BrokerageIndustry News

Growing eXp Realty agent count propels Q2 revenue

EXp World Holdings CEO teases affiliated services including mortgage origination

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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 int...