EXp World Holdings, the parent company of virtual cloud real estate brokerage eXp Realty, rode the tailwinds of the hot housing market to a second-consecutive record-breaking quarter. The company reported $564 million in revenue in the third quarter of 2020, an increase of 100 percent year over year.
“The third quarter of 2020 was highlighted by our record-breaking financial results, driving the most profitable quarter in the company’s history by our continual focus on being the most agent-centric brokerage on the planet,” Glenn Sanford, founder, chairman and CEO of eXp World Holdings, said in a statement.
“Our continued success is a testament to our long-held, agent-first and cloud-based approach to business, which has enabled us to uniquely thrive in the current environment,” Sanford added.
The company reported a net income of $14.9 million in the quarter, compared to a net loss of $1.8 million in the third quarter of 2019.
The company’s success in the quarter comes amid a high-performing housing market, where eXp Realty’s agents closed 75,392 transaction sides, an increase of 95 percent year over year. Total sales volume increased 112 percent year over year to $23.6 billion.
At the end of the quarter, the brokerage had 35,877 agents on its platform, an increase of 56 percent year over year.
The company expects both agent growth and revenue growth to continue into the fourth quarter, especially as it adds new international markets like South Africa, India and Mexico, and rolls out its previously announced commercial real estate division, according to Jeff Whiteside, the chief financial officer and chief collaboration officer of eXp World Holdings.
“Not only do we expect to continue our international expansion efforts by launching brokerage operations in key markets, including South Africa, India and Mexico, but we are also moving forward with the rollout of eXp Commercial and our continued introduction of affiliated services, which ultimately, we expect to drive long-term value for our shareholders,” Whiteside added.
Virbela, the company’s virtual world platform, is also seeing a “sustained increase in adoption by companies, universities and government agencies seeking remote work and distance learning alternatives,” according to Sanford.
EXp World Holdings is hosting a virtual conference this week to further discuss the company’s future and growth plans. It’s open to the entire real estate industry with registration.