Inc. gets a conversion website. Conversion is an amazing tool that turns traffic and leads into closings. Of course, an agent’s primary job is to drive traffic to websites. Many promote the website through their own personal social media platforms. However, this can be time consuming and complicated. The ‘Making It Rain’ Program launches tailored campaigns on the agent’s behalf. Agents and brokers can select a region, marketing budget, and platform. The ‘Making It Rain’ program then generates leads from these factors. The platform utilizes Google Adwords, which in turn means each lead is specifically targeting people looking to buy or sell real estate. The lead from this type of targeting normally has higher urgency and higher intent than from other sources.
The ‘Making It Rain’ Program is available to agents and brokers of eXp World Holdings, Inc. and is a fully managed lead generation plan. The plans start at $100 per month and can go higher depending on each individual agent’s budget. The program is contract-free and offers managed PPC and highly targeted ads that generate exclusive leads. The program will soon be introducing two new plans: Facebook Leads and Listing Promos.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Poised to Pop in Hot Sector on Strength of Next-Gen Real Estate Virtual Cloud Office Platform
With the $130 million (a fraction of the $2 billion sought) settlement between News Corporation’s (NASDAQ: NWS) Move.com and juggernaut real estate/home-related info marketplace developer Zillow (NASDAQ:ZG) (NASDAQ:Z) fresh in the air, investors should be asking themselves how to carve off a slice of the once-again hot real estate sector. REITs have been crushing it since 2000, positing 12 percent returns on average, according to JPM (NYSE: JPM) Asset Management. Zillow, which bought up real estate search engine company Trulia (NYSE: TRLA) recently and which has an exclusive partnership with Yahoo! Real Estate (NASDAQ: YHOO), creating the biggest real estate ad network on the net – was more than happy to pay the still-sizeable sum, and get back to capitalizing on continued sector momentum.
A recent report by IBISWorld (http://dtn.fm/1n1Rx) on the real estate sales and brokerage market forecasts solid revenue growth over the next five years, extending the roughly $122 billion or so in current annual revenues, and enjoying growth that is in-line with the 5.6 percent growth seen over the preceding five years. Residential currently makes up over two-thirds of the space, and it is worth noting that this highly-fragmented sector, characterized by low market share concentration, sees less than one-tenth of overall revenue go to the top four companies, which include residential-focused Realogy (NYSE: RLGY), and commercial-focused CBRE Group (NYSE: CBG).
Many analysts are already saying the Fed will not raise interest rates this month (http://dtn.fm/fB4ml), given the flagging economic data. Even if rates come up, the consensus is that only cosmetic increases are likely to take place. Another key trend here for the real estate sector is that agencies are stacking more in-house brokers on their bench in order to tighten up throughput, ensure deals close fast, and clients get attractive rates. It is also more and more essential to hand-hold through the loan qualification, as difficulty in obtaining mortgage financing ranked number one in the 2016 National Association of REALTORS® (NAR) member profile (http://dtn.fm/o8Fss), meaning really talented and motivated agents/brokers are more important than ever. The NAR data also indicates that 55 percent of realtors are affiliated with an independent company, further highlighting sector fragmentation, and suggesting how dispersed the underlying fabric of movers and shakers is.
Also among the NAR report is an important distinction about the use of social media among members, showing that usage was up five percent, year-over-year, to 70 percent. This single trend alone expresses how important it has become to have a public-facing presence and why Zillow would gladly burn-off $130 million in order to get back to capturing an ever larger chunk of the $12 billion plus annual ad spend from real estate agent listings (http://dtn.fm/K2v0B). Consumers these days have mobile phones with core clocks tens of thousands of times faster than the ones we used to put a man on the moon, and those phones can execute instructions 12 million times faster as well. These people have no time or patience for traditional brick and mortar real estate offices. As a natural result, real estate pros are fleeing the dinosaur model in droves.
