Company expects to launch operations in all 50 U.S. states by end of 2020
BELLINGHAM, Wash. — November 11, 2020 — eXp World Holdings, Inc. (Nasdaq: EXPI), one of the fastest-growing residential and commercial real estate companies in the country, today announced the expansion of its commercial real estate operations for eXp Commercial into 35 states. eXp Commercial expects to be in all 50 U.S. states by the end of 2020.
“eXp Commercial is attracting top-producing agents with its innovative cloud-based environment and attractive economics for agents and brokers,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “By the end of 2020, we expect to extend eXp Commercial’s reach into all 50 states, and look forward to welcoming many more agents from across the country into the commercial business.”
Through the company’s unique financial model, eXp Commercial offers commercial real estate agents compelling incentives, such as one of the most competitive commission packages in the real estate industry and opportunities to earn stock awards. Additionally, eXp Commercial agents and eXp Realty agents can collaborate for referrals, which also provides proprietary marketing resources, including the company’s cloud-based virtual environment and a customized technology platform. Technology from CoStar will also be made available to enhance virtual prospecting, sales, training and communications.
eXp announced plans to expand into the commercial real estate industry at the end of the second quarter 2020. In September, eXp World Holdings announced that James Huang, an industry veteran with more than 20 years of commercial real estate experience, was appointed as President of eXp Commercial.
“Agents all over the country have recognized that the eXp model positions them for market success, despite challenges brought on by the global pandemic,” said Huang. “This year, many commercial brokers have been forced to cut spending and operations. Agents that have adopted the eXp model have very low overhead and no need for a brick-and-mortar location. We firmly believe that this is the right time to build on the success of eXp and to earn new business.”
To learn more about eXp Commercial, visit www.expcommercial.com.
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) owns eXp Realty, eXp Commercial and Virbela.
eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 38,000 agents in the United States, Canada, the United Kingdom Australia and South Africa. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.
Virbela is an immersive technology platform for business, events and education. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit the company’s website at www.virbela.com.
For more information, please visit the company’s website at https://expworldholdings.com/.
Safe Harbor Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
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