Key Highlights
- As if eXp’s growth of +100% in Q3 2020 isn’t record setting, company’s multiple leaders envision record-blasting growth in 2021
- eXp leveraging domestic growth to power new company initiatives in 2021
eXp World Holdings and its virtual cloud eXp Realty had its best quarter in company history during Q3 2020. Sales growth hit +112% and agent count growth hit +56% or +35,877 agents. (Read “WOW!!! eXp Increased Revenue by +100% in Q3 2020 in this week’s calendar for more detail.)
eXp intends to leverage that domestic ascendance to establish and power new initiatives such as eXp Global and eXp Commercial in 2021to connect real estate worldwide. According to David Conord, eXp’s US Growth President, said, “We’re going to grow faster in the next year than the past four years combined.”
The company’s vision includes increasing its agent count to 100,000, increasing the number of agents (34%) currently getting a revenue share to 40%, and doubling the 25 agents who are “revenue share millionaires” to 50.
Implementing such goals is pinned on successfully unveiling eXp Global. Already, eXp Global has launched its South Africa operations along with operations in India, Mexico, Portugal and France to be realized before the end of 2020. All of these new appendages are under the watchful eye of eXp’s International Expansion President Michael Valdes.
Valdes estimates these new international markets to have a shared population of 1.6B, overall GDP of $3.7T, and an agent pool of some 3M…more than enough people, financial resources and real estate professionals to actualize eXp’s vision. eXp Global will also include a new CRM, international referral program and all-inclusive global consumer-facing site to engage new agents and consumers.
Valdes’ overall goal is ”…to create the premier global real estate company in the world.”
Meaghan Kelly, eXp’s Global Operations Director, explained at eXpCON’s recent convention that, “real estate as we all know is still local and no one country is alike.” Her team’s efforts will focus on understanding cultural norms and mores, business practices and jargon, country specific licensing laws, and consumer needs as they are expressed in each country. Agent materials will be translated into French, Portuguese and Spanish and all banking/financial will be modeled for each respective country.
eXp Commercial is to focus its efforts on commercial real estate, luxury services and its affinity relocation services. Again, all offerings are to be specific to each country’s normative, business and communications practices.
eXp’s Special Operations Director, Dawn Conciatori summarized eXp’s 2021 vision quite succinctly. “We want to be their relocation manager’s broker of choice. We want to be the banker’s broker of choice. We want to be everyone’s broker of choice.”
Thanks to eXp and InmanNews.
Also read: Sanford of eXp – “We’re Just Scratching the Surface.”, Podcast: 5 Reasons To FIRE Your Broker | How To Hire The Right Broker (Part 2), Big Housing Story of Decade – The Growth of Renting
