EXp World Holdings, the Bellingham, Washington-based holding company for eXp Realty, announced its second quarter 2017 earnings today, reporting revenue of $39.6 million for the quarter, up 198 percent from $13.3 million in Q2 2016.
EXp Realty’s growth is continuing “unabated,” said eXp World Holdings CEO, Glenn Sanford, who announced that the brokerage may offer affiliated services in the future.
Agent and broker numbers were up 180 percent to over 3,900 on June 30, 2017, compared with 1,400 in Q2 last year. The agent count, as of August 13, is now 4,326.
Net income, meanwhile, increased in 2017 to $3.2 million, compared to a net loss last year of $6 million in the same quarter.
Adusted EBITDA increased 166 percent to $1.6 million in the second quarter of 2017 compared with $0.6 million in the same quarter last year.
Sanford, who recently saw his president and general counsel, Russ Cofano, depart after a little over a year with the company, said eXp was looking at introducing an affiliated services program.
“This offering could include services such as mortgage origination, homeowners insurance and title and escrow services,” he said. “We will continue to focus on our infrastructure investments in further scaling the business for the foreseeable future.”
EXp World Holdings, Inc. is the holding company for eXp Realty, which promises 24/7 access to collaborative tools and training for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. It also offers a revenue sharing program that pays agents a percentage of gross commission income earned by agents who they attract into the company.
Instead of providing physical offices, eXp Realty uses its proprietary “cloud-office environment” to furnish agents with online business tools, training and interaction with coworkers.
EXp’s parent company is traded on a stock exchange for early-stage companies.
As a publicly-traded company, eXp World Holdings, Inc. also offers its agents company stock for production and contributions to overall company growth.
Recently, the company announced a slew of executive management hires, including former vice president of trade marketing at Zillow, Mitch Robinson.
Earlier this year, the company announced that two board members were leaving the board of directors, Jason Gesing and Gene Frederick, according to information on the company’s website. Their seats will be filled by two real estate agents who are part of the company’s network.
Sanford forecast the rest of 2017 would continue to see growth.
“We expect the pace of growth to continue in the second half of 2017 as we leverage the viral growth aspect of the eXp Realty model and grow our brand throughout North America,” he said.
The company’s investment in core infrastructure and software development should also offer greater economies of scale and a heightened capacity to “onboard” new agents to the eXp Realty platform, he added.