- eXp Realty doubles transaction and sales volumes in Q3 2020, according to preliminary, unofficial earnings preview
- Official earnings report to be released November 9
EXp Realty’s preliminary, unofficial earnings preview just released indicates a pretty great Q3 2020 by doubling its sales volume. Select numbers indicate that transaction sides increased +95% to 75,392 and sales volume increased +112% to $23.6B during the three months ending September 30, 2020. Additionally, eXp Realty’s overall agent count exploded by hitting 35,877, a year-over-year increase of +56%.
EXp World Holdings, the parent company of eXp Realty, will release its official Q3 earnings report on November 9.
(Often, a company releases preliminary results of its quarterly earnings when that company beats Wall Street’s odds and consensus estimates of those earnings, according to Stevens stock analyst, John Campbell. Obviously, eXp did just that.)
Glenn Sanford, the founder chairman and CEO of eXp World Holdings, said, “As one of the fastest-growing residential real estate brokerages, we continue to deliver on our value proposition to agents, consumers and shareholders. Our world-class agents combined with a progressive cloud-based model provides a significant competitive advantage in the real estate industry, driving eXp to yet another quarter of record results.”
On top of substantially increasing its transaction sides, sales volume and agent count during Q3 2020, VirBELLA, the virtual world platform owned by eXp World Holdings and used by its virtual cloud brokerage, is on track to report a +360% y/y revenue increase in its coming Q3 official earnings statement on November 9.
On the drawing board for eXp’s CEO Sanford is his goal of having some 100,000 agents in the US with eXp Realty “in the next few years.” If/when Sanford’s goal is realized, eXp Realty would become the largest brokerage in the US, overtaking Realogy’s agent count of just over 50,000.
Thanks to InmanNews.
Also read: More Than Quarter of Homebuyers Looking to Move, California’s Median Home Price Jumped +10% to $615,090 in December 2019, Podcast: Exclusive Brent Gove Interview | The REAL Truth About eXp Realty | Tim and Julie Harris