EXP WORLD HOLDINGS - EXP
eXp Shows Resilience in Q1 2023 Results
On 2 May 2023, eXp World Holdings published its financial results for the first quarter ended 31 March 2023. Despite challenging market conditions, eXp remained resilient, showing a positive net income, agent count growth, and more than $39 million generated in operating cash flow. True to our commitment of shaping the future of real estate, we’ve invested in synergistic products and technologies that will allow for limitless eXpansion and provide the necessary support to our agents,
Our variable cost model and unwavering commitment to our agent value proposition are two aspects that helped us weather the storm in the first quarter of 2023, amid the global residential real estate
According to Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings, “Our International Realty segment had a record revenue quarter with 52% year-over-year growth, and we remain focused on driving durable, profitable growth across the eXp World Holdings portfolio.”
Some of the operational highlights from the Q1 2023 report include:
Announced partnership with Realty.com, a listings platform that connects qualified sellers and buyers directly with real estate agents, including exclusive enhanced services and pricing.
Appointed Peggie Pelosi to the Company’s Board of Directors, effective 26 January 2023.
Announced Amy Somerville as Chief Executive Officer, SUCCESS Enterprises.
eXp Realty ended Q1 of 2023 with a global Net Promoter Score of 70, a measure of agent satisfaction, as part of our intense focus on improving the agent experience.
We’re eXpanding Our Leadership Teams in Caribbean and Latin American Countries!
On 3 May 2023, eXp Realty® announced an eXpansion of the Leadership Teams for several Caribbean and Latin American countries, strengthening our regional presence and collaboration efforts to drive growth. We are certain that eXp will continue to soar to new
heights under the newly appointed leadership.
Assuming new positions are Virginia Restrepo (Director of eXp Colombia & eXp Chile) and Victor Goytia (Director of eXp Dominican Republic, Puerto Rico and Panama).
Victor Goytia | Director, Puerto Rico, Panama and the Dominican Republic
Victor Goytia will lead eXp Realty’s brokerage operations in Puerto Rico, Panama and the Dominican Republic as Director. Goytia has successfully led the operations for eXp Puerto Rico for over two years, turning brand recognition into sizable growth in both agent count and revenue, and this appointment represents an expansion of his current role.
Virginia Restrepo | Director, Chile and Colombia
Virginia Restrepo will lead brokerage operations in both Chile and Colombia as Director. Restrepo joined eXp in 2022 as Director of eXp Chile with several years’ experience in real estate sales and management roles, and she has successfully activated the brand across the Chilean market in a short time. This new appointment also represents an expansion of her current role.
“We are thrilled to announce these leadership updates as we enhance our agent-centric growth efforts across the region with the world’s leading agent value proposition,” says Meghan Kelley, Vice President, Global Operations, eXp Realty.
“The Caribbean and Latin American region has proven to be a diverse market with tremendous growth opportunities, and these leadership updates strategically represent our desire to expand an already strong presence in the region. Victor and Virginia have proven leadership skills and unique skillsets that will help to drive growth in these key countries,” Kelley adds.
Congratulations to Victor Goytia and Virginia Restrepo , we are eXcited to see what the future holds for you in your new positions!
eXp Makes 2023 RealTrends GameChangers List
If you didn't know, eXp Realty is changing the game, but don't just take our word for it! Boasting a 441% growth over the last five years, eXp is one of only 18 named on the 2023 RealTrends GameChanger list, a feat truly worth celebrating! This marks eXp’s return to the list for a third consecutive year.
In 2022, eXp was among the top three independent brokerages on the list, after recording an astronomical increase of 1,342% in transaction sides over a five-year period. Prior to that in 2021, eXp claimed the top spot with Glenn Sanford at the helm, recording a whopping 2,418% growth.
“While my name is on the award, it’s really a tribute to eXp Realty’s agents and brokers who have worked hard to generate record production levels in the past five years to achieve this recognition,” . “It’s just another validation of eXp’s exponential success in empowering the new economy through our people, platforms and personal and professional development,” he
It’s been 14 successful years of eXp Realty and five years since our listing on Nasdaq. Glenn has built the most agent-centric brokerage on the planet, constantly putting himself in the shoes of the agent and asking, “What can I do to make this a better brokerage?” Time and time again, he listens and makes the changes necessary to positively impact the lives of our agents, which is one of the reasons why we are the fastest-growing brokerage on the planet.
