Issue 9 - 2025
Introduction From the Editor
Dear eXp Family,
As we close off Q1, I’m delighted to share that our Leadership Team will be operating at full strength by 1 April—no jokes! And that's not all—come 1 May 2025, we welcome a highly experienced Operations Manager to our team. This addition will significantly elevate our support structure and further enhance the Agent eXperience we’re so passionate about.
We're also thrilled to announce the expansion of our support team. Please join me in warmly welcoming new members to our eXpert Care Desk Concierges, Surene Palvie, Ryan Theunissen, and Sherwin October—who transitions from being one of our very own agents. Our new Transactional Specialists include Elize James, Rene Botha, and Gavin Gericke. Khanya Gundwana joins us as our Marketing Coordinator. Watch this space for the official announcement of our Ops Manager soon. These additions ensure even more responsive, personalised, and lightning-fast support for our agent partners.
On the Transactions front, together with our international counterparts and our local team led by Nyarai Mubaiwa, we’re fine-tuning the most professional, efficient, and agent-centric transaction process in the market. It’s been inspiring to see our agents step up to share insights and help streamline processes—special kudos to Lizna Nel for leading the way in helping agents get paid faster!
Can you believe we’re almost in April? Though our Annual Awards were held back in early December 2024, the energy from that celebration still resonates. Please save the dates:
• eXpCon Cape Town - 18 and 19 February 2026
• Annual Awards 2025 – 20 February 2026
(These are provisional dates. Venues to be confirmed, and updates will follow.)
A heartfelt congratulations to Steve Johnstone and his entire team for the extraordinary success of Build Africa. They’ve set the bar for what’s possible. Looking ahead, we’re excited about a Gauteng-based agent-led event, co-hosted by Nadia Hurter, where we’ll be joined by none other than David and Traci Gangnon—sharing their incredible eXperiences with both our agents and potential future partners. Our nationwide Roadshows—nearly 40 in total for the year—are now in full swing. A massive thank you to Stuart Hyslop for his powerful presentations. We are especially excited about The Big Agent Show, an epic showcase of our tools, tech, systems, and people.
Finally, a sincere thank you to each of you for your ongoing contribution and commitment to our shared vision. Together, we are building what could very well become the largest—but most importantly, the most welcoming—real estate company on the African continent. At eXp South Africa, we're on this powerful journey together, not just building a business—but building a community grounded in care, collaboration, and purpose.
In that spirit, I’d like to close with a deeply personal note that touches the heart of who we are as a company.
One of our own, Andrew Parker, recently reached out to me—not to ask for help in business, but for something far more important. His 9-month-old son, Leo, has been diagnosed with a rare bone marrow disorder and urgently needs a stem cell transplant. The challenge? Finding a compatible donor match, which has odds of 1 in 100,000.
The test is simple—a non-invasive swab—and the impact could be life-changing. We’ll be sharing details on how you, your families, and our broader eXp global network of 85,000+ agents can get involved and possibly help save Leo’s life. Visit or your local bone marrow registry.
dkms-africa.org/help-save-leo
This is what makes eXp different. We show up. We support each other. And together, we can do incredible things—not only in real estate, but in life.
Here’s to growth, eXcellence, and doing real estate differently.
With Gratitude, Andrew Thompson Country Leader, eXp Realty South Africa
eXp World HoldingseXp Realty News
eXp World Holdings Reports Q4 and Full-Year 2024 Results
eXp World Holdings, Inc. has announced the financial results for the fourth quarter and fiscal year ended Dec. 31, 2024.
“At eXp, we redefine what’s possible in real estate, with our agent-centric platform offering unlimited growth opportunities for agents,” said Glenn Sanford, eXp World Holdings Founder, Chairman and CEO. “I’m especially proud that we issued 1.8 million shares to agents, at an estimated value of $22 million in 2024. We ended the year with strong momentum, with our top 10 U.S. agents closing over $100 million of transaction volume in December alone. We are the platform where the pros go to grow, and we look forward to more exciting announcements in the weeks and months ahead.”
