Very few have experienced the kind of growth that Sanford experienced the past five years. After an astonishing 2021, the end appears nowhere near in site. Sanford’s cloud-based real estate brokerage company that he founded in 2009, eXp Realty, a subsidiary of eXp World Holdings (Nasdaq: EXPI), exploded in 2020 and 2021, cementing its transition from an innovative new business model to full-blown national real estate brokerage powerhouse, now expanding globally as well.
Take a look at EXPI’s market cap during the past few years:
- 2018: $0.41 billion
- 2019: $0.72 billion
- 2020: $4.41 billion
- 2021: $5.85 billion
For a brief moment in February 2021, the company’s market cap reached $11.6 billion, surpassing the peaks of Realogy, Redfin, RE/MAX and Compass. At the time of writing in late 2021, its market cap had gone down to $5.4 billion, but still much higher than Realogy’s market cap of $1.9 billion. RE/MAX is $546 million, Redfin at $4.3 billion and Compass at $3.8 billion. During the same time, Sanford’s power in the industry rose as well; he ranked on the SP 200 at No. 190 in 2014, broke into the top 100 at No. 88 in 2018, and rose in subsequent years to No. 32, then No. 15 and to No. 5 last year.
In the brokerage’s early years, the rest of the industry largely ignored eXp and the promise of a virtual brokerage, downplaying it as harmless online play and a wannabe Keller Williams profit-sharing, agent and team-focus model. There is no ignoring eXp Realty anymore. The two names that come up time and again when brokers get together to compare notes, review competitors and consider options, are eXp Realty and Compass. As the saying goes, “First they ignore you, then they laugh at you, then they fight you, and then you win” … if you work diligently for years, have great timing, and great idea and you are very lucky as well.
The race for dominance continues and although eXp hasn’t won, and its boldest competitors are still larger by agent count, transaction count and sales volume, the gap has certainly closed significantly. EXp World Holdings, eXp Realty’s parent company, ended the third quarter 2021 with these numbers for the quarter:
- 65,269 global agent count, an 82 percent increase from third quarter 2020.
- $1.1 billion in revenue, a 97 percent increase from third quarter 2020.
- $23.8 million, a 60 percent increase from third quarter 2020.
- $46.6 billion in sales volume and 130,029, an increase of 97 percent and 72 percent, respectively, from third quarter 2020.
EXp benefited enormously from Covid-19 when agents decided in droves to work remotely and virtually. Furthermore, with Facebook’s move to virtual with its Meta rebranding and with other big tech power companies also expanding their virtual strategies, eXp World Holdings, is in poll position to grow more. EXp also owns Virbela, the creator of it’s the virtual business environment used throughout eXp Realty and which now licenses it to companies in many industries including the Massachusetts Institute of Technology, UC San Diego, technology firm HTC and RC Royal Bank.
And the man leading the eXp charge is Glenn Sanford. Like founders and entrepreneurs Rich Barton, Gary Keller and Dave Liniger, Sanford is the primary shareholder and is in control of the company’s destiny, and our choice as the second most powerful person in residential real estate.