eXp World Holdings, the company Glenn Sanford founded and helms, surged as a major force in the last three years. Subsidiary eXp Realty, which Sanford founded in 2009, is now the nation’s fourth largest brokerage (2021 production of $156.1 billion in sales volume and 444,367 transaction sides), and continues to grow more rapidly, while achieving profitability, than all of its major competitors.
Even among the chaotic housing market of 2022, eXp posted record revenues and delivered a net income of $22.6 million in 2022 through the third quarter. The company had positive cash flows in this rough market, and ended the third quarter with $36 million more in the bank than a year ago. EXp’s results in 2022 through the third quarter stand out (compared to the same period a year ago):
- Revenue of $3.7 billion (up 37.0 percent)
- Sales volume of $149.7 billion (up 34.6 percent)
- Transactions of 402,961 (up 26.2 percent)
- Global agent count of 84,911 (up 30.1 percent)
Like other real estate companies, eXp is adjusting to the market and planning on cost-containment measures, but it also has continued to push forward. It is investing in coaching with its Success brand and launched a referral lead-generation service for eXp Realty agents in 2022, Revenos.
The company’s low-cost model combined with an enormous network of increasingly productive agents will likely prove attractive to agents, teams, and smaller independent brokerages. Sanford is still the primary shareholder of eXp and is in control of the company’s destiny, and our choice as the third most powerful person in residential real estate in 2023.