eXp Realty founder and CEO of eXp World Holdings Glenn Sanford told Brad Inman there’ll be “plenty of business for agents” in 2022.
Sanford Optimistic about Agents’ Business in 2022
Clearly, Glen Sanford, founder of eXp Realty and CEO of eXp World Holdings, is optimistic about agents’ business prospects for 2022. When asked about the resiliency of the 2022 real estate industry, Sanford said, “I’m a bull!!”
Sanford told Brad Inman during a Connect Now virtual event, “Lower inventory doesn’t translate into lower real estate transactions. It just means that prices go up faster, is really what it comes down to. So I think we’ll probably see a little bit slower number of transactions (with) rising interest rates.”
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If 2022 is anything like 2021 for eXp agents, Sanford appears to be on target. eXp Realty in 2021 now has a presence all over the US and 17 countries internationally. The brokerage just announced the company will further expand into the Dominican Republic, New Zealand and Greece. Additionally, the company added nearly 29,000 agents during 2021 to pass an agent mark of 70,000.
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Importantly, eXp agents sold more properties in 2021 than they’d sold during years having higher inventories. The extraordinarily high demand for those properties meant that eXp agents were agile and helped sell those properties more quickly.
Potential Game Changer for the Real Estate Industry?
Sanford told Inman, “If there’s any one entity that could change the (real estate) game, it’s the DOJ (Department of Justice.) The DOJ has been engaged with the National Association of REALTORS® (NAR) regarding its business practices, specifically about buyer agency commissions.
Sanford said, “If they (the DOJ) were to say, OK, you can’t offer buyer agency commissions through the MLS (Multiple Listing Services) anymore, that would fundamentally upset the apple cart of organized real estate.”
Continuing, Sanford said, “If the DOJ makes too big of a change in the rules, and they force the rules too much, I think it could slow down housing so much that it could actually have an economic impact as well.”
However, Sanford expects the DOJ to drag out its “concerns” about NAR’s buyer agency commissions much beyond 2022 if it decides to impose major industry changes. On a more immediate basis, Sanford sees the Federal Reserve’s decisions about mortgages and interest rates making a big impact within the real estate industry and well beyond.
Sanford’s Views on the Metaverse
Sanford’s “on-line bent” became obvious during the 1990’s during his years of building online environments for AOL. When Sanford ‘s imagination sparked eXp, an all-remote company, his online bent grew exponentially. He answered his own question, “How do you build serendipitous, meaningly ‘collisions’ with people if you don’t actually see them?” by creating a virtual world for real estate agents so they could interact with each other as avatars. And, as they say, the rest, and particularly eXp, is history.
In terms of the metaverse or the 3D, virtual environments know as metaverse potentially changing business for agents in the coming years, Sanford recognized that some high-profile luxury brokers have been buying and selling virtual plots of “land” in metaverses such as Sandbox and Decentraland.
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Sanford believes that virtual environments could become increasingly popular as alternate workplaces for the increasing pool of remote workers. Just as eXp currently does as an all-in remote company with not bricks and mortar, other businesses could move some of its “traditional” company interactions such as meetings, training/coaching, educational seminars, etc. to virtual “World” environments.
Thanks to Inman.
