EXp Realty is expanding its residential and commercial brokerage operations to Mexico, the sixth market for the virtual, cloud-based real estate brokerage outside of the U.S. In total, the company now boasts more than 39,000 agents across the U.S., Canada, Mexico, U.K., South Africa, India and Australia.
“We carefully selected Mexico as the first Spanish-language country in our global expansion, due to their vibrant history, rich culture, and strong real estate market,” Michael Valdes, president of eXp Global, said in a statement.
“With a population of 126 million, we see a phenomenal opportunity with our superior platform to change the real estate industry in a country as important as Mexico,” Valdes added. “EXp brings to Mexico tremendous opportunities for agents to grow and develop not only their own businesses, but to support the growth of other agents as well.”
Since the company brought Valdes over from Realogy, it has placed an emphasis on international growth, adding Mexico, India and South Africa brokerage operations to its portfolio.
EXp is launching in Mexico with its proprietary technology package that includes its virtual world powered by VirBELA. In the virtual cloud campus, agents can meet with other agents across the globe and attend training and professional development courses, as well as access marketing resources and a referral community.
The company also offers a compensation model that includes revenue sharing and equity. The company’s stock price has exploded in 2020, starting the year at around $11 per share and opening the day Tuesday at around $54 per share.
It was those opportunities that led Ismael González, a veteran of the real estate industry in Mexico for more than one decade, to join to eXp Realty as the designated managing broker for the Mexico operation.
González previously served as the regional managing director of Mexico for Keller Williams — meaning that Keller Williams and eXp Realty rivalry is now extending south of the border. Prior to founding eXp Realty, Glenn Sanford was a top team leader at Keller Williams.
“We haven’t seen anything like the eXp Realty model before in Mexico,” González said, in a statement. “It has been overwhelming to see the interest and excitement from so many agents and real estate leaders in our country.
“I firmly believe eXp Mexico will be a true game-changer, and I am excited to extend this opportunity to all of my fellow real estate agents throughout Mexico.”