EXp World Holdings, the parent company of virtual brokerage eXp Realty, crossed $1 billion in market cap — still a ways off, but catching up to Re/Max’s $1.6 billion valuation — on its first day trading on Nasdaq.
At the close of markets on Monday, eXp World Holdings’ market cap stood at $1.044 billion. The company started trading on Nasdaq Monday after applying in April to uplist from the middle-tier venture market OTCQB where it had been trading prior. Moving to Nasdaq requires greater market cap and trading volume.
“Today is a special day in our history, but also just like any other day in building a great company,” eXp World Holdings CEO Glenn Sanford said in response to a question about eXp Realty’s $1 billion milestone. “Our team is super focused on helping our agents, and our agents are staying super focused on working with their clients. I am really excited about where things have the potential to go as we mature as an organization and continue to scale.”
For comparison, Re/Max has a market cap of $1.6 billion, Redfin is at $1.83 billion, and Realogy is at $3 billion at the time of this article’s publication.
EXp Realty, founded in 2009 by internet entrepreneur-turned-Keller-Williams-team-leader, Sanford, is a cloud-based brokerage that includes an entire virtual world where brokers create avatars to attend classes and network, 24/7. Users can create and customize their own virtual avatars in a fashion similar to massive online multiplayer games like “Second Life.”
Credit: eXp World
EXp Realty agents earn company stock when they make deals or accomplish tasks like recruiting new agents to the brokerage — helping the company in its move to Nasdaq.
It has since expanded to 49 states, the District of Columbia and Alberta and Ontario, Canada and claims to be the largest brokerage by geographic area in North America.
Correction: This story originally cited a source that said Re/Max’s market cap was below $1 billion, but the source did not take into account certain share ownership structure. We have since updated the story to correct it.