Issue
8 - 2024
Introduction From the Editor
Dear eXp Family,
As we reflect on 2024, I am filled with immense pride and gratitude for what has been a truly exceptional year for eXp Realty South Africa. This year marked significant growth—not only in financial success but also in the expansion of our agent community.
None of this would have been possible without the unwavering dedication, passion, and hard work of our incredible agent team. You are the driving force behind our success, and we are deeply grateful to have such a uniquely motivated and ambitious group of professionals representing eXp.
One of the standout moments of the year was undoubtedly the eXp Annual Awards Gala 2023-2024. It was an eXtraordinary experience to celebrate our accomplishments alongside the leadership team, our agent community, valued partners, and special guests. The event showcased the spirit and excellence that define eXp Realty South Africa.
Another milestone was the official kickoff of our partnership with the Laureus Sport for Good Foundation. This partnership embodies our commitment to uplifting local communities, and we encourage all agents to actively engage in the Laureus-led events and community programmes throughout the coming year. Your participation can create lasting positive change in the lives of so many children in our local communities.
To our partners, thank you for your vital support during various initiatives this year, such as the Show House Campaign, which spanned 45 weeks, the ambitious 52 Weeks, 52 Roadshows campaign, and the eXp Annual Awards Gala. Your collaboration has been instrumental in helping us connect, innovate, and grow.
As we close out the year, I want to extend warm holiday wishes to everyone celebrating. May this festive season bring you well-deserved rest, joy, and meaningful connections with your loved ones. Looking ahead, 2025 promises to be a year of even greater achievements and ambitious goals. Together, we will continue to redefine real estate and cement our reputation as the most agent-centric company on the planet.
Here’s to an eXciting future ahead!
Warm regards,
Andrew Thompson Country Leader, eXp Realty South Africa
eXp World HoldingseXp Realty News
eXp World Holdings Welcomes Big Wins in Q3 2024 Results
“This is an exciting and pivotal time for eXp agents worldwide,” said Glenn Sanford, eXp World Holdings Founder, Chairman and CEO. “We continue to operate the most innovative, agent-centric real estate brokerage on the planet, improving the agent value proposition by leveraging technology like generative AI to help eXp agents and employees work faster, better and smarter. Our competitive value proposition and continued strong agent NPS score indicate we are well-positioned for success as the market begins to turn. Worldwide, we continue to unlock the international opportunities by supporting tools like HomeHunter.global and our expected upcoming expansion of the eXp Realty model into Türkiye, Peru, and Egypt markets that we announced at eXpcon last week.”
“We are thrilled to announce that eXp Realty welcomed several high-achieving independent brokerages and agent teams to our platform in the third quarter,” said Leo Pareja, CEO of eXp Realty. “Leading independent brokerages, recognised as powerhouses in their regions, are choosing eXp to accelerate their growth and maximise their earnings potential. Our innovative business model and exceptional value proposition set us apart in the industry, and our strategic investments in cutting-edge programmes and technology make eXp an incredibly attractive option for independent brokerages. By joining eXp, they gain access to resources and support that would be prohibitively expensive to develop independently.”
“In the third quarter, we increased our margins and profitability, despite a continued challenging market, demonstrating the strength and sustainability of our business model,” stated Kent Cheng, Principal Financial Officer and Chief Accounting Officer of eXp World Holdings. “Simultaneously, we are committed to investing in our agents by hosting inspiring events like eXpcon in the fourth quarter and continuing to lead the industry in agent technology innovations.”
Third Quarter 2024 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:
• Third quarter revenue increased 2% to $1.2 billion, driven by increased home sales prices and the superior productivity of our agents.
• Third quarter net (loss) income from continuing operations of ($6.5 million) compared to net income of $2.3 million in the third quarter of 2023. Net income was impacted unfavourably by an $18.0 million litigation contingency provision related to the antitrust settlement. Third quarter net (loss) income from continuing operations per diluted share of ($0.04) compared to $0.01 in the year-ago quarter.
• Third quarter adjusted net income (a non-GAAP financial measure) excluding antitrust litigation contingency provision and discontinued operations was $7.8 million compared to adjusted net income of $2.3 million in the year-ago quarter. Third quarter adjusted net income per diluted share of $0.05 compared to adjusted $0.01 in the third quarter of 2023.
