BrokerageIndustry News

Team recruitment drives eXp’s strong agent growth in Q3

Virtual brokerage luring teams with geographic expansion opportunities

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In the third quarter, eXp World Holdings, the parent company of virtual brokerage eXp Realty, raised its revenue to $48.1 million, an increase of 203 percent year over year. Overall the company booked a net loss of $7.8 million for the quarter, down from a $14.6 million net loss the year prior. In a year's span eXp's agent and broker count increased 173 percent for a count of 4,952 in the quarter ending Sept. 30. With the current count at around 5,600, eXp World Holdings CEO and chairman Glenn Sanford expects to raise that number to between 6,300 and 6,500 by the end of the year. EXp Realty incentivizes its agents through company stock to recruit others and market the "cloud-based" brokerage. Glenn Sanford The rising revenue figures have been driven by agent productivity, Sanford said, as the company's revenue is generated almost exclusively by agent commission. EXp Realty offers agents an 80/20 commission split, which is then capped at $16,000 on the first $80,000 gross comm...