eXp Realty Exceeds Expectations – Record Q3 Growth
eXp World Holdings, Inc. (NASDAQ: EXPI), the holding company for eXp Realty, just released the preliminary 2018 3rd quarter earnings report.
Increased Revenue and Transaction Volume
The earnings release shows that revenue for the third quarter is expected to increase 231% to $157 million compared to Q3 in 2017 ($47.4 million). This revenue comes from an expected transaction volume of $6.2 billion, a 239% increase when compared to the same quarter last year, 2017 ($1.8 billion).
Both revenue and transaction volume continues to increase. In the second quarter of this year, eXp Wold Holdings, Inc. posted revenue of $130.5 million and transaction volume of $5.3 billion. This is an increase of 20% in revenue and 16% in transaction growth from the 2nd to the 3rd quarter of 2018.
When asked about the growth, Glenn Sanford, Founder, CEO, and Chairman of eXp World holdings commented:
“Our estimated preliminary revenue of $157 million in the third quarter of 2018 is a direct result of our entire eXp Realty team iterating around the agent value proposition, which resulted in both tremendous agent growth as well as transaction and sales volume levels during the quarter. As we continue to think about the various opportunities that this scale opens for us, we will continue to invest in core platform technologies in support of all of our amazing agents and brokers who choose to build their real estate businesses at eXp.”
eXp just announced at our recent convention EXPCON 2018, held in New Orleans, that agent count is over 14,000 today. Comparing this number to the same event held at approximately the same time last year in Ft. Lauderdale, FL., eXp Realty had just announced 5,000 agents.
eXp Realty continues to open in new markets. eXp Realty is now finally open in all 50 US states. West Virginia is the last and most recent state.
eXp is the largest residential real estate company in North America by geography. eXp also operates in 3 Canadian provinces. British Columbia, Alberta, and Ontario.
In summary, eXp Realty’s revenue and transaction volume growth are record-breaking compared to any residential real estate brokerage in history. Agent count has increased from 5,000 to 14,000 agents since last year. eXp Realty is also now operating in all 50 US states and 3 Canadian provinces.
If you have questions or are interested in learning why so many agents are making the move to eXp, click here to set up a demo. I’ll share my story, along with an overview of the systems and tools we use as agents to grow our real estate business.