eXp’s Agents Helping to Drive Company’s Success Despite COVID-19 Challenges
eXp is on a streak – a streak of profitability and growth, that is.
At a time of extreme uncertainty due to the COVID-19 outbreak, eXp World Holdings recorded its most profitable quarter ever for Q2 2020, which also marks the third straight quarter of positive net income.
eXp continues its impressive march upward as its quarterly revenue grew 33% year-over-year to $354 million, compared to $267 million in the second quarter of 2019. eXp World Holdings is the parent company of eXp Realty, Showcase IDX and VirBELA.
While the foundation of eXp’s success can be attributed to the company’s cloud-based platform and generous revenue model, it’s the top-producing agents who continue to be drawn to the company, who in turn help drive transactions and increased sales volume to give eXp its remarkable quarterly results. And despite this unprecedented time of doing business amid a global pandemic, eXp agents continue to attract other top talent, keeping the cycle of success moving. Meanwhile, VirBELA’s innovative virtual workplace product continues to attract new businesses as the idea of working remotely as a permanent solution is quickly gaining traction.
“Due to the performance of our agents and the power of our cloud-based brokerage model, eXp Realty achieved exceptional results with strong growth in all areas, despite initial impacts on the housing market from business restrictions related to COVID-19,” said eXp World Holdings CEO, Chairman and Founder Glenn Sanford. “eXp Realty always has pursued the minimum footprint required to operate and was able to more easily reduce expenses due to the pandemic, something that traditional brick-and-mortar brokerages and franchises were unable to realize. During the quarter, agents continued to join us at the highest rate in the industry due to our overall value proposition and the ability to support them in the current environment, ending the quarter with more than 31,000 agents.
“VirBELA expanded quickly during the quarter to keep up with demand as companies look to the future and how they will operate given all the uncertainties around physical office set-ups or how to hold events. We are engaged with hundreds of new and prospective clients, and VirBELA is positioned to substantially benefit from the global shift to remote work and events.”
eXp’s phenomenal success comes on the heels of the announcement of acquiring Showcase IDX, a real estate search platform widely used by consumers and real estate agents. Also, eXp is expecting to broaden its international footprint with more countries anticipated to be announced before the end of the year.
Join an Investor Q&A With CEO Glenn Sanford and CFO Jeff Whiteside
Learn more about eXp’s record-breaking quarter during an investor Q&A with CEO Glenn Sanford and CFO Jeff Whiteside tomorrow, Thursday, Aug. 6 at 8 a.m. PT / 11 a.m. ET in the VirBELA Open Campus in the Auditorium. A livestream, as well as a replay of the event, will be available at expworldholdings.com/events. This event is open to investors, current shareholders and anyone interested in learning more about eXp World Holdings and its companies.
For more information on eXp’s business outlook for the second half of 2020, read the press release here.
Read stories about eXp agents and learn why they made the switch to eXp.