“We built the largest independent brokerage on the planet thanks to our innovative, efficient operating model, which allowed us to maximise our investments in what matters most to eXp agents,” said Leo Pareja, CEO of eXp Realty. “We are relentlessly driving further innovations in our platform as we expand the unparalleled suite of technology tools and learning opportunities to enable agent success. 2025 is the year that we make bold moves across the company. Last month we were thrilled to welcome several notable high-profile agents including Spring Bengtzen, leader of the Utah Life Real Estate Group, a team of over 80 top-producing agents who closed $316 million of annual sales last year at Real brokerage, to the eXp platform. The results speak for themselves – Glassdoor recognised eXp as a top 10 place to work in 2024 for the 8th consecutive year, an honour that reflects the passion and dedication of our entire eXp community. In a year of bold moves at eXp, we look forward to partnering with both new and experienced agents to turbocharge their success.”
Fourth Quarter and Full-Year 2024 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:
• Full-year revenue increased 7% to $4.6 billion in 2024 with revenue of $1.1 billion in the fourth quarter of 2024.
Full-year net loss of $(21.3) million in 2024 with net loss of $(9.5) million in the fourth quarter of 2024. Fourth quarter net loss included a $4.9 million (net of tax loss of $3.7 million) impairment charge for goodwill
discontinued operations of $12.2 million in 2024 with adjusted net loss of $(4.6) million in the fourth quarter of 2024. Full-year adjusted net income per diluted share of $0.08 in 2024 with adjusted net loss per diluted share of $(0.03) in the fourth quarter of 2024.
• Full-year adjusted EBITDA (a non-GAAP financial measure) of $75.5 million in 2024. Adjusted EBITDA was $7.7 million in the fourth quarter of 2024.
• As of Dec. 31, 2024, cash and cash equivalents totalled $113.6 million, compared to $125.9 million as of Dec. 31, 2023.
• Full-year adjusted operating cash flow (a non-GAAP financial measure) of $180.4 million in 2024. Adjusted cash operating flow was $25.1 million in the fourth quarter of 2024.
• Distributed $171.2 million to shareholders in fiscal 2024, including approximately $141.1 million of common stock repurchases and $30.1 million of cash dividends.
The Company paid a cash dividend for the fourth quarter of 2024 of $0.05 per share of common stock on Dec. 2, 2024. On Feb. 14, 2025, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for the first quarter of 2025, expected to be paid on March 19, 2025 to stockholders of record on March 4, 2025.
Fourth Quarter and Full-Year 2024 Operational Highlights as Compared to the Same Year-Ago Period:
• eXp ended the fourth quarter of 2024 with a global agent Net Promoter Score of 77, consistent with the fourth quarter of 2023. 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 5% year-over-year to 82,980 as of Dec. 31, 2024.
eXp Realty Paid
More Than $220 Million in Revenue Share and Equity Benefits to Agents and Brokers in 2024
eXp World Holdings, Inc. has paid more than $220 million in revenue share and equity benefits to its agents and brokers in 2024, reinforcing its mission to create unparalleled financial opportunities for real estate professionals.
“In a time when many agents are searching for stability and financial growth, eXp Realty continues to deliver real, tangible wealth-building opportunities beyond just commissions,” said Leo Pareja, CEO of eXp Realty. “This is a testament to our commitment to empowering agents with a business model that prioritises their success, rewards their contributions, and gives them ownership in the company they help build.”
Unlike traditional brokerages that retain the majority of earnings, eXp Realty’s unique revenue share model and equity incentives give agents direct access to long-term wealth creation. In 2024 alone:
• Revenue Share: Agents earned leveraged income by growing their networks and supporting their peers.
• Equity Ownership: Agents earned stock awards for production milestones, creating real ownership and investment in the company’s success.
As eXp Realty expands globally, the company remains steadfast in its commitment to agent success, financial empowerment, and industry innovation.
“Our model isn’t just about selling homes — it’s about transforming the way agents build their futures,” added Pareja. “When agents win, we all win and that’s what makes eXp Realty unstoppable.”
eXp Realty Listed on Glassdoor’s "Best Places to Work" for Eighth Consecutive Year!
eXp Realty® has been named on Glassdoor’s Best Places to Work list for the eighth straight year in the U.S., ranking No. 7 out of 100 in the U.S. Large Company list – a jump from No. 22 last year.
“Our recognition as one of Glassdoor’s Best Places to Work for the eighth consecutive year – and our remarkable leap to No. 7 this year – is a testament to eXp Realty’s unwavering commitment to creating an agent-centric environment and fostering satisfaction among our agents and staff alike,” said Leo Pareja, eXp Realty CEO. “At eXp, we prioritise innovation, collaboration, and growth opportunities that empower our team to thrive, and this honour reflects the passion and dedication of our entire eXp community. We remain steadfast in our mission to redefine real estate by putting our people first.”
