Fast-growing virtual company eXp World Holdings announced Tuesday that it has expanded into Germany, bringing its total country and territory count to 18.
The company, which is the parent of brokerage eXp Realty, will operate in the European country using the name “eXp Germany,” according to a statement. Michael Valdes, a former Realogy executive who joined eXp last year to lead the company’s global expansion, said in the statement that “our decision to enter the German market comes on the heels of unprecedented growth.”
“Germany is the fourth-largest economy in the world and the most populated country in Western Europe, making it one of the largest players in the real estate market,” Valdes continued. “With a thriving presence in six European markets already, Germany was a natural next step for eXp, as we continue to bring our life-changing business model to agents around the world.”
EXp has spent the last year rapidly expanding around the globe. In December, for example, the company launched brokerage operations in Mexico, and more recently it has debuted in Colombia, Spain, Brazil, Italy, Hong Kong, Israel, Panama, and Puerto Rico. Tuesday’s statement also noted that eXp plans to expand into Japan later this year.
In the U.S., eXp has also managed to consistently attract teams from various other companies. Many of those team members have told Inman in recent months that they were attracted to eXp’s pay structure, which includes stock-based compensation, as well as the ability to expand their operations geographically without having to start a new franchise.
According to eXp’s statement Tuesday, the company now has more than 62,000 agents across the world.
In Germany, Ilka Vietz will serve as the company’s managing director. Tuesday’s statement explains that Vietz has previously worked in banking and as a real estate agent, among other things, and has decades of experience with the German market.
“With the launch of eXp Germany, real estate brokers and agents will now be given the opportunity to build their businesses and generate a sustainable long-term income,” Vietz said in the statement. “EXp technology enables global collaboration that will revolutionize the brokerage landscape in Germany.”