EXp doubled gross sales quantity in Q3, earnings preview reveals

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Agent rely at eXp climbed north of 35,000 within the third quarter of 2020.

EXp World Holdings (NASDAQ: EXPI), the father or mother firm of the digital cloud actual property brokerage eXp Realty, estimates its transaction quantity and gross sales quantity roughly doubled within the third quarter of 2020, according to a preliminary, unofficial earnings preview the company self-released Tuesday.

Glenn Sanford | Picture credit score: eXp World Holdings

EXp World Holdings’ official earnings report is ready to be launched on November 9 and can present a a lot fuller monetary image — together with whether or not or not the corporate was worthwhile within the quarter — however the firm launched choose numbers Tuesday displaying transaction sides elevated 95 p.c, to 75,392, and gross sales quantity elevated 112 p.c to $23.6 billion for the three months ending September 30, 2020.

“As one of many fastest-growing residential actual property brokerages, we proceed to ship on our price proposition to brokers, shoppers and shareholders,” Glenn Sanford, the founder chairman and CEO of eXp World Holdings, mentioned in an announcement. “Our world-class brokers mixed with a progressive cloud-based mannequin gives a major aggressive benefit in the actual property trade, driving eXp to one more quarter of report outcomes.”

The corporate’s general agent rely continued to blow up, hitting 35,877 on the finish of the quarter, a year-over-year improve of 56 p.c.

VirBELA, the digital world platform owned by eXp World Holdings – and utilized by the corporate for its digital cloud brokerage — is predicted to report a income improve of greater than 360 p.c yr over yr, within the third quarter.

Firms sometimes launch preliminary outcomes after they anticipate to materially beat Wall Road consensus estimates or when the corporate’s inventory is underneath appreciable stress regardless of sound fundamentals, John Campbell, an analyst with Stephens, advised Inman.

“I believe EXPI’s pre-release matches the invoice relative to those issues,” Campbell mentioned. “I believe that this was a sensible and well timed transfer by EXPI given how heavy the inventory has been in latest weeks (EXPI down 26 p.c over final 2 weeks vs. the Russell index down solely [approximately] 2 p.c).”

Redfin additionally launched preliminary outcomes this quarter, however that launch coincided with the company’s senior notes offering, a transfer possible meant to entice extra traders.

Email Patrick Kearns

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