Renee Kaspar, Chief People Officer at eXp Realty, concurred:
“At eXp Realty, we believe that a supportive and inclusive workplace is the foundation for innovation and success. Being named on Glassdoor’s Best Places to Work list for the eighth year in a row, and climbing to No. 7, highlights the strength of our culture and the meaningful connections we foster with our agents and staff. This achievement reflects our commitment to listening, evolving, and providing an environment where everyone feels valued and empowered to reach their full potential.”
Glassdoor’s Employees’ Choice Award is in its 17th year and is based solely on the input of company employees who submit anonymous feedback on Glassdoor by completing a company review about their job, work environment and employer.
Employees are asked to rate their satisfaction with the company overall and provide ratings for nine workplace factors, including career opportunities, compensation and benefits, culture and values, senior management, diversity and inclusion, and work/life balance. Employers considered for the large list must have received at least 75 ratings for each of the nine workplace attributes, which are taken into account as part of the awards algorithm.
eXp Realty Launches Local Sponsor Partnership Programme to Strengthen Global Agent Success
eXp Realty® has launched its Local Sponsor Partnership Programme. This innovative initiative is designed to enhance local expertise while fostering global growth for eXp Realty agents.
The programme addresses the need for in-country support by pairing eXp agents with experienced Local Sponsors in their respective markets. These Local Sponsors provide hands-on guidance to ensure agents successfully implement eXp Realty’s cutting-edge tools and thrive in their local real estate landscapes.
“Through the Local Sponsor Partnership Programme, we’re empowering our agents with the resources and mentorship they need to succeed in their local markets while growing globally,” said Glenn Sanford, Founder, Chairman and CEO, eXp World Holdings. “This programme represents the essence of eXp Realty’s commitment to agent success by providing a collaborative framework that drives innovation, growth and local expertise.”
For agents with an international sponsor, the Local Sponsor Partnership Programme ensures they receive personalised, in-country support to navigate their markets effectively. The programme also opens opportunities for experienced eXp agents to become Local Sponsors, enabling them to lead locally and earn level-one revenue share earnings from their sponsee’s transactions.
“This is more than a programme; it’s a movement toward empowering agents with the tools and mentorship they need to lead locally and achieve unparalleled success globally,” Sanford added. With this new initiative, eXp Realty agents can now benefit from a robust support system that strengthens local leadership and fosters collaboration across global markets.
eXp Global Events
RECAP
The agent-led BUILD AFRICA 2025, held on February 26–27 at the Hillsong Church facility in Century City, Cape Town, was a remarkable gathering of real estate professionals from across the continent. Hosted by our very own Steve Johnstone, the event brought together some of the best real estate minds to inspire and educate agents on building a great life using eXp Realty's disruptive model.
Over the course of two action-packed days, attendees engaged in dynamic discussions, listened to testimonials, and participated in sessions filled with game-changing tips and tricks aimed at thriving in the real estate world. The conference emphasised community, family, and growth within the industry, fostering powerful connections among professionals.
The success of BUILD AFRICA 2025 is a testament to the dedication and hard work of our local teams. Their commitment to creating an unforgettable, agent-led event has set a new standard for real estate conferences in Africa, learning, growth, and collaboration among professionals.
Expand Your Horizons at eXpcon Barcelona 2025!
Join us in the vibrant city of Barcelona for an international celebration of real estate innovation and opportunity. This three-day event connects agents and leaders from around the world, offering a unique global perspective on trends, tools, and strategies. Whether you’re expanding your network or gaining fresh insights, eXpcon Barcelona is your gateway to a world of real estate success. Be part of a truly international gathering – where borders blur, and growth knows no limits!
Looking Back at the eXp Realty South Africa Annual Awards Gala!
We ended off 2024 with the eXp Realty South Africa Annual Awards Gala, a spectacular evening dedicated to celebrating the exceptional achievements of our real estate professionals. Throughout the evening, we honoured team members who have demonstrated dedication, excellence, and success over the past year. Attendees enjoyed live music, dancing, and an unforgettable sense of camaraderie – a true reflection of our vibrant and supportive network.
Beyond the awards and accolades, the gala reinforced eXp Realty’s culture of collaboration and excellence, showcasing the power of a team that continuously raises the bar in the South African real estate market.