With a market cap around $92 million, you might not immediately think of holding company eXp World Holdings (OTCQB: EXPI) as a looming sector disruptor with supernova potential. But a closer look at how this company’s real estate brokerage division, eXp Realty, has streamlined together a virtual collaboration and socialization environment, powered by rich training assets and designed from the ground up as the ultimate agent and broker-empowering cloud office platform – and investors are likely to do a double take. The company’s Agent-Owned Cloud Brokerage™ is not only readily available around-the-clock, it is able to drive new levels of user immersion by providing a 3D environment capability, made possible via a partnership with social virtual platform developer VirBELA. This shared ownership model is extremely attractive to agents and so it is little surprise that eXp Realty saw 84 percent agent growth last year.
A big reduction in agent overhead and the alleviation of cumbersome, antiquated brick and mortar-centric methodologies, combined with huge incentive for agents to bolster troop overall strength in the form of an aggressive revenue sharing program that rewards agents a percentage of gross commissions earned by joining colleagues, create a perfect storm of momentum, the force of which is evident in the company’s record revenue growth for Q1, reported in mid-May. EXPI saw a more than doubling of revenues year-over-year in Q1 to just over $7.12 million for the quarter. And let’s remember, this is after record financial results in 2015, where a 71 percent year-over-year increase in revenues brought the yearly total to $22.87 million.
The future is so bright that EXPI even doubled-down last year in a big way, pushing out into the mortgage origination segment through its 90.5 percent-owned First Cloud Mortgage, which is currently licensed in Arizona, California, New Mexico, and Texas.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI Real Estate Buyer/Seller Cloud Environment Offers Refreshing Alternative to Process Complexities
Agent-owned cloud brokerage firm eXp World Holdings, Inc. (OTCQB: EXPI) builds shareholder value by leveraging the use of cloud technology in one of the most entrenched industries of our age. The company’s business model understands that buyers and sellers of real estate have at their disposal more knowledge than they’ve ever had before. With the internet making the information gap narrower than it has ever been, the reality is, the buying and selling process makes the shortlist as one of the most emotionally charged events a person will engage in their lifetime. EXPI is on a mission to turn all of this on its head.
Offering the real estate professional a way to chart their own course and revolutionize their impact on the marketplace, eXp’s family of agents and brokers are literally afforded a way to build their own businesses. Working within a Cloud Office Environment, agents attend classes, collaborate, strategize, innovate, build teams and share experiences. In a more granular sense, the concept enables agents to leverage company systems and tools to grow within an agent/broker-owned, publicly-traded company. Further, it is worth noting that eXp World Holdings, Inc. also offers its professionals the opportunity to earn equity awards for production and contributions to overall company growth.
eXp World Holdings is poised to take advantage of a resurgence in the residential housing market. The company’s Agent-Owned Cloud Brokerage is becoming increasingly popular among realtors, as seen through its increasing rank and file numbers. Toward the end of Q1 2016, the company’s agent number grew by over 10 percent – eclipsing 1,100. This is the fastest rate ever, according to CEO Glen Sanford. In 2015, the company reported 3,667 transactions valued close to $890 million. The company looks forward to that figure reaching $1.5 billion this year. Revenues in 2015 were $22.87 million with gross profit of $3.41 million.
eXp World Holdings, Inc. provides cloud-based real estate brokerage services for residential real estate markets in the U.S. and Canada. The company enables buyers to search real-time property listings and sellers to list their properties through its website. The site offers buyers and sellers access to a network of professional agents and brokers while offering access to collaborative tools and training services for real estate brokers and agents. The company was founded in 2008 and is headquartered in Bellingham, Washington.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI CEO Scheduled to Speak at Mendix World in the Netherlands
Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) announced that Glenn Sanford, the company’s founder and chief executive officer, has been invited to present at Mendix World, a two-day conference focused on strategic technology trends, digital transformation and insight into integrating technology with business. Mendix, the titular sponsor of the event, is a cloud-based, platform as a service firm which, through agile project management processes, helps organizations transform ideas into owned applications at a much faster rate than is possible using traditional programming platforms and methods.
Sanford is scheduled to participate in a panel discussion titled ‘Disrupting Traditional Markets through Technology’. This topic is particularly relevant to the EXPI founder, as eXp World Holdings, Inc., along with its subsidiaries, has successfully leveraged technological innovations to capture a foothold in a number of markets within the services industries. Most notably, EXPI launched eXp Realty, the Agent-Owned Cloud Brokerage™, which welcomed its 1,000th real estate professional into its family of agent-owners in the first quarter of this year.
