Early Friday afternoon, eXp World Holdings, Inc. (OTCQB: EXPI) released its financial results for the first quarter of 2016. Due to its tremendous success in expanding its agent base in recent months – its real estate division’s agent count increased by 106 percent year-over-year to include 1,104 agents – the company achieved revenue of $7,142,812, realizing an increase of 107 percent from the comparable period of 2015. EXPI has continued to build on this success thus far in the second quarter, and the company’s Agent-Owned Cloud Brokerage™ today includes more than 1,240 real estate professionals across 38 states and Alberta, Canada.
“It is extremely gratifying to see the value proposition of eXp Realty being embraced by an ever increasing number of forward-thinking agents and brokers,” Glenn Sanford, chairman and chief executive officer of EXPI, stated in today’s news release. “Our internal mantra of ‘We want the value proposition of eXp Realty to be so good that it would be irresponsible for an agent and broker to hang their license anywhere else’ has and will continue to drive innovation around the Agent/Owner model.”
Demonstrating the company’s commitment to this mantra, EXPI last month entered into an agreement with VirBELA, LLC, one of the leading developers of immersive online worlds, to develop an innovative 3-D platform that addresses the specific needs of real estate professionals. By eliminating the need for brick and mortar office space and replacing it with avatar-based online environments, EXPI aims to minimize the overhead costs absorbed by agents and brokers without sacrificing on the fundamental benefits provided by physical office locations. Through its partnership with VirBELA, EXPI also opened the door for additional growth by maintaining the option for exclusive rights to similar online platforms for a number of vertical industries within the real estate sector, including mortgage origination, mortgage lending, title and escrow, and title insurance.
“The fact that our growth is accelerating in both agent count and the percentage of overall growth is a testament to our continued iterations around the broker and agent value proposition,” continued Sanford. “We are also excited about the journey of extending this mantra into other related industries, most notably mortgage with First Cloud Mortgage, Inc. which reported its first revenues this quarter as well.”
Formed in July of last year, First Cloud Mortgage, Inc. is a majority-owned subsidiary of EXPI. In keeping with EXPI’s mission of creating a comprehensive, cloud-based real estate services company, First Cloud Mortgage offers borrowers in California, Arizona, New Mexico and Texas premium loan products through an intuitive cloud-based platform.
Observing the correlation between EXPI’s financial growth and the proliferation of its Agent-Owned Cloud Brokerage™, a recent launch in four new states and the District of Columbia, as announced earlier this month, should position the company to build on its strong first quarter in the weeks to come. EXPI’s continuing ability to attract and develop leaders in the real estate industry makes the company an intriguing option for prospective shareholders moving forward.
For more information, visit the company’s website at http://investors.exprealty.com
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