Inman’s Jim Dalrymple II talked with Glenn Sanford, founder & CEO of eXp World Holdings at last week’s EXPCON event, both in-person in Las Vegas and virtually, that included thousands of eXp agents, celebrity speakers and company executives.
Big Takeaway – Sanford Upbeat about eXp and Industry
From the beginnings of eXp, Sanford said, “My whole mission is to make sure our agents are able to get something meaningful over time.”
In fact, everything about eXp Realty, the real estate subsidiary under the umbrella of eXp World Holdings, has been about improving how agents do business locally and globally…from ViraBELA and FrameVR.io that hook together multiple spaces from desktops, laptops and phones regardless of where the agent is located in the world, real estate coaching and training, agent compensation and commission splits, agent revenue sharing programs to agent recruitment and more.
Question: What is the one of the biggest mistakes agents often make?
Yes, obviously, Sanford is upbeat about eXp Realty agents and the real estate industry.
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The Metaverse, Facebook and eXp
Dalrymple asked Sanford about his view of the “metaverse” and whether or not Facebook is “becoming eXp.”
Sanford said that eXp and Facebook “talk occasionally” due to VirBELA. He said that eXp has always gone to the 2D version of the 3D immersive metaverse experience and that “…we’ve been doing a lot of this stuff that Facebook is getting ready to do.”
Sanford’s “recognition” of the metaverse in 2009 was his creation of a virtual campus dedicated to residential real estate so that everyone using that campus would have something in common.
eXp’s Q3 2021 Earnings Report Reflected Notable Results in Terms of “Pulling Ahead of Competition”
Sanford pointed to two reasons that have enhanced eXp’s tremendous growth: innovation around agent compensation and low-cost operations that enable a better compensation model compared with firms that have higher brick-and-mortar costs.
Sanford speculated that over the next 5 years, some 20% – 25% of agents will be working for “basically brick and mortar” firms and that eXp Realty will become the primary company working with cloud-based brokerage operations.
eXp and “New Verticals”
In the eXp World Holdings Q3 2021 earnings report, Sanford mentioned “new verticals.” Dalrymple asked Sanford what “new verticals” are and, “Where are you generally going?”
Sanford spoke about developing an affiliated services stack that would actualize all the “things that consumers are going to look for…” when they buy and sell houses such as mortgage services, title and escrow, moving services, utilities, etc.
Sanford thinks that the “big one” is mortgage that eXp will implement with SUCCESS Lending, eXp’s partnership with Kind Lending and its Founder/CEO Glenn Sterns. Sanford is interested in “…how to create an experience that allows consumers to plug into those affiliated services) more easily.”
EXPCON and Sanford’s Expectations
Sanford said, “To some extent (EXPCON) is education training. But it’s also a celebration of what we’ve been building together.”
With a combination of agents helping agents do more business and a mix of celebrities, this three-day event is about helping eXp professionals take advantage of the world re-opening.
Next Six Months in Housing & Real Estate?
Sanford is seeing a more “normalized seasonality” due to what the Fed is doing with interest rates. He said, “…for the next six months, I think we’re okay but after that, I’m not sure how it plays out.”
And if a bubble pops? Sanford doesn’t any popping bubble. “…there’s usually a longer time frame (10 years or so) between these sorts of big impacts to the market place.”
Sanford’s Takeaway from ZillowOffers News?
“One, my hat’s off to Zillow for innovating and trying to see what they could do and getting into that space…I think Zillow is going to continue to innovate. They’re going to continue to push the envelope. Pay attention to what they’re going to do next because I’m sure it will keep all of us on our toes.”
Sanford believes iBuying is sustainable in specific “opportunistic” markets, not all markets. His word to the wise concerning iBuying is that “…overpaying isn’t as good a strategy anymore.”
Thanks to Inman.