• Third quarter adjusted operating costs (a non-GAAP financial measure) were $78.0 million, a 1% decrease compared to the third quarter of 2023. This decrease was driven by lower technology and development expenses and lower sales and marketing expenses, partially offset by increased legal expenses associated with the antitrust lawsuit.
• Third quarter adjusted EBITDA (a non-GAAP financial measure) of $23.9 million, an increase of 15% compared to the third quarter of 2023. Adjusted EBITDA was higher year over year, due to improved business efficiencies, reduced costs, and higher revenues and gross profit.
$130.4 million, compared to $120.4 million in the year-ago quarter. The Company repurchased approximately $35.0 million of common stock during the third quarter of 2024.
• The Company paid a cash dividend for the third quarter of 2024 of $0.05 per share of common stock on Aug. 30, 2024. On Nov. 4, 2024, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for the fourth quarter of 2024, expected to be paid on Dec. 2, 2024 to stockholders of record on Nov. 18, 2024.
Third Quarter 2024 Operational Highlights as Compared to the Same Year-Ago Period:
• eXp ended the third quarter of 2024 with a global agent Net Promoter Score (aNPS) of 76, up from 74 a year ago. aNPS is a measure of agent satisfaction and an important key performance indicator (KPI) given the Company’s intense focus on improving the agent experience.
• Agents and brokers on the eXp Realty platform decreased 4% year-over-year to 85,249 as of Sept. 30, 2024 as we continue to off-board less productive agents. However, we are committed to retaining our most productive agents in the United States and Canada through the execution of our growth strategies and the end-to-end suite of services we offer our agents.
• Real estate sales transactions decreased 1% year-over-year to 117,830.
• Transaction volume increased 5% year-over-year to $50.8 billion.
• Welcomed several independent brokerage teams to eXp Realty, including:
- Matt Fetick Team, previously ranked No. 87 nationally with Keller Williams. On the 2024 RealTrends The Thousand rankings, the Matt Fetick Team was No. 132 among Large Teams by Sides and No. 163 on the Large Teams by Volume list, with 244 sides and nearly $116 million in volume.
St. Louis. In 2023, the Delhougne Realty Group achieved a remarkable $353,330,000 in sales volume with 1,160 transactions, earning over 2,000 5-star reviews on Zillow.
- Polsinello Team, with 25 highly skilled agents, achieved 218 closed transactions totalling $213 million in volume in 2023.
- The Bryce Hansen Team, a leading real estate team based in the Comox Valley on Vancouver Island, has consistently delivered outstanding results, including nearly $178.5 million in closed sales in 2023 alone.
- Brandon Brittingham, a leading force in Maryland’s real estate scene, has moved his 30-person team to eXp Realty.
- Grand Lux Realty, based in Westchester County, the lower Hudson Valley and Fairfield County, Connecticut. With over 200 agents, Grand Lux Realty expects to exceed $100 million in annual sales and set new industry standards by joining forces with eXp Realty.
- CanZell Realty, a multimillion-dollar independent brokerage, operates across 20 states and is renowned for its client-first approach and commitment to giving back.
• Launched Groups Within eXp Commercial for Unmatched Advisor Collaboration and Streamlined Deals.
• Named Donald Cherry Vice President of Sustainability.
Subsequent Events Highlights:
• On Oct. 1, 2024, eXp World Holdings entered into a settlement term sheet to pay $34.0 million to settle various industry class-action lawsuits on a nationwide basis. The settlement would release the Company, its subsidiaries and affiliates, and their independent contractor real estate agents in the U.S. from the associated claims. The proposed settlement remains subject to preliminary and final court approval and will become effective only upon such final approval.
eXp Realty CEO Leo Pareja Is Changing Real Estate, and He’s Just Getting Started
eXp Realty’s Chief Innovation Officer Seth Siegler Wins HousingWire’s Tech Trendsetters Award
eXp Realty Partners with Sisu to Empower Agents with Cutting-Edge Business Intelligence Tools
In a move to further support agent success, eXp Realty just announced at eXpcon 2024 in Miami an exclusive partnership with Sisu, the real estate industry’s leading business intelligence platform.
