The theme of eXp World Holdings’ Shareholder Summit in Orlando FL was “eXp is built for this.”
eXp Proves that Cloud-Based Brokerage Works
In an interview with RealTrends at the company’s annual Shareholder Summit, Glenn Sanford, founder and CEO of eXp World Holdings, said, “We’ve obviously proven that you can build a cloud-based brokerage.”
Sanford expanded on this year’s eXp Shareholders Summit theme (“eXp is built for this”). Sanford said that during a market shift, “There are going to be a lot of brokerages that (will) truly get rid of their single biggest cost to running a real estate brokerage, which is bricks and mortar.”
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Sanford continued. “If you’ve got a significant amount of debt or a significant number of fixed expenses, you’re going to struggle in the downturn. But a modern enterprise doesn’t have either of those. They’re not carrying a whole bunch of debt. If they are, the reason why the debt exists is because they probably picked up a whole bunch of fixed expenses, and so they need the debt just to pay for that.”
Education and Training Key Elements to Thrive in Any Market
Sanford believes that the key elements to thrive in any market are built upon education and training for agents.
Dave Conord, president of US growth for eXp Realty, agrees. Conord said at eXp’s Shareholders Summit that “…50% of agents today got into the business after 2010. They’ve never known anything but an improving market. They haven’t had to develop some of the skill sets, like handling price reductions and working with buyers who, because of rising interest rates, don’t qualify for a mortgage anymore.”
Conord noted that eXp Realty now has a platform within its extensive toolbox that’s designed for the sole purpose of educating and training agents. In addition to skills training and education, this platform also targets mindset issues to help agents look at this market shift “…as an opportunity, rather than something to be afraid of.”
Company Growth Going Forward
Jason Gesing, CEO of eXp Realty, said that eXp is on a different path towards cost-cutting than the path of its competitors such as Compass and Redfin. (Please see corollary articles posted in the last two weeks,)
Gesing said eXp Realty is not planning any layoffs. “At this point, no. I mean we’re always looking at our costs and where we can be more efficient. We’ve been doing that for 12 years. So, I mean there are cost savings that are coming as a result of technologies. But, at the moment, we feel really good about where we are.”
EXp’s eye for expansion is on four things: commercial real estate, business-related efforts to leverage clients’ relocation needs, generation of more lead sources and REO opportunities. EXp’s focus on lead sources is evidenced by its recent acquisition of Zoocasa, a Canadian website designed to promote Canadian residential listings and connections with Canadian agents.
Conord said, “For us, growth is (both) sides of the coin. It’s attraction – we want to provide things that are attractive to agents in the marketplace – (and) we also want to make sure that we’re serving our agents at a high level and that we’re making good on the promises to help them grow their business and build a great life.”
Global Expansion
Currently, according to Michael Valdes, president of eXp Global, eXp has approximately 82,000 agents, or ambassadors as Valdes calls them, around the world. EXp operations around the world do have fixed costs since eXp is not a franchise.
Valdes said, “…we come in and do everything. We build the infrastructure, corporation, finance, banking, etc…and there are some fixed costs attached to that. So we want to make sure that we have the greatest ROI possibility in the shortest time. Our goal is getting to about 18 months – neutral to cash flow positive…”
Addressing Critics
Gesing points to individual quarterly filings which show in black and white that eXp’s revenue growth exceeds its rate of agent count growth.
Sanford said, as he has many times in the past, that the firm is on tract to become the biggest brokerage firm by agent count in 2025.
Gesing said, “Our platform allows us to build and, if needed in the future, to dismantle multiple lanes. It’s what allowed us to add commercial and grow so quickly. We’ve actually built a culture that was driven by technology adoption, the metaverse, and agents being open to things that might improve their businesses. That’s a cultural piece, and it’s not easily replicated.
Thanks to RealTrends and HousingWire.
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