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EXp reported an ongoing drop in agent count and an uptick in revenue during the first three months of this year, as the firm saw home sales slow amid a down market.
The virtual brokerage reported pulling in $954.9 million in revenue from 89,643 homes sold in the quarter. The company ended last year with $1.1 billion in total revenue for the fourth quarter, and $943 million during the first quarter of last year.
Net losses ticked up from the fourth quarter, as eXp reported losing $11 million in the first three months of the year compared to $9.5 million in the fourth quarter. The firm trimmed its losses compared to the first quarter of 2024, when eXp reported losing $15.6 million.
EXp leadership highlighted the company’s values as it remained engaged in some of the industry’s most heated policy debates.
“The real estate industry is at a pivotal crossroads, and eXp is proudly leading the charge to protect transparency, consumer choice and healthy competition — values that have defined our marketplace for decades,” eXp CEO Leo Pareja said in a statement. “EXp was built by agents, for agents, and we continue to raise the bar.”
EXp reported $38.6 billion in total sales volume in the quarter, up 4 percent from a year earlier, despite its agents selling 2 percent fewer homes in the quarter compared to a year earlier.
The company reported having 81,904 agents at the end of the first quarter amid an ongoing slide in headcount. At the end of the first quarter of 2024, eXp reported having 85,780 agents. By the end of the year, the total had slid to 82,980 agents — a 5 percent drop compared to the previous year.
The company said most of the agents who left were low producers, with 77 percent of agents who left in the quarter selling 0-2 homes over the past 12 months. Two percent of those who left had sold 21 homes or more over the past 12 months, the company said.
“We continue to retain our most productive agents, which is the metric I’m most focused on,” Pareja said during a call with investors.
EXp CFO Jesse Hill said the company planned to focus on efficiencies to close out the year.
“We as a leadership team are building a plan to have more efficient operations in the back half of 2025,” Hill said.
