EXp Realty is bringing its international growth strategy under a single executive as it shifts its approach to fast-paced global expansion.
The brokerage announced on Friday the promotion of Michael Valdes to chief growth officer, a role in which he will oversee the continued expansion of both eXp Realty and eXp Commercial.
“I am thrilled to take on this new challenge with eXp, continuing our trajectory as the fastest growing brokerage in the world,” Valdes said in a news release. “By combining the growth opportunities in our residential and commercial businesses while continuously enhancing our agent value propositions, we can further our domestic and international momentum.”
In his previous role as president of eXp Global, Valdes oversaw 18 launches into new markets. Two more are planned for 2022, according to the news release announcing the move.
Valdes has been with the company since 2020. With more than 17 years of experience in the real estate industry, he has held senior-level growth positions in the residential and luxury spaces, the company said.
As part of the move to consolidate its residential and commercial expansion efforts, eXp said Valdes will be “reinforcing aligned growth strategies” and “leveraging the company’s scale” to continue its growth.
EXp believes it is important to consolidate these efforts in order to deepen the company’s market share globally, CEO Jason Gesing said in a statement.
“Michael has been instrumental in growing our global footprint, and we’re excited about the value he will bring to our domestic and commercial businesses,” Gesing said in the release. “He is well positioned to deliver on our ambitious growth goals.”
The company’s announcement comes two weeks after it reported continued revenue growth and profitability in the second quarter of 2022 amid an ongoing real estate slowdown.
Earlier this month, the company’s chief financial officer, Jeff Whiteside, said the company expects it will continue to deliver “profitable, sustainable growth” even during a worsening real estate climate.
“We expect our focus on affiliated services and technology will further strengthen our agent and customer value proposition,” Whiteside said on Aug. 3. “Simultaneously, we will focus on increasing operating efficiencies for our business and our agents’ businesses.”