“We’re looking forward to attending Mendix world and participating in the panel discussion,” Sanford stated in today’s news release. “Mendix allows businesses to innovate faster and, as a company, we have succeeded in disproving the notion that physical office space is an indispensable element of a successful real estate brokerage model or a necessary ingredient to building a community of professionals in a collaborative setting. In that sense, we have been disruptive in favor of our agents and brokers and we look forward to sharing our experience and insight with Mendix World attendees.”
This year’s conference will begin on June 7 in Rotterdam, the second-largest city in the Netherlands. To learn more, visit http://dtn.fm/96dF1
In recent weeks, EXPI has remained steadfast in its efforts to revolutionize the residential real estate brokerage industry. Last month, the company successfully launched eXp Realty in four new states and the District of Columbia, appointed a CEO and president of its real estate division and reported record financial results from the first quarter of 2016. Leveraging a network of more than 1,200 real estate professionals across 38 states and Alberta, Canada, EXPI achieved a year-over-year increase of 107 percent in quarterly revenues for the quarter ended March 31, reporting over $7.1 million.
Through a partnership with VirBELA, LLC, a leading developer of immersive online worlds, EXPI maintains exclusive rights to its avatar-based platform in the real estate industry, as well as an option to exclusive rights within a number of vertical industries. As the company continues to expand its network of agent-owners across North America, this agreement strategically positions EXPI to maintain its leadership position in the digital real estate brokerage space while continuing to attract some of the industry’s best and brightest to its Agent-Owned Cloud Brokerage.
For more information, visit the company’s website at http://investors.exprealty.com
EXPI is floating on its Cloud Brokerage as New Home Sales rise to Eight-Year High
A press release (http://dtn.fm/eWZO4) issued yesterday by the Commerce Department reported that ‘sales of new single-family houses in April 2016 were at a seasonally adjusted annual rate of 619,000’. The estimates, prepared jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, indicated that construction of new homes in the U.S. in April 2016 rose almost 17 percent above the March 2016 figure of 531,000, and about 23 percent above the April 2015 number of 500,000. This is good news for eXp World Holdings, Inc. (OTCQB: EXPI) and the over 1,100 agents and brokers who use its avant-garde cloud brokerage.
According to a Trading Economics analysis (http://dtn.fm/9w6EB), this ‘is the highest reading since January of 2008 and the biggest gain since 1992. New home sales in the United States averaged 652,450 from 1963 until 2016, reaching an all time high of 1,389,000 in July of 2005 and a record low of 270,000 in February of 2011.’
‘The median sales price of new houses sold in April 2016 was $321,100’ up by almost 10 percent from a year ago, meaning that half of the newly constructed homes sold in April 2016 had a price tag of over $321,100. The arithmetic average sales price was higher, at $379,800. According to numbers released by the National Association of Home Builders (http://dtn.fm/fOB2E), the 619,000 annual rate of new homes sold in April 2016 comprised 10 percent of the 6,069,000 annual rate of all home sales. The annual rate of existing homes sold in April 2016 was 5,450,000.
These numbers bode well for eXp World Holdings and its wholly-owned eXp Realty subsidiary. A recent research report on eXp World Holdings (http://dtn.fm/O1sMz), issued by Fundamental Research, stated that ‘the U.S. real estate brokerage industry is approximately $62 billion per year… based on the assumption that approximately 90% of the 5.25 million homes are sold through agents at an average price of $0.22 million per house, based on an average commission rate of 6%’. The Commerce Department’s April numbers would raise Fundamental Research’s estimates by about 15 percent.
eXp World Holdings is set to benefit from this resurgence in the residential housing market in two ways. First, its Agent-Owned Cloud Brokerage is attracting realtors in increasing numbers. In March 2016, the number of member agents grew by over 10 percent to more than 1,100, the fastest rate ever, according to CEO Glen Sanford in a MissionIR interview (http://dtn.fm/1wfRf). In 2015, eXp realtors put through 3,667 transactions with a value of $889 million. The company expects that figure to reach $1.5 billion this year. Revenues in 2015 were $22.87 million with gross profit of $3.41 million. As Fundamental Research point out, ‘the company can generate approximately 3% of total transactions in revenues, implying $45 million in revenues from $1.5 billion in transactions a year. Gross margin is estimated to be approximately 15%, implying gross profit of $6.75 million’.
