- Companies that navigated and adapted business models during pandemic experienced growth
- Significant opportunity for those within real estate industry that positioned selves as thought leaders
- Though leaders prepared for new future of home buying
Surprise 2020 Housing Market Boom
The global COVID pandemic has given us a front row seat to one of the biggest upheavals in our history. This upheaval touched all parts of our lives but here, let’s focus on what happened in the real estate industry in 2020.
Quite simply and most surprisingly, the 2020 housing market boomed. The home became the center of everything…remote working, remote learning, remote exercising, remote socializing and remote entertainment. The result? According to the National Association of REALTORS, existing home sales hit a seasonally adjusted annual rate of 6.86M and home prices peaked at $313,100 in October 2020. Additionally, according to ATTOM Data Solutions, one in three homeowners with mortgaged properties are now considered to be equity rich at a time when, according to the US Bureau of Labor Statistics, the number of unemployed people in this country totaled 10.7M
Real Estate Resiliency During 2020 Housing Boom and Beyond
Looking beyond 2020 and ahead to 2021, home prices are expected to rise, albeit at a slower rate than in 2020, and mortgage interest rates are expected to remain low, as the Federal Reserve has publicly committed to doing so. The imbalance of insufficient supply and increased demand is expected to continue as demographics affect increasing housing needs and preferences of Millennial families.
Interestingly, the prosperity within the housing market boom of 2020 may spur more Americans to consider a career and/or investment in real estate in 2021 and beyond
Foundational Elements of eXp Realty Earned Company a Prosperous Thought Leadership Position within Real Estate Industry in 2020 and Beyond
Founded in 2009 as the first cloud-based, agent-owned brokerage, eXp Realty was perfectly positioned to not only withstand the COVID pandemic but also to thrive during the 2020 housing market boom. This fully immersive virtual office brokerage did, has and will not miss a beat due to an external upheaval comparable to the 2020 pandemic.
eXp Realty Closed Transaction Sides Nearly Doubled in 2020 Compared with 2019
The 2020 Real Trends 500report indicated that eXp Realtynearly doubled its closed transaction side volume in 2020 for a total of 237,049 compared to the 130,627 closed transaction side volume in 2019.
eXp Realty Experienced +59% Increase in US Agent Count in 2020
eXp Realty’s US agent count increased +59% in 2020 for a total of approximately 39,058 agents on board in the midst of other businesses freezing hiring, decreasing staff and even closing their doors. Agents from the states of Texas, California, Florida, North Carolina and Arizona led the charge to eXp.
eXp Realty Offers Generous Compensation Opportunities and Access to Health Care
eXp Realty stands alone in its compensation opportunities for agents. As an agent-owned brokerage, an 80% – 20% commission split is available to agents from the get-go as are revenue sharing and equity programs that include opportunities for stock awards.
Here are examples of 2020 average agent annual commission and revenue share for agents with at least one-year tenure with eXp Realty:
- Agents who sold I unit in 2020 – $7,140
- Agents who sold 2-4 units in 2020 – $20,664
- Agents who sold 5-9 units in 2020 – $49,925
- Agents who sold 10+ units in 2020 $182,446
Additionally, 2020 investors in eXp World Holdings, eXp Realty’s parent company listed on the Nasdaq exchange, experienced a nearly +200% increase in valuation.
For further information, go to exprealty.com.