This partnership is designed to boost agent productivity, streamline operations, and enable smarter, data-driven decisions. With real-time insights, tracking, and customisable dashboards, eXp agents in the U.S. and Canada will now have access to cutting-edge tools that will help them achieve their goals and manage transactions more effectively. Sisu is included in eXp’s agents’ existing tech fees, so there is no additional cost to agents.
How Sisu Helps eXp Agents
• Real-time Insights – Through Sisu, eXp agents can instantly access key business data such as lead source, ROI tracking, and more. These real-time insights enable agents to make quick, informed decisions that will elevate their business.
• Customisable Dashboards – Every eXp agent can create personalised dashboards and leaderboards that highlight their goals, progress, and metrics. Not only do these help agents stay on track, but they also encourage competition, which can drive performance to new heights for real estate teams.
• Goal-Setting Tools – Success is all about staying focused, and Sisu’s goal-setting tools help agents map out their objectives and hit important milestones. These tools are specifically designed to keep agents motivated and moving forward.
• Robust Analytics & Task Management – Tracking growth, setting goals, and managing day-to-day tasks has never been easier. With Sisu, agents can effortlessly monitor their progress and manage their workload with robust analytics and task management tools.
And the best part? These game-changing tools are available to eXp agents in the U.S. and Canada and are included in the existing tech fee, so there’s no additional cost to agents.
Elevating Coaching & Training Programmes
Additionally, eXp Realty’s just-launched FastCAP programme is designed to harness the power of Sisu’s tracking and accountability features to help agents stay focused and productive. The programme breaks down long-term goals into daily actions, and Sisu tracks both the tasks and their outcomes, providing agents with real-time insights into their conversion rates and identifying areas for immediate improvement.
A common challenge in real estate is the lengthy 100-day sales cycle, where today’s efforts may not pay off for months. To maintain momentum, Sisu will help create short-term wins by tracking completed tasks, turning each accomplishment into a quick boost of motivation. Agents will also be recognised and rewarded through Sisu leaderboards with activities like Real Talks, practice CMAs, and home previews earning points and incentives. This system keeps motivation high, even when the final results may take time to materialise.
Through this partnership, eXp Realty continues to prioritise innovation and provide its agents with best-in-class resources — all included in existing tech fees at no additional cost.
eXp Luxury’s Danica Patton and The Agency’s Mauricio Umansky
Co-listing an Exclusive, One-of-a-Kind Santa Monica Property
Some of the home’s features include:
• Four-story elevator. From the lowest point of the home, there is a view up to the ceiling.
• Premium kitchen appliances: Sub-Zero refrigerators, Wolf stove, Miele dishwashers.
• Smart home technology: Comprehensive systems integrate security cameras, lighting control (including Lutron systems), and temperature regulation, fully functional smart space.
• Bathroom finishes: Specialty custom tiles in distinctive finishes are complemented by elegant plaster and marble accents.
• Luxury bathroom fixtures: Waterworks plumbing fixtures in every bathroom. Spa-inspired space includes a steam room with a spacious bench, a rainfall showerhead, and sophisticated vanities.
• Upgraded flooring: Two-inch, maple hardwood floors span the living areas. Wood has been treated with a customised aging treatment for a sophisticated finish to accent the timeless Craftsman style of the home.
• Wood ceilings: Bespoke wooden ceilings crafted from fir.
• Landscaping features: Expertly designed gardens, patios, and outdoor lighting. Heated pool features a Baja shelf with integrated stepping stones. Drought-tolerant Kurapia ground cover lawn.
• Lower space: Additional living areas include a ballroom complete with a custom bar equipped with Sub-Zero fridges and ice machines. Temperature-controlled wine room holds over 4,000 wine bottles. Full spa and gym. A striking spiral staircase leads to a feature garden with a skylight above, complemented by an Isokern fireplace. Custom steel doors.