Second, eXp World Holdings owns 90.5 percent of First Cloud Mortgage, Inc., which was set up in July 2015 to originate and provide loan products and services to potential homeowners. First Cloud will act as a mortgage broker, so no proprietary funds of eXp or its subsidiaries will be required. As of March 2016, First Cloud Mortgage was licensed to do business in Arizona, California, New Mexico and Texas. It has pending applications in Georgia and Virginia. It is expected that First Cloud Mortgage will broker between $50 million and $75 million in loans over the next 12 months and over $100 million in 2017. Gross profit should fall between 1.5% and 3.0% of transactions.
For more information, visit the company’s website at http://investors.exprealty.com
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eXp World Holdings (EXPI) is the holding company for a number of businesses, most notably eXp Realty LLC, the Agent-Owned Cloud Brokerage™. eXp Realty is a 3D full-service real estate brokerage providing 24/7 access to a suite of collaborative tools, training features and socialization channels designed to meet the unique needs of real estate brokers and agents.
eXp World Holdings also owns 90.5% of First Cloud Mortgage, Inc. and is licensed to originate mortgages in Arizona, California, New Mexico and Texas.
Investment Highlights
Response to a Changing Market
The Internet has become the most powerful property marketing and advertising medium, and advances in Internet technology and the proliferation to the masses of information and imagery concerning residential properties (which before was exclusively available only to real estate brokers and agents) has created a real estate consumer armed with more knowledge, context and understanding than ever before.
Along with the growing independence it has instilled in the consumer, the utility of the brick and mortar office location is decreasing. As a natural and inevitable consequence, substantial and growing numbers of real estate professionals are exiting traditional brokerage models.
At the same time, the home buying and selling process remains unfamiliar and oftentimes emotional for consumers. As such, they still depend on real estate agents to help navigate the process, give insight into and lend a comparative perspective on properties, provide local market expertise, and negotiate and advocate on their behalf. Because of the magnitude of the buying or selling decision, the size of the asset that underlies that decision, and the emotional responses it frequently triggers, the vast majority of consumers will continue to rely upon agents and brokers for the foreseeable future, no matter how much information they have and whether real estate professionals are in a traditional office setting or not.
eXp Realty sees Opportunity in the Change
The greatest asset of any real estate brokerage is the group of agents and brokers who are a part of it. As such, eXp Realty's strategy is to add value to its agents and brokers and enable them to build their own businesses.
Employing a Cloud Office Environment, eXp Realty agents and brokers work, attend classes, strategize, collaborate, innovate, socialize, build teams, build unity and share experiences across geographic borders in a virtual manner.
As a cloud-based real estate brokerage eXp Realty has embraced and adopted a number of cloud-based technologies in order to grow an international brokerage without the burden of physical bricks and mortar and/or redundant staffing costs.
Through this business model, thousands of eXp Realty consumers leverage the company's Internet marketing and cloud technology and growing network of professional real estate professionals to find, buy or sell homes without ever stepping foot into a traditional real estate office.
The Business Model
eXp Realty has formed a strategic partnership with VirBELA, LLC, which used a $1.7 million grant from the University of California San Diego's Rady School of Management to develop and demonstrate the 3D virtual-reality campus environment utilized by eXp Realty.
VirBELA's virtual 3D immersive learning environments run on both MAC and PC and include voice and text chat systems, professional avatar customization, integrative collaborative web browsing, and a host of other communication, and basic and advanced collaboration features that fulfill the operational needs of eXp Realty's agents and brokers.
eXp Realty has exclusive rights to the VirBELA platform within the real estate industry, as well as an option to exclusive rights within several vertical industries, including mortgage origination, mortgage lending, title and escrow and title insurance.
With the creation of a fully immersive cloud office environment that eliminates the need for a brick and mortar real estate office, eXp Realty can effectively reduce real estate professionals' overhead costs, increase their profits, and enable greater service value to consumers.
The innovative platform works by enabling agents and brokers the opportunity to earn equity in exchange for production and contributions to eXp Realty's growth. This aggressive revenue sharing program pays agents a percentage of the gross commission income earned by fellow professionals they recruit into the company.