To our incredible agents, thank you for your hard work and passion. Your success is what makes eXp thrive.
eXp Agents Ride with Champions at the Cape Town Cycle Tour
At eXp Realty South Africa, we take immense pride in celebrating not just professional excellence but also the remarkable personal achievements of our agents. This past Sunday, 9 March, two of our outstanding agents, Tyler Wantling and Neil Robinson, showcased their incredible determination and athleticism by joining the prestigious Laureus Sport for Good VIP Peloton at the Cape Town Cycle Tour.
Tyler Wantling delivered an extraordinary performance, completing the course in an impressive 2 hours and 48 minutes. His speed, endurance, and commitment truly exemplify the spirit of excellence that defines eXp Realty.
Neil Robinson, demonstrating incredible perseverance and strength, crossed the finish line in 3 hours and 30 minutes. His dedication and resilience serve as an inspiration to us all.
Adding to the prestige of the event, Tyler and Neil cycled alongside none other than Bryan Habana, Chairperson of Laureus South Africa, and a team of individuals who embody excellence, purpose, and passion. Their participation in this elite group underscores the calibre of professionals we are privileged to have within the eXp family—agents who continuously push boundaries, both in real estate and in life.
To Tyler and Neil, we extend our heartfelt congratulations and gratitude for representing eXp Realty South Africa with such distinction. Your achievements inspire us to strive for greatness and to uphold the values of perseverance, dedication, and ambition in all that we do.
At eXp Realty, we believe in pushing limits and redefining what’s possible. Let’s continue to aim high—on the track, in our careers, and in our communities.
Welcome to Our New Leadership Team Members
eXp Realty South Africa is growing, and we’re delighted to introduce the newest members of our team!
eXpert Care Desk: Surene Palvie, Ryan Theunissen, and Sherwin October
Transactions Team: Elize James, Rene Botha, and Gavin Gericke Marketing: Khanya Gundwana
Join
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eXp welcome!
At 22, Shene Vorster Has Become South Africa’s Youngest Capping Agent With eXp Realty
Shene Vorster is a real estate trailblazer. As the youngest capping agent in South Africa with eXp Realty at age 22, she is a true testament to the power of eXp’s transformative model through innovation, determination, and community.
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 and are also eXp Realty agents. 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.
Assisting her parents with administrative tasks at eXp Realty opened her eyes to the opportunities within the company. While helping 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 scepticism 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 eXp South Africa team leader 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 centre of her journey.
Lizna Nel Becomes Our Second-Ever ICON Agent in South Africa!
“We as the eXp family salute Lizna in every respect, she is one dynamic person. It’s these key relationships that foster the incredible community of real estate professionals. We are truly thankful to have Lizna be part of this growing disruptive and visionary team. To put it simply, she is iconic!”
- Andrew Thompson Country Leader, eXp Realty South Africa
Join us in congratulating Lizna Nel on becoming our second-ever ICON Agent in South Africa, proving that she really is among the best of the best at eXp Realty.
So, what does it mean to be an ICON?
ICON Agents are top-tier real estate professionals who not only excel in closing high-volume transactions but also give back to our global agent community through mentorship, leadership, and cultural contributions. They embody excellence, collaboration, and production!
As an ICON Agent, Lizna unlocks unparalleled benefits, including:
• Up to 100% Commission: ICONs have the opportunity to earn their entire cap back in company stock, reinforcing eXp Realty’s agent ownership model.
• Industry Recognition & Influence: ICON status elevates agents as leaders and mentors, shaping the future of real estate.
• Exclusive Access: Gain VIP entry to ICON masterminds, elite training, and global industry events.
• Equity in eXp Realty: Build long-term wealth through stock awards in one of the most innovative brokerages on the planet.
Beyond her personal success, Lizna is a dedicated leader and advocate for agents worldwide.
• Chairman of the International Agent Advisory Council (IAAC): Representing eXp agents on a global scale, helping shape the future of our company.
• South African Agent Advisory Council (SAAAC) Member: Driving eXp Realty’s continued success as the most agent-centric brokerage in South Africa.
• Cape Town Leader: At the forefront of Realtors South Africa powered by eXp, one of the fastest-growing real estate teams in the region.
