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
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