Key Highlights
- eXp World Holdings, parent company of eXp Realty, reported +33% revenue increase to $354M in Q2 from $267M one year ago
- Dollar-value transactions rose +26% from one year ago to $13B
Q2 2020 turned out to be a great quarter for eXp World Holdings, the parent company of eXp Realty. Its revenue increased + 33% to $354M and its dollar-volume of transactions rose +26% to $13B. (All this during an overwhelming pandemic and highly challenging economic environment.)
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Glenn Sanford, CEO of eXp World Holdings, said, “We achieved the most profitable quarter in the company’s more than 10-year history with a positive net income for the third quarter in a row.”
eXp’s cloud-based remote model has been especially appealing to agents and brokers during the COVID pandemic and its accompanying sheltering restrictions. The result of having this remote model for distanced working? eXp Realty increased its number of agents and brokers to a total of 31,091 representing an increase of +54% compared to one year ago. The company plans to expand its presence in commercial real estate over the next twelve months, expand into five more international markets on top of its presence in the UK, Canada and Australia, and expand its affiliated services businesses in mortgage, title and iBuying.
“Due to the performance of our agents and the power of our could=based brokerage model, eXp Realty achieved exceptional results with strong growth in all areas, despite initial impacts on the housing market from business restrictions related to COVID-19,” said CEO Sanford.
eXp’s VirBELA also added to the company’s bottom line due to its effectiveness in supporting remote working, virtual events and remote learning, all even-more-so essentials in this time of COVID social distancing.
In July, eXp acquired Showcase IDX, a tech company focusing on agent website and consumer home-search technology. eXp World Holdings anticipates y/y revenue increase in Q3 and Q4 due to projected growth in home transaction sides and commission revenue.
Thanks to eXp World Holdings and HousingWire.
Also read: Podcast: 5 Reasons To FIRE Your Broker | How To Hire The Right Broker (Part 2), Podcast: How To Choose A Broker | Is It Time To Ditch Your Broker? (Part 2), Worst Months for Renters AND Landlords STILL Ahead
