- 40,000 real estate agents globally use eXp platform
- Agents can earn income from referring other agents
- They can also own shares in NASDAQ-listed EXPI
- EXPI has market capitalisation of US5.4B
- eXp operates in Australia, US, Canada, UK...
Over ten years old, but relatively new to Australia, ‘eXp’ is an agent-owned cloud-based real estate company that claims to have more than 40,000 agents across the world.
Stephen Lea, their International Expansion Leader for Australia, says that the company “does things differently by utilising the latest technology and innovative marketing to drive better outcomes for clients.”
Their agents can be found in the US, Canada, United Kingdom, France, Mexico, South Africa, India, Portugal as well as Australia.
Puerto Rico, Brazil, Italy and Hong Kong are additional jurisdictions eXp will be setting up shops in the first quarter of 2021, according to information the company put out this morning.
According to the company, they offer a “unique financial model” for residential real estate agents, going beyond attractive commission rates to provide agents with “an opportunity to earn additional income by helping the company grow its agent base anywhere in the world” as well as earning equity in the eXp World Holdings Inc (EXPI).
The company is publicly traded on the NASDAQ, and as of today their shares were trading at US$77.97 (market cap US$5.45B), almost eight times the price a year ago. eXp Australia is a subsidiary of eXp World Holdings Inc.
These stock programs are contigent on the agent’s listing and selling activities. eXp’s cloud-based brokerage is powered by Virbela, the company’s immersive and collaborative platform, which enables its agents to communicate, meet and conduct business in a virtual world.
Think ‘Second Life’ (remember them?) for real estate.
According to their website, the eXp Australia operations have licensees in Victoria and Western Australia.
Time will tell if this will become a real estate tech breakthrough in Australia.