We cannot wait to see what the future holds for eXp Realty!
Click here to view the 2023 RealTrends GameChangers list.
EXP GLOBAL EVENTS
Shareholder Summit 2023 eXceeds eXpectations
The 2023 eXp Shareholder Summit didn’t disappoint! Hosted over four days, from 17-20 May in Orlando, Florida, the Summit met and exceeded expectations. True to form, it presented a platform for Property Practitioners to equip themselves with the necessary tools to scale their real estate businesses and soar to new
eXclusive to the 2023 Shareholder Summit, we launched our very first workbook, comprising sections on all the sessions at the event, as well as photos of the speakers, space to write notes, prompt questions, session themes, and space for Property Practitioners to plan out their eXciting week!
eXp also hosted a breakout session on the last day of the Shareholder Summit, where Glenn Sanford, Brent Gove, Mitch Ribak and Anthony LaFountain shared how they expanded their teams. In this session, the following topics were covered:
• The importance of providing benefits to realtors
• Ditching your other job to focus on real estate
• Attracting top talent to your team
Keeping your high-performing team members
Grab a seat and watch the eXp Shareholder Summit General Session livestreams here:
Day 1 Day 2
We’re counting down to eXp’s premier event of the year! This year, EXPCON will be hosted at Mandalay Bay in Las Vegas from 2-5 October 2023. The famed EXPCON presents an opportunity for attendees to connect with industry leaders and like-minded professionals, while also learning from top producers and team leaders.
For more information, visit www.expcon.exprealty.com or click here to pre-register for EXPCON 2023 today.
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The Date! EXPCON 2023 is Fast Approaching…
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eXp South Africa has evolved to become eXp Realty South Africa
We are thrilled to announce that the eXp Realty brand globally has evolved, seeing the eXp South Africa brand now becoming eXp Realty South Africa! This move is expected to boost our prominence locally, nationally, and internationally to ensure that we cement our place in the global real estate industry. The evolution extends beyond face value as it has an impact on our branding and marketing efforts going forward as we adopt this revolutionary identity.
We encourage our network of agents to adopt and integrate this into all collateral moving forward to enhance their individual brands. Agents can now use the eXp Realty South Africa logo as individuals, whilst Teams can now use the “Powered by eXp Realty” logo alongside their respective Team's logo as representation and association.
This evolution is one we are immensely eXcited about as it signifies a defining moment in our journey, as we look to increase awareness and welcome growth for the eXp Realty South Africa brand taking it to new heights!
EXP REALTY SOUTH AFRICA NEWS
We’re GROWING – eXp Realty South Africa Reaches 900 Agents!
eXp Realty South Africa has reason to celebrate after reaching an agent count of more than 900 countrywide since inception in December 2020. Our continued growth can be largely attributed to our commitment to putting our agents first; we believe that a happy agent brings another happy agent! In addition to our agent-centric approach, other attractions include flexible work, generous commission structures, wealth creation incentives such as revenue shares, share incentives and equity awards in the form of Nasdaq-registered EXPI shares, as well as access to a state-of-the-art digital environment and useful online tools!
Celebrating eXcellence with eXp Realty South Africa Accolades
A huge congratulations to everyone involved in helping us achieve the following:
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The Top-Performing Growth Champion in the form of William Campbell, who has grown his Revenue Share Organisation to over 700 agents in two years.
Steve Johnstone has grown the most profitable Revenue Share network to over 500 agents in two years.
eXp Realty South Africa is at a whopping 900 real estate professionals, having shifted from the 5000th largest real estate agency in South Africa to a confident number 9 by agent count.
We are the fastest-growing real estate company in Africa.
Our goal is to become the largest but most personalised real estate company in South Africa and remain the most agent-centric business in South Africa.
We are home to a number of CAP Agents.
Our Leadership Team of 14 has received a total of six Global Impact and Ambassador Awards, which is just eXceptional!
We are home to the GAAC Chairman Steve Johnstone.
