Just because eXp Realty has been sizzling hot in recent years doesn’t mean the brokerage won’t have challenges to face in 2022. Experts weigh in on some of those potential challenges.
Brief Summary of eXp’s Stunning Growth
In the relatively short time frame between 2018 to 2020, eXp Realty’s agent growth count increased +151%. Its transactions increased +220%.
As of eXp’s latest earning report in Q3 2021, eXp verified its agent count at more than +68,000 in 18 countries worldwide and its revenue at $1.1B, an increase of +97% y/y. The company also grew its annual net income by +60% y/y to $223.8M. No doubt, eXp Realty’s forthcoming Q4 2021 earnings report will indicate even more jaw-dropping growth.
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How will eXp continue this massive growth trajectory and maintain its company persona as a pioneering leader in real estate in 2022? Here are opinions by industry experts.
It’s no surprise that brokerages have been experimenting with ways to compete with eXp in all aspects of its operational, technological and compensation models. Steve Murray, president of Real Trends Consulting, said that brokerages such as Compass have been offering its agents a competitive stock agent compensation model to counteract eXp’s currently unique value proposition model. Other companies such as Keller Williams, Home Smart, Realty One Group, etc. are looking to expand capabilities and capacities in remote working and tech platforms.
No one knows better than Glenn Sanford, eXp Realty founder and eXp World Holdings, Inc. CEO that no one company in any industry has a lock on competitiveness, creativity and/or innovation. Sanford told Inman, “…we’re starting to see more and more new models show up, so I think the challenges for us will just be recognizing where we need to pivot, how do we need to innovate, who do we need to add to the team, in order to keep our value prop as strong as it’s been historically.”
Sanford didn’t tip his hand but did say eXp is considering making inroads in fractional homeownership and second home markets as well as considering transactions via iBuying and cryptocurrency.
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Jeff Lobb, founder and CEO of Spark Tank Media, told Inman, “EXp (has) had huge, rapid growth. When you have that much growth, you have to be sure you’re still prepared to handle the level of services when you have that much scale and onboarding.”
Lobb acknowledged eXp’s success in recruiting teams from other brokerages and that those teams “…have been very successful in transitioning (to eXp)…the (agents) who (may) struggle are the solo agents…” Solo agents not affiliated with a team may need a bit more personal support from eXp for their own individual transition to the eXp virtual world and its cloud-based platform.
To not fall into the same hole as Zillow did in terms of growing too big too fast concerning its iBuying sector, Lobb advises eXp to be prepared to handle its levels of services and training for all its onboarding agents, teams and individuals.
EXp’s additional growth challenge is fulfilling its publicly stated goal of obtaining 500,000 by the end of 2026. Sanford believes this goal is reachable just by doing the math. If the company continues to grow by at least 50% y/y as it has been doing, “This is not that much of a stretch goal.” We’ll all be watching.
Metaverse and Remote Working Challenges
Experts generally agree that if/once the metaverse goes mainstream in the near future, eXp Realty is the brokerage firm best positioned to successfully function in that sphere. After all, eXp already has a jump of some 12 years of experience operating in a virtual world.
(By the way, Sanford has already mentioned to Inman that eXp and Facebook have been having dialogue about metaverse.)
In terms of remote working and, according to Sanford, “…how COVID continues to push agents that may want to be in a physical office out into the field and figure out other ways to connect with their fellow agents and brokers…” we’ll see about that too.
Thanks to Inman.