eXp World Holdings, Inc. (EXPI) Reports Record Revenues in Q eXp World Holdings, Inc. (EXPI) Reports Record Revenues in Q2 2016 Driven by Game-Changing Brokerage Division
The real estate industry is changing fast, with technology and enhanced interconnectivity set to mark a significant shift in the sector and alter realty professions significantly. Several industry-related jobs, most notably real estate brokers and sales agents, are actually likely to disappear and be replaced with artificial intelligence computer algorithms in the near future, according to Oxford University research (https://nnw.fm/k8ZZZ).
The question that naturally arises is how these jobs will transform if they are to remain relevant and still present on a fast-changing, dynamic market such as the real estate industry. How will the real estate broker’s role change to meet the demands of an industry governed by technological advances, where virtual communication or virtual modelling are changing the rules of the game and challenging the traditional way of doing business?
eXp World Holdings, Inc. (OTCQB: EXPI) and its rather unique real estate brokerage division, eXp Realty LLC, might hold the answer to that question. With eXp Realty, The Agent-Owned Cloud Brokerage™, eXp World Holdings has tried and succeeded to stay ahead of the curve and create an innovative model of real estate brokerage that relies heavily on Internet and cloud technologies to build a strong online community of professionals and provide efficient services to consumers.
The concept at the base of eXp Realty is a cloud office environment, which offers its members, brokers and agents nonstop access to collaborative tools and systems, training features and socialization avenues so as to build a tight-knit community of real estate professionals that can share their experiences, strategize and innovate together.
This business model eliminates the traditional brick and mortar office, allowing brokers and agents to increase their profits, lower overhead and risk and provide a more effective service to consumers. In addition, eXp Realty’s platform offers members the opportunity to earn equity in exchange for their contribution to company growth. Brokers and agents also benefit from an innovative revenue sharing program that allows them to win a percentage of the commissions earned by other brokers they recruit into the company.
So far, it looks like this model is definitely paying off, as eXp World Holdings reported record revenue for the second quarter of 2016. The company reported revenues of $13,282,028 for Q2 2016, which is up a whopping 137% from $5,584,963 in Q2 2015. On June 30, 2016, eXp World Holdings had 207% more cash and cash equivalents than the same time last year, while its real estate division’s agent count was up 111% year-over-year to more than 1,400 agents.
These remarkable financial results were driven by EXPI’s realty division, particularly by its increased sales volume and growing agent base, according to the company’s CEO Glenn Sanford.
The realty division was also the driving force behind the company’s record figures last year, and the trend is likely to endure as eXp Realty continues to expand in terms of both sales agent base and coverage. It should be noted that since the end of the reporting period on June 30, eXp Realty has grown to more than 1,500 real estate professionals across 41 states, the District of Columbia and Alberta, Canada.
For more information, visit the company’s website at www.eXpWorldHoldings.com
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