Business without borders: Inside eXp Realty

PHOTO: eXp Realty

Since its inception in 2009, eXp Realty has broken new ground with its cloud-based real estate brokerage. Now that the USborn realtor has expanded to Australia, Kylie Dulhunty takes a look at what the virtual agency has to offer.

The rapidly burgeoning cloud brokerage, eXp Realty, has hit Australian shores with its virtual reality technology offering agencies untold ability to scale up.

This month about 200 agents across five Australian states will join forces with the US-born brokerage, which boasts more than 22,000 agents in North America and here.Following the 2007 Global Financial Crisis, Glenn Sanford founded eXp Realty in 2009 as a way to save overhead costs associated with bricks and mortar real estate offices and future proof business during times of economic downturn.Expansion to the United Kingdom is also planned for this year and New Zealand has expressed interest in eXp Realty coming to the land of the long white cloud.

By the end of 2015, eXp Realty had 864 agents and at the end of 2017 this had jumped to 6,511.

Just six months later, the number of eXp Realty agents had just about doubled to more than 12,000.

In May last year, eXp World Holdings, the holding company for eXp Realty, started trading on the Nasdaq.

Its market capitalisation crossed $1 billion on the first day of trading.

In August this year, eXp World Holdings reported growing revenue 104 per cent, to a record $267 million, in the second quarter.

This was driven by a record number of transactions and agents at eXp Realty.