EXp Realty, the virtual cloud-based real estate brokerage that has grown its footprint rapidly across the U.S. in the last few years, is expanding to New York City, entering the largest single metro real estate market, but a crowded and fiercely competitive brokerage space.
“New York City is a unique real estate market and we are excited to complete our reach in New York,” Kim Canavan, the managing broker for eXp Realty’s operations in New York, said in a statement.
“I’ve watched eXp Realty’s expansion across the country and, as a native New Yorker, I am especially thrilled to bring this opportunity to New York City real estate professionals,” Canvan added. “Expanding into the largest real estate market in the country is a key milestone.”
EXp has tapped Matt Parrella to oversee brokerage options in all five boroughs. Parrella spent more than a decade at the Realogy-owned Corcoran, which will now be one of eXp Realty’s top rivals in New York City.
James Hynes will serve as the managing broker of eXp Realty’s Brooklyn operations. Hynes has been with eXp Realty for more than two years in Rochester, New York.
EXp Realty already has a presence in all 50 U.S. states, but this is the company’s first foray into the New York City market. The brokerage has more than 19,000 agents across the country and operates on a virtual cloud campus, where agents can get access to training and technology tools, although some teams are opting to keep brick and mortar locations.
The New York City market is crowded with a number of top competitors and last year’s slower real estate market wasn’t kind to a lot of the top brokerages. Douglas Elliman, the top brokerage in New York City reported a nearly 75 percent drop in year-over-year net profit in 2018, Keller Williams New York City has struggled with agent departures and Town Residential shut its doors.
Still, eXp Realty will be competing with Douglas Elliman, Compass’ ever-growing market share, Corcoran, Sotheby’s International Realogy, Brown Harris Stevens, Halstead Property and Warburg Realty, just to name a few.