eXp Realty Sees Record-Breaking Second Quarter

August 6, 2020

A cloud-based remote real estate brokerage known for its use of technology saw skyrocketing revenue and sales in the second quarter—during a pandemic with surging unemployment and a recession.

The second quarter marked the most profitable quarter for eXp Realty in the company’s 10-year history. Quarterly revenue for eXp World Holdings, the parent company for eXp Realty, jumped 33% year over year to $354 million. That compares to $267 million in the second quarter of 2019.

Company officials credit eXp Realty’s growing agent count and transactions for increasing profits.

“Even in these uncertain times, eXp Realty continued to deliver on its value proposition to agents, brokers, and consumers, and report record financial results,” says Glenn Sanford, eXp World Holdings CEO, chairman, and founder. “We achieved the most profitable quarter in the company’s more than 10-year history with a positive net income for the third quarter in a row. … eXp Realty achieved exceptional results with strong growth in all areas, despite initial impacts on the housing market from business restrictions related to COVID-19. eXp Realty always has pursued the minimum footprint required to operate and was able to more easily reduce expenses due to the pandemic, something that traditional brick-and-mortar brokerages and franchises were unable to realize.”

During the second quarter, the company says agents continued to join the brokerage. They ended the second quarter with 31,000 agents—that's up 54% compared to 20,162 agents a year ago.

Overall, residential transaction sides closed for the second quarter with a 22% increase to 43,653. A year ago, residential transaction sides were at 35,836 in the second quarter of 2019.

Further, residential transaction volume closed for the second quarter of this year by rising 26% over a year ago to $13 billion.

“As we look toward the second half of 2020, we anticipate the presence and influence of COVID-19 to linger, but eXp World Holdings’ businesses are uniquely positioned to adapt and thrive,” says Jeff Whiteside, eXp World Holdings CFO and chief collaboration officer. “We expect that the eXp Realty business and our agents will continue to adjust to ongoing economic conditions in the housing market. We also plan to formally announce our expansion into new international markets as well as a strategic initiative in commercial real estate.”