After reporting its best quarter ever on Monday, digital cloud actual property brokerage eXp Realty used its eXpCON basic session to clarify how the corporate will use its explosive home progress to energy a number of initiatives, including eXp Global and eXp Industrial.
“We don’t develop as an organization simply to brag about agent counts,” U.S. Development President David Conord stated. “It’s not a few quantity, it’s about attracting nice brokers and leaders. It’s about serving to brokers construct nice corporations and futures.”
Echoing eXp World Holdings founder, chairman and CEO Glenn Sanford’s earnings call comments, Conord stated the corporate outperformed all of its main rivals and the trade as an entire over the previous 11 months, which was marred by a coronavirus-induced financial downturn.
Utilizing the Nationwide Affiliation of Realtors information, Conord stated the actual property trade skilled an annual agent rely progress of two.4 p.c and residential gross sales quantity progress of 20.9 p.c from 2019 to 2020. He additionally confirmed the statistics for eXp’s main rivals, which had been unnamed however color-coded in crimson, blue and inexperienced, who reported agent and gross sales progress at or beneath NAR.
In the meantime, eXp skilled a 56 p.c year-over-year enhance in agent rely (+35,877) and a whopping 112 p.c improve in gross sales quantity, one thing Conord stated was a results of the corporate’s digital enterprise mannequin, management and funding in brokers.
“I need to say that it is a results of what you guys are doing on the market. We develop organically,” Conord stated. “That implies that we develop by phrase of mouth, how are we doing, and [how we are] taking good care of you all as our brokers.”
“We all know that if we serve you at a excessive degree, that you’ll unfold the phrase about your enthusiasm about being a part of eXp,” he added. “That’s taking place in report numbers for an organization that has no managers on the market to do recruiting and every part else.”
Conord stated the corporate wants to use the year’s momentum to increase its agent count to 100,000 whereas rising the proportion of brokers getting a income share (34 p.c to 40 p.c) and doubling the variety of brokers who’re “income share millionaires” (25 brokers to 50 brokers).
“It’s been an unbelievable 12 months in each approach possible,” he stated. “However for eXp, this has been a 12 months of firsts. We launched our earnings as we speak and share that this was the most effective quarter on report for the corporate.”
“We received to say we’re gonna have a variety of enjoyable in 2021 with progress,” he added. “We’re going to develop sooner within the subsequent 12 months than the previous 4 years mixed.”
EXp is hinging the vast majority of its progress objectives on the profitable launch of eXp World, which features a new CRM, worldwide referral program, and an all-encompassing world consumer-facing website to draw new brokers and shoppers from 5, new international locations.
“We’re altering the world and you must imagine that’s what you’re doing right here,” newly appointed Worldwide Growth President Michael Valdes stated of his workforce’s plan. “The one goal I’ve is to create the premier world actual property firm on the planet.”
“It’s one thing we’re doing already,” Valdes added. “No one can open 5 international locations in six months with out getting on a airplane. It’s solely one thing we will do.”
The corporate already launched its South Africa operations, with operations in India, Mexico, Portugal and France all launching earlier than the tip of the 12 months. Every nation’s particular person management workforce is totally staffed, and eXp has employed 21 new worldwide company employees members to guide the cost.
“It’s about constructing on [our] home success in a global realm,” Valdes stated. “We have to construct on what our story has been.”
Valdes stated the brand new worldwide markets have a collective inhabitants of 1.6 billion, an general GDP of $3.7 trillion, and an estimated new agent pool of three million, which means there’s loads of room for eXp to fulfill and exceed its 2021 progress objectives.
By the tip of 2020, eXp stated its worldwide agent rely needs to be at 10 p.c of the home agent rely. By This fall 2021, the worldwide agent rely needs to be 25 p.c of the agent rely, and by 2022, the worldwide operations needs to be on par with eXp’s operations within the U.S. and Canada.
Alongside daring predictions for its agent rely, the corporate stated they’re on observe to expertise a “double-digit” nation enlargement in 2021. To satisfy its worldwide targets, eXp’s world operations workforce is working time beyond regulation to construct a brand new CRM, a consumer-facing web site with home and worldwide listings, and agent hubs for every nation.
“Actual property as everyone knows continues to be native and nobody nation is alike,” World Operations Director Meghan Kelley advised the gang whereas explaining her workforce is engaged on understanding cultural norms and cues, enterprise customs and jargon, actual property licensing legal guidelines, and what shoppers want in every nation.
EXp can also be working with a number of third-party corporations to translate all of its agent supplies into Spanish, French and Portuguese, and deal with the banking, fee processing and monetary modeling for every nation.
Senior Vice President of Operations Jim Nuth stated his 250-person workforce is experiencing speedy progress itself in preparation for the inflow of brokers and enterprise they’ll obtain from eXp world, alongside initiatives to construct the corporate’s industrial actual property, luxurious and relocation affinity enterprise.
“We need to be the relocation supervisor’s dealer of alternative. We need to be the banker’s dealer of alternative,” Particular Operations Director Daybreak Conciatori stated. “We need to be everybody’s dealer of alternative.”
Lastly, the corporate revealed a rebrand which features a new, smooth brand with further colorways. EXp Chief Advertising and marketing Officer Courtney Chakarun stated brokers will be capable of preserve utilizing their outdated collateral with the unique brand whereas the corporate transitions and produces up to date supplies with the brand new look.
Chakarun displayed the brand new brand with Pennsylvania and New Jersey-based Rizwana Afzali and Figueroa Staff Brokered by eXp Realty CEO Veronica Figueroa, who inspired their fellow brokers to embrace the brand new look as an emblem of the corporate’s progress and future.
“I need to thank the management workforce for daring to be totally different,” Figueroa stated. “We’re going to honor the classic eXp brand, however how superior is it that we’ll be capable of transition to this new stunning brand that may lead us into the long run?”