• Bespoke brass lighting and specialty fixtures: Brass lighting fixtures and specialty lighting are sourced from Europe.
eXp Global Events
South Africa Was Well Represented at eXpcon Miami 2024
52 Weeks, 52 Roadshows: We’re Where the Pros Go to Grow!
Our ambitious 52 Weeks, 52 Roadshows campaign was nothing short of amazing! With stops in various parts of the country, our roadshows brought together real estate professionals, partners, and the broader eXp community to connect, learn, and grow. Each roadshow served as a platform to unpack the eXp Realty and eXp Luxury models, highlighting how and why we’re where the pros
eXp South Africa News
Special Agent Recognition
A huge shoutout to Elmare Watermeyer, who CAPped in 2022, and Christine Appel, who achieved this incredible milestone in both 2023 and 2024! You two are absolute rock stars, and we couldn’t be prouder of your achievements. Your hard work, dedication, and commitment to excellence inspire us all. Thank you for your unwavering contributions to the team. We’re excited to see what amazing heights you’ll reach in 2025 and beyond!
Keep shining, and let’s make this upcoming year another one for the books!
eXp Realty South Africa Partners with Laureus Sport for Good Foundation
eXp Realty South Africa is proud to announce its partnership with the Laureus Sport for Good Foundation as part of our ongoing commitment to corporate social responsibility. This collaboration will extend into 2025 and beyond, empowering us to make a meaningful impact in South African
To kick off this exciting partnership, eXp Realty South Africa has donated a cheque worth R1,300,000 to Laureus, supporting their vital initiatives that leverage the transformative power of sport to address social
Laureus Sport for Good Foundation supports over 300 programmes in more than 40 countries, helping children and young people overcome violence, discrimination, and disadvantage through the unifying power of sport. Inspired by Nelson Mandela’s iconic message that “sport has the power to change the world,” Laureus has raised over €150 million (approximately R2.8 billion) globally, positively impacting the lives of nearly 6 million young people over the past 20 years. This partnership also opens exciting opportunities for eXp Realty to engage more deeply with local communities through impactful
We’re thrilled to join forces with Laureus to drive positive change and build stronger communities across South Africa. Stay tuned for updates on upcoming events and how you can get involved!
eXp Realty South Africa Launches eXp Offers: A Comprehensive After-Sales Solution for Property Buyers and Sellers
From Rookie to CAP: How South Africa’s Caroline Willis Soared to Success in Her First Year with eXp Realty
When South Africa’s Caroline Willis joined eXp Realty in August 2023, she started a journey into real estate that few could have predicted would reach such heights so quickly. Within just one year of receiving her Fidelity Fund Certificate (FFC) in February 2024, Caroline achieved Cap status – an accomplishment that signals significant success in the eXp Realty model, where agents keep 96% of their commissions after a certain production threshold.
In her first full year, Caroline generated total revenue of R897 750 excl VAT ($47,580.75 USD), showcasing her remarkable ability to attract clients and close deals in the competitive real estate market. This impressive figure for the South African market reflects not only her commitment but also her adaptability in navigating the industry and leveraging eXp's innovative model for agent growth.
Caroline's Real Estate Journey Inspired by Friends' Success With eXp Realty
For Caroline, the decision to enter real estate was inspired by close friends who had already experienced success in the industry, particularly those who had joined eXp Realty.
“Two of my very good friends became real estate agents a few years back, and listening to their stories not only intrigued me, but piqued my interest in this field," she shared. "What really influenced me recently was another friend who joined eXp and her positive comments of the agency. She is now my sponsor at eXp.”
Starting her career in the competitive Greater Sandton area of Gauteng, Caroline admits that the road wasn’t always easy, but it was undoubtedly rewarding. She attributes much of her success to the unique support and opportunities provided by eXp Realty.
“I love the collaboration and camaraderie of colleagues,” she said. “The support and guidance of head office staff have been amazing. Being a business owner within a global organisation like eXp has given me the independence and flexibility that I’ve always valued.”
Caroline’s entry into real estate came after a corporate career with Deloitte – one of the Big Four accounting firms, which equipped her with valuable skills in business development and sales. But real estate posed new challenges – ones that required a different type of perseverance.
"The transition has been enlightening, albeit with its challenges. It’s a major shift, but I’m not looking back, only forward," she reflected.
Caroline Found a Breakthrough in an Unlikely Place
One of Caroline's earliest triumphs came through cold canvassing –a method that involves contacting property owners directly to secure mandates. Just a few weeks into her new career, she approached a security guard in a small Bryanston complex. That conversation led to securing a sole mandate for three units, and she soon sold two of them.
"That gave me the confidence and stamina I needed," she said. "Never underestimate the power of being kind to the man at the ‘front gate’ and keeping your promises. Word spreads quickly!"
