{"id":2886,"date":"2022-02-24T22:43:43","date_gmt":"2022-02-24T22:43:43","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/02\/24\/cloudbusting-exp-more-than-doubles-profits-in-2021\/"},"modified":"2025-03-13T02:40:28","modified_gmt":"2025-03-13T02:40:28","slug":"cloudbusting-exp-more-than-doubles-profits-in-2021","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/02\/24\/cloudbusting-exp-more-than-doubles-profits-in-2021\/","title":{"rendered":"Cloudbusting: eXp more than doubles profits in 2021"},"content":{"rendered":"\n
\"eXp-CEO-Glenn-Sanford-HW_\"
eXp founder and CEO Glenn Sanford<\/figcaption><\/figure><\/div>\n\n\n\n

Years before Mark Zuckerberg introduced the \u201cMetaverse,\u201d there was eXp,<\/strong> a cloud-based real estate<\/a> brokerage where executives and agents appear on a computer screen as if they are characters in Second Life or The Sims.<\/p>\n\n\n\n

On Thursday the cartoon avatars returned. eXp founder and CEO Glenn Sanford reported a profitable year for a brokerage that is quickly growing.<\/p>\n\n\n\n

Net income at eXp was $81 million for 2021, according to a virtual world earnings call Thursday livestreamed on YouTube<\/strong>. That\u2019s a 162% jump from $31 million in 2020 profit.<\/p>\n\n\n\n

\n

Revenue increased 110% to $3.8 billion in the year. But that figure includes full home sales commissions, which mostly return to eXp\u2019s independent contractor agents. Once commissions and other related costs are subtracted, total revenue was $296 million.<\/p>\n\n\n\n

The brokerage is generating more revenue because eXp is briskly hiring agents, and those agents are doing more deals. Agent count increased 72% in 2021 to over 71,000 at December\u2019s end. The count now hovers at 76,000, Sanford said, while boasting 1 in 25 U.S. agents are now at eXp.  <\/p>\n\n\n\n

eXp agents took part in 444,367 deals in 2021, 86% more than 2020. And eXp reported a year-over-year 116% explosion in transaction volume to $156 billion.<\/p>\n\n\n\n

eXp has grown both quickly and profitably, Sanford said, unlike other brokerages that are burning through money, a possible reference<\/a> to Compass<\/strong>.<\/p>\n\n\n\n

\u201cOf the hypergrowth companies, we\u2019re the only one that\u2019s being consistently profitable,\u201d Sanford said, adding eXp is \u201crunning a model that can be sustainable in the long run. We don\u2019t need to raise the money to continue to grow and sustain the brokerage.\u201d<\/p>\n\n\n\n

The brokerage\u2019s growth, however, has lost its Wall Street sheen. eXp\u2019s stock price and corresponding market capitalization has plummeted more than 200% in the past year, to presently over $3.9 billion.<\/p>\n\n\n\n

In response to a question about its stock price, an eXp spokesperson replied with a company statement, “We can\u2019t comment on near term volatility in the stock price as it is ultimately determined by external market factors. Management is focused on expanding the business through the company\u2019s primary focus on enhancing its value proposition for agents, which has resulted in increasing market share capture and profit.”<\/p>\n\n\n\n

The dissonance between financial performance and stock was not addressed on the earnings call. But Sanford did say how the company might diversify beyond sales commissions.<\/p>\n\n\n\n

Sanford discussed a partnership<\/a> with Glenn Stearns\u2019 Kind Lending<\/strong> to originate and refinance mortgages, which has now launched in 23 states. This mortgage joint venture \u2013 a business plan that has enjoyed a renaissance in popularity<\/a> among brokerages and lenders the past five years \u2013 could attract mortgage talent looking for work amid the refinancing freefall<\/a>.<\/p>\n\n\n\n

\u201cWe are actually hiring local on the ground loan officers,\u201d Sanford said, adding that \u201csuccessful LO teams\u201d are being hired in Illinois, Texas and Colorado.<\/p>\n\n\n\n

Another possible growth opportunity is eXp\u2019s international presence. The brokerage is in over 20 countries, Sanford said, adding there is \u201ca lot of growth\u201d in Israel and South Africa. But eXp has not broken out international revenue.<\/p>\n\n\n\n

At one moment during the livestream it appeared Sanford might comment on eXp\u2019s puzzling stock performance, only for the feed to cut out.<\/p>\n\n\n\n

\u201cAnyone got Glenn\u2019s comments on the stock,\u201d a livestream participant calling themselves XM chatted.<\/p>\n\n\n\n

Participant blayzei shot back, \u201cStream going down just when should\u2019ve talked about the stock and how it has lost 50% of the last six months or so,\u201d a remark punctuated by a smirking face emoji.<\/p>\n\n\n\n

Also not addressed is the fracas<\/a> between eXp and Keller Williams<\/strong>, An Austin, Texas judge issued a restraining order on former Keller Williams CEO Mark Willis joining eXp, because Willis holds shares in three Keller Williams franchises. Meanwhile, eXp has made Willis\u2019s status a cause celebre as Sanford has egged on<\/a> a \u201cfreemarkwillis\u201d Twitte<\/strong>r hashtag, and frequently tweeted about the situation.<\/p>\n\n\n\n

Judge Cleve Doty scheduled a hearing for April on whether to extend the restraining order. Willis has declined to comment on the matter.<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

Net income at eXp was $81 million for 2021, according to a virtual world earnings call Thursday livestreamed on YouTube. 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