Earlier
today, eXp World Holdings, Inc. (OTCQB: EXPI) continued the rapid expansion of
its real estate division when it announced the launch of eXp Realty in New
Jersey. Including the Utah launch, which was announced earlier this week, the
company’s Agent-Owned Cloud Brokerage™ is now operational in 43 states, as well
as the District of Columbia and Alberta, Canada. In total, EXPI’s innovative
brokerage now includes more than 1,400 real estate professionals, an increase
of over 60 percent from the beginning of 2016.
EXPI’s
pioneering agent-owned business model has proven successful in attracting some
of the leading real estate professionals across all of its markets, and New
Jersey is no different. The company’s broker of record for the state, Jeanne
Borgers, brings more than 12 years of New Jersey real estate experience to the
eXp Realty team. During this time, she worked with Keller Williams NJ Metro
Group, earning the nickname of ‘Short Sale Queen’ for her ability to navigate
the challenging realty landscape ushered in by the Great Recession.
“We
are fortunate to have experienced and talented leadership in place with Jeanne
as we enter a highly competitive market and a state where the practice of real
estate varies significantly from the north to the south,” Jason Gesing, chief
executive officer of eXp Realty, stated in this morning’s news release. “We
look forward to offering new opportunities to and welcoming entrepreneurial
professionals across the state into our community of agent owners.”
Over
the past two months, EXPI’s realty division has experienced tremendous national
growth, expanding into an impressive six states since early May. This growing
national presence has set the stage for considerable financial growth in the
months to come. In the first quarter of 2016, the company recorded a
year-over-year increase in revenues of 107 percent. This coincided with an
increase in agent count for its real estate division of 106 percent from the
previous year. eXp Realty has already added roughly 300 new agents to its
Agent-Owned Cloud Brokerage since the end of the first quarter, and it’s
showing no signs of slowing down.
In
a recent news release, Glenn Sanford, chairman and chief executive officer of
EXPI, stated, “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.” If financial performance continues to mirror
this growth in agent count, the company could be primed for record results
moving forward.
For
more information, visit the company’s website at http://investors.exprealty.com
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