In addition, eXp Realty's Stock Compensation Plan and online lead generation program, Making it Rain, further benefit participating real estate professionals and provide eXp Realty additional cash inflows to continue to scale operations both from a talent and technology perspective.
The overarching result of these features is a shared ownership community comprised of a large and growing group of synergistic, collaborative forward-thinking entrepreneurial professionals that successfully meet the needs of today's real estate consumer.
Operational & Financial Growth
Since its launch in October 2009, eXp Realty has experienced rapid growth, with brokerage service now offered in 35 U.S. states and Alberta, Canada.
In February 2016, the company officially welcomed into its family of agent-owners its 1,000th real estate professional, up from just 467 agents at the end of 2014. Following this achievement, the Agent-Owned Cloud Brokerage claimed a spot among the top 50 real estate brokerages in the United States based on agent count, according to data from RISMEDIA's 2015 PowerBroker 500 Report.
Similarly, eXp Realty generated record financial results during 2015. Following the launch its online lead generation program and stock compensation plan, the company achieved a 71 percent year-over-year increase in net revenues, recording $22.87 million for the year (2015). As it continues to expand its footprint across North America, eXp Realty will look to leverage its unique agent-owned business model to continue attracting driven, entrepreneurial agents and real estate industry leaders while promoting sustainable financial growth.
Corporate Projections
Standing out in the Industry
Residential Real Estate Brokerage
Highly fragmented
Innovators are Valued by Venture Capital
Limited opportunity in the public company arena and no significant growth players outside eXp Realty
Leadership
eXp Realty's progressive approach is driven by a team of individuals highly specialized in their respective skillsets. With decades of combined experience and leadership, eXp Realty is advancing on its goal of being the first agent-owned, cloud-based, full service, global real estate brokerage company providing 24/7 access to collaborative tools and professional development for managing real estate brokers and agents.
GLENN SANFORD, FOUNDER & CEO
Since early 2002, Glenn Sanford has been actively involved in the online real estate space. In early 2007, Sanford launched BuyerTours Realty, LLC which, using a combination of web and traditional bricks and mortar, grew to three offices and into two states. After the drop off of the market in late 2008, Sanford and his executive team rewrote the entire business model in recognition of the "perfect storm" of lower revenues, fixed or rising overhead costs, and a consumer with more information and access than ever before. eXp Realty, LLC was launched in October 2009 as the first truly cloud-based national real estate brokerage, which meant giving up the traditional bricks and mortar environment and moving to a fully-immersive 3D virtual office environment where agents, brokers and staff collaborate across borders while learning and transacting business from anywhere in the world. In 2013, eXp Realty became a subsidiary of eXp Realty International Corp. Since that time eXp Realty has quickly grown to 31 states throughout the United States and Alberta Canada.
From 2005 to 2007, Sanford ran a large mega-agent team and consulted to Keller Williams International as a member of the Agent Technology Council in the areas of online client acquisition, client conversion and technology. Sanford was also a significant contributor to Keller Williams Internet Lead Generation Masterminds.
Prior to real estate, Sanford was active at the executive level with a number of technology-related companies. In 1998, Sanford founded and served as president for eShippers.com, an online e-commerce and logistics company.
JASON GESING, PRESIDENT
Jason Gesing became president of eXp Realty International Corporation in September 2013. Since that time the company has achieved annual growth at a rate which positions it as one of the fastest growing real estate brokerages in the United States.
As president of eXp Realty, Gesing is actively engaged in driving company growth while working with the rest of the eXp Realty executive team to ensure that systems, processes and infrastructure exist to support expansion. Gesing participates regularly in business model profitability discussions with owners of leading independent brokerages and others demonstrating the company's high-engagement, cloud-based model and its dramatic impact on cost, profitability and the synergies that exist when the agents and brokers of a publicly traded real estate brokerage are also its shareholders.