In 2022, Steve Johnstone won the eXp Global Agent of the Year Award. 9
At eXp Realty South Africa, we truly believe that a win for one is a win for all! That’s why we love to shine a light on individual and collective successes. We’ve had a rewarding second quarter, with various milestones being reached that not only encourage us to keep on soaring, but also create a conducive environment for our teams to operate in.
James Conyers is our SAAAC Chairman.
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In 2022, James Conyers’ NRG Team, powered by eXp, was nominated Team of The Year by eXp Global.
We have attracted some of South Africa’s top-producing agents, the likes of Lizna Nel, Ferdie Abrahams, Lydia and Andre Vorster, Brad Neille and more!
Top teams have joined, with the likes of James Conyers, Lizna Nel, Christine Appel, Brent Currin and their teams joining eXp Realty South Africa, to name a few.
We’re home to top emerging agents such as Garikai Mudzudza and Tarci Sefara, to mention a few.
The former CEO of Leapfrog Properties, Kura Chihota has hosted various conferences across Africa, as Stage Host, a very prominent individual in the property market.
Top trainers have joined eXp Realty South Africa, such as Steve Johnstone, Lee Roelofse, Sonja von Gericke, and international trainer coach, Stuart Hyslop.
We hosted eXp’s first mega event known as The Africa Leadership Tour and welcomed Michael Valdes, Meghan Kelley and Ilaria Profumi to our shores.
On 24 November 2022, a Social Responsibility cheque of R350,000 was handed to Gift of The Givers on behalf of our Agent Team.
The first Build Africa event was held on 26 April 2023 in Cape Town, marking the first agent-led Mega Event, with 400 paying guests. It was amazing! Thanks to Steve Johnstone and special guests, Brent Gove and Gene Frederick.
To wrap up
“From me, Andrew, we are the most caring, agent-centric real estate company on the African continent, with our focus on South Africa and creating this venture as the future of real estate. Through our tools, our technology, and the supportive nature of our people, we will build strength in Africa to leave a legacy for future real estate professionals. We welcome influential people and producing agents to come and enjoy the journey!”
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Step Into the Most Innovative University on the Planet
At eXp, knowledge is power!
Whether you’re new to real estate or are an experienced Property Practitioner, eXp has a wide range of classes to help you empower your business. Learning more about running a business and the real estate industry itself is key to any agent’s growth. We want to help you take your business to the next level, which is why we offer FREE classes to all our agents.
We’re a real estate brokerage like no other. We’re constantly introducing innovative and exciting ways to support our agents, such as eXp University – the most innovative university on the planet! Most of the 80+ weekly live classes are taught by top-producing eXp agents who share strategies, systems, and scripts relevant to achieving success in today’s real estate market. Recordings of classes are available to you at eXp University 24/7.
Click here to join the eXp Realty South Africa family and attend our free classes (live and recorded), meetings, as well as training and coaching sessions so you can turn your realty business into a huge success!
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eXp Realty South Africa is on the move again
eXp Realty South Africa has been touring the country with a series of Roadshow Events. Between April, May and June, we’ve had the pleasure of stopping in the Eastern Cape and The Garden Route. Networking and engaging with stakeholders and potential team members is an essential part of eXp’s success, and our team was grateful for the warm welcome they received. They can’t stop raving about
Hosted by Andrew Thompson and Team, these Roadshow Events featured guest speakers including Ferdi Abrahams and James Conyers of eXp South Africa, as well as Shaun Rademeyer, CEO of MultiNet Homeloans, and Candice Goldberg, Head of Sales and Marketing at The Virtual Agent and provided an opportunity to learn more about the world’s most innovative and fastest-growing brokerage, the eXp advantage, and how you can take your real estate career to the next level with the eXp Model
Our next Roadshow Event will see us in Durban, which will be taking place on Tuesday 25 July at The Oyster Box Hotel in Umhlanga Rocks. KZN, we’re looking forward to connecting with you. Keep an eye on our social media pages for more details on this revolutionary event and those to follow! Don't miss YOUR opportunity to eXperience eXp first-hand and see why more than 88,000 agents have put their
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Andrew Thompson
Ferdi Abrahams
Shaun Rademeyer
James Conyers
Candice Goldberg
EXP REALTY SOUTH AFRICA PROPERTY PRACTITIONER SUCCESS AWARDS
Our Property Practitioner Success Awards are a crucial part of our work. They allow us to shine a light on eXceptional Agents who have achieved CAP status or any of our other prestigious success awards every month.