Her Experience Didn’t Come Without Surprises
Her success didn’t come without challenges. Caroline shared a difficult experience involving a sale that fell through due to a buyer defaulting on payments.
"It was disappointing given all the effort made, but the lesson learned is to persevere," she said.
Despite these setbacks, she continued to thrive, leveraging her business development skills and the vast resources of eXp Realty to grow her career.
Passion for People and the Power of Collaboration
What sets Caroline apart is her passion for helping others.
"I’ve always been passionate about my own home, and being able to make a positive impact by assisting people in finding their dream homes is what inspired me to pursue real estate."
This empathy and dedication have helped her build strong relationships with clients, grounded in the values of honesty, respect, and compassion.
Caroline’s story is a testament to the power of determination and the eXp Realty model, which provides the support, collaboration, and global reach needed for agents to thrive, even in their first year.
Reflecting on her journey, she said, "My journey so far has been fast-paced and a steep learning curve, but with the support of colleagues, head office staff, and attorneys, I’ve been able to succeed."
With CAP status under her belt, Caroline looks forward to what’s next in 2025. She looks to continue to build her reputation, expand her business, and help more clients find their perfect homes. For aspiring agents, her story offers a shining example of how the right platform, combined with perseverance and heart, can lead to incredible success in real estate.
eXp Annual Awards
Individual and Team Awards
Lightstone Super User of The Year
Lizna Nel
Most Unit Sales
Lizna Nel
Multinet Homeloans
Most Bonds Registered Brad Neille
Most GCI Earned
Lizna Nel
Most Sales Volume
Lizna Nel
Team of The Year Sales Volume
James Conyers and NRG Powered by eXp
Runner Up Team of The Year Unit Sales
Brent Currin and Currin Property Group Powered by eXp
Emerging Agent of The Year
Andries Mashego
Growth Agent of The Year
Steve Johnstone
Team of The Year Units
James Conyers and NRG Powered by eXp
Rental Agent of The Year
Kelly Brown
Most Agent-Centric Personality of The Year Award Voted by The Agents
Amanda Wray
The Prestigious eXp
Realty South Africa Property Practitioner of TheYear Award
Lizna Nel
ICON Agent Award
Johan Nolan
eXp Annual Awards 2024
Individual and Team Awards
Runner Up Team of The Year Unit Sales
Brent Currin and Currin Property Group Powered by eXp
Team of The Year GCI
James Conyers and NRG Powered by eXp
Team of The Year Unit Sales
James Conyers and NRG Powered by eXp
Domestic Team of The Year Team Maartens
Best Lead Agent Event with Build Africa
Steve Johnstone
Team of The Year Sales Volume
James Conyers and NRG Powered by eXp
Rock The Comma Superstar Achieving 1,000 Plus Agents In His Organisation
Bill Campbell
eXp Realty South Africa Agents Agent Personality of The Year Award
Lizna Nel
Emerging Agent of The Year
Charlie Gerricke
Most Sales Volume by An Agent Award
James Conyers
Most Unit Sales by An Agent
Johan Nolan
Rental Agent of The Year
Kelly Brown
Growth Agent of The Year
Sharon Moodley
Most GCI by An Agent Award
Christine Appel
Sales Agent of The Year
Christine Appel
All-Rounder Property Practitioner of The Year Award For eXp Realty South Africa
James Conyers
Most Agent-Centric Personality of The Year Award Voted by the Agents
Stuart Hyslop
Team of The Year Unit Rentals
Brent Currin and Currin Property Group Powered by eXp
Congratulations to all of eXp Realty South Africa's 2023 and 2024 CAP Agents and Teams!
Thank You to Our eXp Annual Awards Gala Sponsors!
We hosted our Annual Awards Gala on 6 December 2024, which was a rave success! To our sponsors: Old Mutual, Multinet Home Loans, Lightstone, Currencies Direct, Ngcobo SN Inc Attorneys, and The 13th Floor, we extend our heartfelt gratitude. Your support made the evening possible.
With special guests from Laureus Sport For Good Foundation and a show-stopping performance by Kurt Darren, the night was one for the books!
