EXp World Holdings, the holding company for virtual brokerage eXp Realty, continued to motor on agent and broker numbers in the first quarter of 2017, growing its agent and broker count by 23 percent over Q4 to a total of 3,118.
Revenues grew accordingly to $22 million; the company reported 208 percent revenue increase over the same period last year ($7.1 million) and a 22 percent increase compared with the previous quarter ($18 million).
The company made progress on reducing its net loss. In the first quarter of 2017, it shrunk to $0.1 million compared with a net loss of $0.6 million the year before. This improvement was attributed to increased revenue and a decrease in non-cash expenses.
Adjusted EBITDA (Earnings before interest, tax, depreciation and amortization) remained flat at $0.1 million in the first quarter of 2017, compared with $0.1 million in the same quarter last year.
As of May 12, the company’s agent and broker numbers totaled 3,432 on the eXp Realty platform across 43 states, the District of Columbia and Alberta, Canada.
“We expect our agent growth trajectory to continue apace and revenue growth to continue accelerating as we attract ambitious, top producing agents away from legacy brick and mortar offices and to the eXp platform,” said founder, CEO and chairman, Glenn Sanford.
The revenue growth, he said, was a “testament to the superior agent experience provided by our agent-centric model, which consists of a fully immersive cloud-based office environment, industry best revenue sharing incentives and unique agent ownership opportunities.”
EXp World Holdings offers a revenue sharing program that pays agents a percentage of gross commission income earned by the real estate professional whom they attract to the company.
Sanford also mentioned the four high-profile industry veteran appointments to the management team made in April, bringing in leadership formerly from Zillow, DocuSign, Onboard Informatics and Keller Williams.
The senior recruits include former DocuSign executive Kee Wah Chung, who is now VP of agent experience; and Kathy Gordon, previously broker of record at Keller Williams, who is now VP of brokerage operations at eXp Realty.
The CEO and chairman vowed to continue investing in core infrastructure to support the company’s growth.
“The foundation we are building today will allow us to efficiently scale our innovative business model into a much larger, more mature organization, which ultimately will create notable value for our shareholders,” he said.
EXp Realty launched in 2009.