The Property Practitioner Success Awards aim to honour the outstanding achievements of Agents who always go the extra mile by demonstrating an unwavering passion for their real estate businesses. This initiative serves as a platform to acknowledge the dedication and hard work of Property Practitioners who go above and beyond the call of duty to deliver eXceptional service to their clients.
Congratulations to our top-performing Property Practitioners for April, May and June 2023 - your commitment is truly inspiring!
INDUSTRY EVENTS
Reflecting on a successful Build Africa Conference
Hosted by Steve Johnstone, the Build Africa Conference took place from 26-27 April 2023 and was a massive success! Proudly sponsored by Boshoff Attorneys, Van der Riel & Associates, MultiNET Home Loans, and Currency Partners, we were thrilled to provide a platform for real estate agents to equip themselves for bigger things.
During the conference sessions, many eXp Realty South Africa CAP agents reflected on their own achievements alongside industry leaders and two of the most successful agents in eXp globally, Gene Frederick and Brent Gove.
Gene Frederick was headhunted by eXp Realty founder, Glenn Sanford in 2015. He joined eXp Realty when it was a fledgeling company and helped grow it into the largest real estate company in America by agent count. Gene now sits on the eXp Realty Board of Directors and has the single largest eXp revenue share team in the world!
Brent Gove has been successfully selling real estate in California since 1997. He has sold over 4,000 homes in the past 23 years and is now with eXp Realty, boasting more than 19,000 agents internationally in his revenue share group.
Well done, team!
INDUSTRY-SPECIFIC NEWS ARTICLES
Introducing Luna, our AI-Powered ChatBot
eXp is building on its focus on innovation and technology with the launch of an AI support chatbot called Luna. Powered by ChatGPT and GPT-4, Luna is available 24/7 to all eXp Realty agents to interact with the company, get assistance with day-to-day tasks, find answers to questions in real time, and get help on a variety of topics ranging from policies and procedures to tips for setting up listings, appointments, and generating reports.
The company is also incorporating AI into its web-based metaverse platform, Frame (framevr.io), which now has a GPT-powered assistant in its text chat and AI-based content generation tools. These help users increase productivity and customise their metaverse experience.
Founder & CEO, eXp Realty
“Luna is our first step toward using AI to empower agents. We created Luna in direct response to our agent NPS feedback. We hear from agents all the time that this business is 24/7, so this is another way to provide support in a way that helps drive our agents’ businesses.”
eXp Announces Blended Sense Partnership
eXp recently announced a strategic partnership with Blended Sense, a first-of-its-kind media technology platform, to provide its United States-based agents with access to high-quality production and asset management. The partnership will provide eXp Realty agents with preferred rates and a custom eXp Luxury program, and Blended Sense will be on-site at the event to meet with agents.
“We are thrilled to work with Blended Sense to offer our agents tangible value in today’s market as they look to generate quality content that helps market and sell listings,” said Leo Pareja, eXp Realty Chief Strategy Officer.
“Blended Sense will provide collaborative, easy-to-use, and high-quality video and photography services. This is exactly the type of platform I wish I had access to when I was a more active agent, it would have made a tangible difference in how I marketed my listings,” he added.
eXp is truly at the forefront of innovation and shaping the future of real estate across the globe.
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Interest Rate Hike and its impact on the Real Estate Industry
In May 2023, the South African Reserve Bank (SARB) announced yet another interest rate hike, this time by 50 basis points. This takes the repo rate up to 8.25%. In less than two years, since November 2021, SARB has hiked up interest rates by a total of 475 basis points. This is the highest rate we've seen since 2009. The recent hike is bound to impact the property market, but the good news is that it’s not all doom and gloom. Some economists anticipate an interest rate cut in early 2024. At eXp South Africa, we’re confident that we’ll be able to weather the storm and emerge triumphant on the other side!
