The holding company for eXp Realty, eXp World Holdings, Inc., reported a 115 percent increase in earnings for the first quarter of 2021, reaching $583.8 million, compared to the same quarter in 2020. The company’s gross profit rose by 91 percent to $53.5 million.
A 77 percent rise in the company’s eXp Realty agents, who now number over 50,000, has fueled this expansion.
“As the world’s fastest organically expanding real estate brokerage, we’re making significant progress in gaining market share in the United States and around the world, having increased our agent base by 77 percent year over year to surpass the 50,000-agent threshold in the quarter,” said Glenn Sanford, Founder, Chairman, and CEO of eXp World Holdings.
“Agents continuing to find success using eXp’s unique brokerage model and agent value proposition is a direct product of our record first-quarter sales and profitability. Not only do we see an enlargement in the number of agents entering eXp, but the agents we are attracting are also proving to be more active, and our Net Promoter Score is rising.”
During the quarter, the number of residential and commercial transaction sides closed increased by 95 percent to over 73,000. The total value of residential and commercial transaction sides closed increased by 123 percent to $24.5 billion. With four new markets opened during the year, including Puerto Rico, Brazil, Italy, and Hong Kong, and plans for further expansions in the second quarter of 2021, the business expands internationally.
“Our significant year-over-year sales and cash flow production is powered by industry-leading agent growth and consistent transaction volume,” Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings, said. “In addition to the inherent benefits of our agent compensation model, our tech-enabled products are increasingly contributing to our competitive position by allowing our business to scale quickly. Although continuing to launch new foreign markets and expanding our commercial brokerage operation, we are executing well on our domestic growth plan, which benefits our overall model.”
The firm had $104.4 million in cash and cash equivalents at the end of the first quarter, including $34 million in common stock repurchases.