eXp Realty
March 11, 2021
eXp World Holdings, parent of eXp Realty, reported 2020 revenue of 1.80 billion dollars, up 84 percent from 979.9 million dollars. Net income was 31.0 million dollars, compared with a loss of 9.6 million dollars in 2019, which the company called its most profitable year. Fourth-quarter revenue was 609.3 million dollars, up 122 percent, and quarterly net income was 7.7 million dollars.
Agents and brokers on the eXp Realty platform rose 63 percent to 41,313 at year end, from 25,423, and stood above 48,000 at the time of the release. Residential transaction volume for the year rose 89 percent to 72.2 billion dollars. Fourth-quarter volume was 24.6 billion dollars, up 123 percent. Cash rose to 100.1 million dollars from 40.1 million dollars.
Founder and chief executive Glenn Sanford said the cloud brokerage kept operating while the company added more than 15,000 agents and opened in five countries during 2020: France, Portugal, Mexico, India, and South Africa. After year end it launched in Puerto Rico and Brazil and said Italy and Hong Kong were planned before the end of the first quarter. It also started eXp Commercial in 29 states and bought Showcase IDX and SUCCESS Enterprises.
Chief financial officer Jeff Whiteside said agent growth and transaction volume produced the profit record and that U.S. brokerage expansion and new international markets should continue in 2021.