Virtual brokerage eXp Realty is continuing its global expansion this week with the announcement that it is now operating in Colombia.

The expansion into the nation at the northwest tip of South America — which has a population of more than 50 million — means that eXp is now operating in 14 countries. The firm will operate in the country under the banner “eXp Colombia,” which is part of parent company eXp World Holdings.

Michael Valdes

Michael Valdes, president of eXp Global, is leading the expansion and said in a statement Tuesday that the “response to our announcement to launch in Colombia has been overwhelming.”

“With a history of strong housing price growth, a strong focus on digital infrastructure and a culture of entrepreneurship, we see incredible opportunity in Colombia,” Valdes continued. “We are excited to continue changing lives through our unique model and company culture.”

EXp has been steadily expanding around the globe for some time now. In December, for example, the company launched in Mexico. Then in the first months of 2021 it pushed into Puerto Rico, Brazil, Italy and Hong Kong, according to the statement.

The firm also said in its statement that it plans to launch in Spain and Italy later this quarter.

The company has also snapped up a number of high-performing teams recently, including in Salt Lake City, St. Louis and Washington, D.C. In the case of the Washington, D.C., team, leader Jonathan Lahey said he was drawn to the company by, among other things, the ability to easily expand thanks to eXp’s virtual orientation.

That same feature is presumably helping the company expand rapidly into new international markets; because eXp’s offices are all online, the firm doesn’t have to lay down the same kind of physical infrastructure that other companies need when they go into new overseas markets.

In the case of Colombia specifically, Santiago Carrizosa will lead eXp’s operations. In a statement, he said “Colombia has a stable real estate market and international buyers have begun to see great opportunities for investment in the country.”

“However, there remains a tremendous need for the implementation of efficient tools and models in the real estate sector,” Carrizosa also said. “With the opening of eXp Colombia, we are looking to transform the way we sell and buy real estate, breaking down barriers and obsolete models.”

Email Jim Dalrymple II

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