Virtual brokerage eXp’s revenue jumps 104% in Q2, losses up 16%
The brokerage saw a “record” $266.7M in revenue
eXp Realty, the fast-growing virtual brokerage, has reported a “record” $266.7 million in revenue in the second quarter of 2019 — a 104 percent year-over-year increase.
In its latest earnings report, the firm also reported $2.2 million in net losses, up 16 percent on the previous year. Transaction volume increased by 94 percent, year over year — totalling $10.3 billion. The firm said it did 35,837 deals, up 80 percent.
“As agents join eXp Realty and build their business, we’ve noticed a steady increase in productivity,” CEO Glenn Sanford said in a statement.
While traditional firms are struggling with profitability, eXp has been able to attract agents by offering high commission splits, revenue-sharing and stock options. Sanford co-founded the cloud-based brokerage in 2009 in Bellingham, Washington. By 2018, it had 15,570 agents, up from 2,401 in 2016. In the last quarter, its agent headcount climbed to more than 20,000.
The brokerage, which doesn’t have any brick-and-mortar locations, recently launched in New York, where in the spring it tried to woo agents at information sessions at the Park Lane Hotel. It has also recently landed a string of top agents and their teams, including Hoboken-based David Devoe, who moved from Keller Williams with 32 agents and 10 staffers.