eXp World Holdings, Inc. (OTCQB: EXPI), through its eXp Realty subsidiary, is not just adding new real estate agents; it is attracting high-volume agent/brokers including two from The Wall Street Journal’s Top 50 List, according to Glenn Sanford, chairman, CEO and founder of the company. Presenting at the MicroCap Conference in New York earlier this month, Sanford said that a number of large real estate markets remain open to the agent-owned and cloud-based online real estate agency — such as New York and Connecticut. The company can grow more than geographically, because it projects possible areas of expansion such as mortgage origination, title and escrow services, and homeowners insurance, he said.
eXp World Holdings is the holding company for eXp Realty LLC and eXp Realty of Canada, Inc. It is an agent-owned, cloud-based brokerage that is unique in that it offers its agents a chance to earn company stock through performance, as well as to receive a percentage of gross commissions earned by other agents that they bring into EXPI. It has surpassed 3,000 agents and projects having 5,500-6,500 agents by the end of this year. The company’s features are designed to not only attract agents but also retain them. Three-year 100% equity vesting is an important retention tool, Sanford said.
The company maintains a non-traditional model of low costs due to its cloud-based campus versus brick-and-mortar offices. In addition to agent incentives in the form of company stock for performance plus shared commission payments, the company also offers special online educational classes as part of its immersive cloud-based platform campus. The combination of lower costs, high technology, stock incentives, and a percentage of recruited agent commissions, is highly desirous for agents, Sanford told investors.
The largest state EXPI currently serves in the U.S. is Texas — with some 800 eXp agents. However, in the tri-state market of New York, Connecticut, and New Jersey, the company still has much room to grow. That market remains a large opportunity for the company, and the high-dollar residential real estate markets of Connecticut, Manhattan, and Brooklyn are still largely open.
The firm sees a further doubling of its agent count by the end of this year, to between 5,500 and 6,500, Sanford said. EXPI is attracting younger and, in some cases, higher volume agents. He added that its three-year vesting program appeals to agents and has also proven important in retaining them. Few would want to leave the company before fully vesting and losing that equity, he noted.
For more information, visit the company’s website at www.eXpWorldHoldings.com
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