Earlier today, eXp World Holdings, Inc. (OTCQB: EXPI) continued the rapid expansion of its real estate division when it announced the launch of eXp Realty in New Jersey. Including the Utah launch, which was announced earlier this week, the company’s Agent-Owned Cloud Brokerage™ is now operational in 43 states, as well as the District of Columbia and Alberta, Canada. In total, EXPI’s innovative brokerage now includes more than 1,400 real estate professionals, an increase of over 60 percent from the beginning of 2016.
EXPI’s pioneering agent-owned business model has proven successful in attracting some of the leading real estate professionals across all of its markets, and New Jersey is no different. The company’s broker of record for the state, Jeanne Borgers, brings more than 12 years of New Jersey real estate experience to the eXp Realty team. During this time, she worked with Keller Williams NJ Metro Group, earning the nickname of ‘Short Sale Queen’ for her ability to navigate the challenging realty landscape ushered in by the Great Recession.
“We are fortunate to have experienced and talented leadership in place with Jeanne as we enter a highly competitive market and a state where the practice of real estate varies significantly from the north to the south,” Jason Gesing, chief executive officer of eXp Realty, stated in this morning’s news release. “We look forward to offering new opportunities to and welcoming entrepreneurial professionals across the state into our community of agent owners.”
Over the past two months, EXPI’s realty division has experienced tremendous national growth, expanding into an impressive six states since early May. This growing national presence has set the stage for considerable financial growth in the months to come. In the first quarter of 2016, the company recorded a year-over-year increase in revenues of 107 percent. This coincided with an increase in agent count for its real estate division of 106 percent from the previous year. eXp Realty has already added roughly 300 new agents to its Agent-Owned Cloud Brokerage since the end of the first quarter, and it’s showing no signs of slowing down.
In a recent news release, Glenn Sanford, chairman and chief executive officer of EXPI, stated, “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.” If financial performance continues to mirror this growth in agent count, the company could be primed for record results moving forward.
For more information, visit the company’s website at http://investors.exprealty.com
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