When you hear Lizna Nel’s name in the world of property, one thing becomes clear: she is more than just a real estate entrepreneur; she is a force of nature. A visionary who has leveraged her entrepreneurial spirit, grit, and boundless passion for people to not only carve out a prominent space for herself in the property industry but also to create lasting, transformative change in the lives of those she mentors.
From her humble beginnings in a small, remote town in South Africa to becoming one of the most influential property entrepreneurs in the world, Lizna’s story is one of overcoming obstacles, seizing opportunities, and leading with heart and authenticity.
Lizna, your hard work, leadership, and commitment to agent success inspire us all. Thank you for making an impact—locally and globally.
Breaking Bread and Building Connections with BLD
Powered by eXp
As part of the 2025 roadshows, BLD Powered by eXp is redefining the way we connect as a team. This exclusive Breakfast, Lunch, and Dinner series strips away the formalities – no speeches, no presentations –just genuine conversations in an intimate setting. Hosted by agents and supported by eXp Leadership, who serve as guides at each table, BLD is for collaboration, idea-sharing, and authentic engagement over a shared meal.
Our recent Breakfast with eXp Realty South Africa at The Riverside Hotel in Durban was nothing short of extraordinary! The energy in the room was electric, proving once again that the best connections happen when people come together over great food and great conversation.
A heartfelt thank you to everyone who joined us, and a special shoutout to our incredible sponsors – Old Mutual, MultiNET, Lightstone, Currencies Direct, ESI Attorneys, and ABSA – for making this experience possible. We're excited to host you again on 22 May 2025 in Mossel Bay for lunch. Stay tuned for more details soon.
The One Thing with Stuart Hyslop Recap
What if one simple change could transform your entire life? That was the question at the heart of The One Thing with Stuart Hyslop, powered by eXp Realty South Africa.
Held at The Riverside Hotel in Durban, this high-impact event introduced attendees to the ONE Thing method, a powerful principle that drives success by focusing on a single priority. Stuart Hyslop shared practical, actionable strategies from the best-selling book of the same name to help professionals cut through distractions, set clear goals, and achieve extraordinary results in their careers and personal lives.
Thank you to our sponsors, Old Mutual, MultiNet, Lightstone, Currencies Direct, ESI Attorneys, and ABSA. We hope to see you at the next one on 21 May 2025 in George.
Introducing the South Africa Agent Advisory Council (SAAAC)
We’re thrilled to reintroduce the South African Agent Advisory Council (SAAAC)! This incredible group of leaders is dedicated to amplifying the voice of our South African agents and ensuring we remain the most agent-centric real estate brokerage in the country. The SAAAC will play a vital role in bridging the gap between agents and leadership, driving innovation, and helping shape the future of eXp Realty in South Africa.
Continuing their incredible work from 2024 into 2025 are:
• James Conyers (Chairman)
• Alet Marais
• Brad Neille
• Kalpana Soni
• Lizna Nel
• Wesley Williams
• Andre Vorster
• Ferdi Abrahams
• Tiego Ntseare
Together, we’re redefining real estate and building a stronger, more empowered agent community.
James Conyers (Chairman)
Alet Marais
Brad Neille
Lizna Nel
Kalpana Soni
Wesley Williams
Ferdi Abrahams
Andre Vorster Tiego Ntseare
Industry News
Johannesburg’s Property Market Surges as Remote Work Declines
corporations and attracts the most lucrative business opportunities. This means career progression is tied to being in proximity to head offices and leadership teams based in Johannesburg. Many of the properties sold in 2024 were close to the city’s commercial hubs – Midrand, Bedfordview and the northern suburbs of Johannesburg. The market has also been boosted by the recent announcement of interest rate cuts.
South Africa’s Average Property Price Climbs to R1.6 Million
property owners – but not so much for prospective buyers – as the trend of rising property prices is expected to continue. Houses are becoming less affordable for most South Africans as the value of property is increasing faster than the rate of salary increases, a trend that also applies internationally.
There are multiple expected implications of this development for the property market – reduced property sizes, increasing micro-apartments, and increased amenities in newly built apartments and houses for competitiveness. Home financiers are also to enjoy reduced risk, as houses that are financed today are to be worth more on average in the future.
Even with such challenges, South Africa’s residential property market has started to recover after a tough year. The repo rate cuts, currently down to 7.50%, are boosting the real estate market. Although there is always a desire to buy or sell real estate, people tend to wait for encouraging indications from the market during difficult economic circumstances.