Shene Vorster: Breaking Barriers as South Africa's Youngest Capping Agent with eXp Realty
At just 22 years old, Shene Vorster is redefining what it means to be a trailblazer in the real estate industry. As the youngest capping agent in South Africa with eXp Realty, Shene's journey is a story of innovation, determination, and community – a true testament to the power of eXp's transformative model.
Early Beginnings and a Unique Path to Real Estate
Growing up surrounded by real estate, Shene was inspired by her parents, Lydia and André Vorster, who have been industry professionals since 2005. However, she initially explored other interests, including digital marketing and design. In 2020, during a gap year, Shene began creating brand identities for small businesses. This digital skill set later became her secret weapon in the real estate arena. Her journey into real estate began by assisting her parents with administrative tasks at eXp Realty, which opened her eyes to the opportunities within the company. When Shene stepped in for her mother at an appointment, her curiosity was piqued, and she decided to pursue her own career as an agent.
Why eXp Realty?
For Shene, eXp Realty was more than a brokerage – it was a gateway to freedom, innovation, and ownership. "I’m not someone who fits into a typical 8-to-5 office job," Shene shares. The flexibility to be her own boss while leveraging eXp's cutting-edge tools and global brand made the decision easy. Shene was also drawn to eXp’s collaborative culture. "The agents here are positive, supportive, and always willing to help," she says. This ethos of mentorship and teamwork has been a cornerstone of her success.
Overcoming Challenges with eXp's Support
As a young agent, Shene initially faced skepticism from buyers and sellers due to her age. But she didn’t let this deter her. Instead, she leveraged eXp’s resources, including FLOW marketing and international listing portals, to demonstrate her expertise and professionalism. Through eXp's training, mentorship, and collaboration tools, Shene turned challenges into opportunities. Working closely with other agents, she marketed their listings on social media, gaining valuable experience and fostering trust within the network. Her
biggest breakthrough came from the training provided by eXp Realty South Africa’s Agent Development Manager, Stuart Hyslop. "It shifted my mindset from thinking like an employee to acting like a business owner," Shene explains.
The Power of Collaboration
Shene credits much of her success to eXp’s unparalleled community. From the guidance of her parents to the leadership of Steve Johnstone and inspiration from agents like Lizna Nel, Shene has thrived in an environment where agents celebrate each other’s victories. "eXp isn’t just a company; it’s a family," Shene says. This spirit of collaboration has been instrumental, with many of her deals resulting from partnerships with fellow agents.
Tech-Driven Success
As a digital native, Shene fully embraced eXp's tech-forward approach. The FLOW marketing platform became her go-to tool, enabling her to attract buyers and sellers through seamless social media campaigns. She also leveraged eXp’s international agent network on Workplace to secure referrals and expand her client base.
Looking Ahead
As Shene sets her sights on 2025, her goals are as ambitious as they are inspiring. She plans to build new relationships, strengthen existing ones, and purchase her first investment property. Most importantly, she remains focused on keeping faith and family at the center of her journey. Her advice to young agents? "Age doesn’t define your success. Determination, creativity, and collaboration do. With eXp’s tools and support, you can achieve anything."
A Visionary for the Future
Shene Vorster is more than a capping agent – she’s a symbol of what’s possible when innovation meets empowerment. Her journey at eXp Realty exemplifies how the company’s agent-centric model enables individuals to thrive, no matter their age or background.
Congratulations to Shene for not just breaking records, but for inspiring a generation of young real estate professionals to dream big and achieve more.
SARB Cuts Repo Rate by 25 Basis Points
Who’s Buying Homes In South Africa? Ages 36 to 49 Emerge as Top Buyers
from 21% in 2018 to 24% in the first half of 2024. Experts believe that this can be attributed to older buyers having likely paid off their mortgages and accumulated wealth through residential investments. They are now looking to further grow their financial portfolio through property.
As the property market evolves, these trends highlight the ongoing changes in the home buying landscape. Older buyers are becoming more prominent in driving market activity, but first-time buyers—often younger—are also starting to gain momentum, supported by favourable financial conditions.
Season’s Greetings!
As we wrap up another incredible year, we want to thank you for your hard work and dedication. 2024 has been full of growth, new opportunities, and exciting milestones, but the best is yet to come! We’re already gearing up for a bigger and even more impactful 2025.
Wishing you and your loved ones a joyful holiday season and a fantastic start to the new year!