Early Friday
afternoon, eXp World Holdings, Inc. (OTCQB: EXPI) released its financial results
for the first quarter of 2016. Due to its tremendous success in expanding its
agent base in recent months - its real estate division's agent count increased
by 106 percent year-over-year to include 1,104 agents - the company achieved
revenue of $7,142,812, realizing an increase of 107 percent from the comparable
period of 2015. EXPI has continued to build on this success thus far in the
second quarter, and the company's Agent-Owned Cloud Brokerage™ today includes
more than 1,240 real estate professionals across 38 states and Alberta, Canada.
"It is
extremely gratifying to see the value proposition of eXp Realty being embraced
by an ever increasing number of forward-thinking agents and brokers,"
Glenn Sanford, chairman and chief executive officer of EXPI, stated in today's
news release. "Our internal mantra of 'We want the value proposition of
eXp Realty to be so good that it would be irresponsible for an agent and broker
to hang their license anywhere else' has and will continue to drive innovation
around the Agent/Owner model."
Demonstrating the
company's commitment to this mantra, EXPI last month entered into an agreement
with VirBELA, LLC, one of the leading developers of immersive online worlds, to
develop an innovative 3-D platform that addresses the specific needs of real
estate professionals. By eliminating the need for brick and mortar office space
and replacing it with avatar-based online environments, EXPI aims to minimize
the overhead costs absorbed by agents and brokers without sacrificing on the
fundamental benefits provided by physical office locations. Through its
partnership with VirBELA, EXPI also opened the door for additional growth by
maintaining the option for exclusive rights to similar online platforms for a
number of vertical industries within the real estate sector, including mortgage
origination, mortgage lending, title and escrow, and title insurance.
"The fact that
our growth is accelerating in both agent count and the percentage of overall
growth is a testament to our continued iterations around the broker and agent
value proposition," continued Sanford. "We are also excited about the
journey of extending this mantra into other related industries, most notably
mortgage with First Cloud Mortgage, Inc. which reported its first revenues this
quarter as well."
Formed in July of
last year, First Cloud Mortgage, Inc. is a majority-owned subsidiary of EXPI.
In keeping with EXPI's mission of creating a comprehensive, cloud-based real
estate services company, First Cloud Mortgage offers borrowers in California,
Arizona, New Mexico and Texas premium loan products through an intuitive
cloud-based platform.
Observing the
correlation between EXPI's financial growth and the proliferation of its
Agent-Owned Cloud Brokerage™, a recent launch in four new states and the
District of Columbia, as announced earlier this month, should position the
company to build on its strong first quarter in the weeks to come. EXPI's
continuing ability to attract and develop leaders in the real estate industry
makes the company an intriguing option for prospective shareholders moving
forward.
For more
information, visit the company's website at http://investors.exprealty.com
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