In the third part of this series on eXp Realty, eXp’s CEO Jason Gesing talks with Inman’s Jim Dalrymple II about what’s behind this company’s rapid growth.
eXp Realty’s Vision and Strategies that Promote Company Growth
As we’ve highlighted in Parts One and Two of this series on eXp Realty, founder and CEO of eXp Realty’s parent company eXp World Holdings, Glenn Sanford envisioned eXp Realty to be an agent-centric real estate company. Agent-centric in terms of compensation and commission earnings, agent-centric in terms of revenue sharing, agent-centric in term of real estate coaching and training programs, agent-centric in terms of real estate technology and ancillary services.
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Jason Gesing, today’s CEO of eXp Realty, joined the company in 2013, just four years after its founding in 2009, and has both witnessed and helped shape eXp’s evolution over these past years.
Gesing is as committed to eXp Realty being agent-centric as Sanford. In fact, Gesing believes that one of the primary factors contributing to eXp’s rapid growth is this founding commitment to agent-centricity and agent ownership. Gesing said, “…we offer some things and introduced some things that were unheard of before eXp. Specifically, public company ownership for agents…”
Other Factors Contributing to eXp’s Skyrocketing Growth
Currently, eXp Realty has grown its agent count to more than 66,000 agents in 18 countries around the world (and expanding). Because of eXp’s acquisition of the VirBELLA platform, eXp real estate agents are enabled to help clients buy and sell their houses in virtually any location in the world.
According to Gesing, eXp’s technology-based, agent-centricity enables agent/team/business growth and expansion, both vertically and horizontally, that is borderless. No having to pay operation and/or brick-and-mortar costs. No having to sign leases in multiple housing markets. No having to figure out/learn/utilize systems and tools that are required and/or popular in other world markets. No having to hire staff. No having to get additional licenses. No having to join additional boards. No having to negotiate with a franchisee in a different state. eXp Realty enables efficient, cost-savings and unadulterated growth without the risk.
Gesing also pointed to eXp’s healthcare program. Gesing said, “We’ve heard from (agents) who previously (before joining eXp Realty have had to make the decision between paying the electric bill or buying groceries for the family and paying their healthcare premiums. Now they don’t have to make that choice and they’re getting care that is as good, if not better, than what they were receiving previously.”
Overall, eXp Realty’s generous commission split program; its revenue share dollars program; its rate of revenue growth (Q3 2021 revenue of $1.1B, an increase of +38% y/y); its tech-based agent-centricity and rate of agent growth worldwide; its real estate coaching and training programs; its healthcare program; etc. all add up to a company and agents on a roll.
Gesing was quick to point out to Dalrymple that all the above elements which benefit and attract agents, team/brokerage owners to eXp “…only work if people are selling…(if) there’s production.”
Gesing closed his comments about eXp Realty’s fast growth rate by saying, “If you look at our filings over the last little bit, generally speaking our rate of revenue growth outpaces our rate of agent count growth. Which to me means we’re getting productive agents.”
Thanks to Inman.