PETER NOBEL, COO
Dr. Peter Nobel joined the company as its COO on March 16, 2016. Prior to joining eXp, Dr. Nobel held various management positions in user research, program management, and data science at Microsoft Corporation for approximately 19 years. In this capacity, Dr. Nobel has consistently and effectively managed teams whose aim has been measuring and improving user experience, identifying gaps, and arriving at elegant solutions. The work ranged from the user interface of online financial web sites, to qualitative and quantitative feedback tools in the Windows and Office divisions. He managed various Scrum teams that designed and created analysis and reporting tools, dashboards to track metrics and KPIs, as well as analyzed Big Data sets to understand the levers of the Net Promoter Score. Dr. Nobel received a Master of Science (Highest Distinction) in 1989 from Tilburg University, the Netherlands, and a Doctor of Philosophy in Cognitive Science in 1996 from Indiana University.
ALAN GOLDMAN, CFO
Dr. Peter Nobel joined the company as its COO on March 16, 2016. Prior to joining eXp, Dr. Nobel held various management positions in user research, program management, and data science at Microsoft Corporation for approximately 19 years. In this capacity, Dr. Nobel has consistently and effectively managed teams whose aim has been measuring and improving user experience, identifying gaps, and arriving at elegant solutions. The work ranged from the user interface of online financial web sites, to qualitative and quantitative feedback tools in the Windows and Office divisions. He managed various Scrum teams that designed and created analysis and reporting tools, dashboards to track metrics and KPIs, as well as analyzed Big Data sets to understand the levers of the Net Promoter Score. Dr. Nobel received a Master of Science (Highest Distinction) in 1989 from Tilburg University, the Netherlands, and a Doctor of Philosophy in Cognitive Science in 1996 from Indiana University.
DARREN JACKLIN, BOARD OF DIRECTORS
For over 19 years, Darren Jacklin has traveled four continents and over 40 countries mentoring entrepreneurs and business owners on specific and measurable strategies that they can consistently use to increase their income, transform their obstacles into cash flow and turn their passion into profits.
His uncanny ability to increase wealth and success by uncovering hidden assets, overlooked opportunities and undervalued possibilities has captured the attention of Tiger 21, The Wall Street Journal, Yahoo Finance, NBC TV, CBS TV, Global TV international radio stations, magazines and newspapers, movie producers, best-selling authors, CEOs and business experts worldwide.
Jacklin currently sits on paid international boards of directors of public companies and advisory boards. Jacklin has personally trained over 150 Fortune 500 companies such as Microsoft, AT&T, Black & Decker, Barclays Bank, as well as high school, college, university students and professional athletes and has connected with people in more than 126 countries.
eXp World Holdings, Inc. 1321 King Street #1 Bellingham, WA 98229 Phone: (360) 389-2426 www.ExPRealty.com | QualityStocks 3370 N. Hayden Rd. Suite 123-591 Scottsdale, AZ 85251 Phone: (480) 374-1336 www.QualityStocks.net Editor@QualityStocks.net |
Please see disclaimers on the QualityStocks website http://qualitystocks.net/disclaimer.php
» | eXp Realty International Corp., formed in October 2009, is a cloud-based, full service national real estate brokerage company. Being cloud-based, eXp reduces the burden of bricks-and-mortar and redundant staffing costs, allowing real estate brokers to operate at significantly lower cost than traditional brokerages. |
» | Through a 3-D, fully-immersive, cloud campus environment, eXp provides all of the value added services (and more) offered by larger brokerages to its brokers and agents. Services include training, education, coaching, mentoring, transaction support, broker support, and technical support. |
» | eXp Realty surpassed 1,000 members (agents and brokers) in February 2016, and currently has 1,100+ members across 35 states in the U.S. eXp is currently among the top 50 real estate brokerages in the U.S. based on agent count. |
» | eXp’s members transacted over $889 million in real estate in 2015. The current annual run rate is $1.5 billion per year. The company’s goal is to have 1,800+ members by the end of 2016, and 3,500+ by the end of 2017. |
» | Revenues grew at a CAGR (compounded annual growth rate) of 53% from $4.20 million in 2011, to $22.87 million in 2015. Gross profits grew at 44% from $0.79 million in 2011 to $3.41 million in 2015. eXp generates positive free cash flows, and maintains a healthy balance sheet with no debt. |
MissionIR is a moderator of this board. Please see disclaimer on the MissionIR website: http://www.missionir.com/disclaimer.html
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