It’s a New World

by on October 26, 2017 in General

As eXp Realty grows, the place where we communicate, collaborate and have fun needs to grow right along with it.

On Tuesday, we will launch a new version of eXp World that includes new, creative elements as well as performance, stability and usability improvements. Users will be able to experience new features that are based on feedback from agents, brokers and staff such as additional women’s clothing, emojis and even water sports you can enjoy in the comfort of your own home office!

We’ve heard from many agents that they want to work alongside others instead of by themselves in eXp World. To that end, we are testing a shared working environment where users can build community and collaborate in a team room. Team rooms are ideal for agent teams or state brokers. During the next few months, we will gather feedback on this concept and determine if groups want to “lease” team rooms.

It’s a new eXp world. Attend the eXp World Secrets Unveiled class or just get in there and explore the new and improved features:

1. Additional women’s clothing: New tops, jackets, skirts, pants and shoes. Go to settings in the top right-hand side of the screen and select “Change Avatar”.

Additional women’s clothing

2. Emojis for chat: Feeling a little sadness, joy or anger? Add some emotion to your chat. Just click on the emoji icon in the chat window, select and press enter.

Emojis for chat

3. Power boats in the lagoon: Take these out for a spin! From the “Welcome Area” take a right past the “Tech Outpost” and walk to the water.

Power boats in the lagoon

4. Co-working in the cloud: Test the co-working concept and see how you like it. Go to the first skyscraper, walk to the front doors and enter. Be sure to send us your feedback.

Co-working in the cloud

5. Share any website: With the new integrated browser, now users can share and interact with any website from every meeting room.

6. Simple screen share: Share a screen more easily with fully integrated FreeConferenceCall.com or a personal Join.me account.

How to screen share with FreeConferenceCall.com:

  1. Click on the screen you wish to share on
  2. Click on “Share Your Screen” icon in lower right
    Click on “Share Your Screen” icon in lower right
  3. Follow the prompts on to set up an account (new users)
  4. Click on “Host”
  5. Use the FreeConferenceCalling.com control panel to select what you wish to share
    Use the FreeConferenceCalling.com control panel to select what you wish to share
    Use the FreeConferenceCalling.com control panel to select what you wish to share

7. Resizeable window: Easily resize the eXp World window by dragging or clicking on the “minimize/maximize” browser button.

8. Improved YouTube support: Videos automatically go to full screen and play/pause is synced with other users.

9. Improved Google slides support: Edit in eXp World. Enter link address in lower right URL box to automatically present.

To install the new version (starting Oct. 31):

Want to learn more?

Join the eXp World Secrets Unveiled class to learn how to maximize eXp World, the tools available and the secrets that are hidden within our cloud campus environment. Upcoming classes:

Comments ( 0 )

eXp Insider: Improving the Speed of Commission Payments

by on October 26, 2017 in eXp Insider

Some of you have heard about Operation Payment Express, eXp’s initiative to speed up commission payments to our agents and create standard payment procedures. But with so many new agents and others asking for an update, we talked to Kee Wah Chung, vice president of agent experience, and Patty Shaw, director of the transaction and payment team, to hear the latest.

Q: What’s Operation Payment Express and how does it help agents?
Kee Wah: Back in late May 2017, we started an initiative called Operation Payment Express, or OPE. It’s an ongoing initiative to improve the speed and accuracy of paying out commissions to agents on completed transactions. During the first phase of OPE, our goal was to initiate payment on 90 percent of all core transactions within one business day by June 30 — we exceeded our goal by June 20.

Today, we generally work on settlements and disbursement authorizations the same day — this is a HUGE WIN! This quick turnaround puts money in agent’s pockets faster and allows them to better manage their business finances.

Q: What does “initiate” payment mean?
Patty: Initiate is when eXp Realty electronically sends a commission payment to the agent’s bank account. Some financial institutions (e.g., credit unions) may take additional time to post a payment however we want to ensure we “initiate” a payment as quickly as possible.

Q: That is exciting news. How did you do it?
Patty: We focused on the key themes of people, process and technology. We increased the number of individuals focused on settlement and disbursement from one to eight team members. In addition, we streamlined our internal processes, and helped to expedite transactions and payments. Lastly, we leveraged technology that would manage all commission payment through a “ticketing system”. We saw a dramatic increase of payment velocity and visibility of transactions across the teams as a result. Currently, we are working with the Enterprise development team to add the entire transaction and payment workflow so only one tool is used to drive this process, further increasing efficiency and accuracy.

Q: How can we find out more?
Kee Wah: Since the beginning of June, we have held regular Operation Payment Express meetings. Aligning to our core values of transparency and collaboration, this is an internal meeting that we open up to all agents, brokers and staff who want to gain insight on the continuous improvements and efforts we are working on as part of OPE. These are held every Monday and Thursday at 8:30 a.m. Pacific in Meeting Room 6 in eXp World. You can be a fly on the wall and we never hold back on what is discussed. Often, there is additional time remaining and we ask for guidance on what we should focus on. Patty Shaw also provides regular updates at the weekly eXp Realty state administrative brokers’ meeting.

Q: Is Operation Payment Express complete?
Patty: No, we are looking to build upon our success. Operation Payment Express is an ongoing initiative to drive continuous improvement. For example, from time to time hiccups happen delaying a commission payment. This is generally because we are missing a signature, document or transaction-specific information we need to issue a commission payment. We organized the Transaction and Payment Teams so they all work more efficiently together to handle these one-off cases. In addition, we use these situations as learning experiences and opportunities to improve.

Q: What’s next?
Kee Wah: Based on feedback from agents, our next area of focus will be on rentals, referrals and leases. I’m positive we’ll be able to deliver the same level of success as we have during our first phase of OPE. We’d like to say “thank you” for partnering with our team as we continue to focus on making eXp Realty the best!

Comments ( 1 )

eXp Realty Hires Vicki Olafson as Vice President of Employee Experience

by on October 11, 2017 in Financial News

Brings More Than 20 Years of Expertise Fostering Culture at High-growth Companies

eXp Realty Hires Vicki Olafson as Vice President of Employee Experience

eXp Realty Hires Vicki Olafson as
Vice President of Employee Experience

SEATTLE — Oct. 11, 2017 — eXp Realty, LLC, the Agent-Owned Cloud Brokerage® and a subsidiary of eXp World Holdings, Inc. (OTCQB: EXPI), today announced that Vicki Olafson has joined the company as vice president of employee experience. Most recently, Vicki led human resources for a national company, supporting 2,300 employees. Additionally, she brings more than 20 years of expertise fostering culture at high-growth companies.

At eXp Realty, Vicki will be an integral part of driving the overall culture and organizational philosophy of the organization and ensuring there is a strong link between the company’s strategic goals and HR programs. She will be responsible for developing programs and services to grow the overall employment experience.

Relatedly, Mary Frances Coleman will assume the newly established role of chief operating officer of eXp Realty. She joined the company in August 2017 as general counsel. Mary Frances will leverage her extensive experience to oversee the operational parts of eXp Realty, including growth, productivity and compliance. She also will work closely with the eXp Realty Agent Advisory Council.

In addition, Macie Hawkes has joined the company as general counsel. Macie brings more than a decade of real estate and legal experience to eXp Realty. At eXp Realty, Macie will focus on growth, technology, corporate governance, M&A and equity issues.

eXp Realty Hires Macie Hawkes as General Counsel

eXp Realty Hires Macie Hawkes as General Counsel

“As we scale with this unbelievable growth, it is important that we put more resources toward the internal workings of eXp Realty while driving transparency and supporting an agile, self-organized team of professionals,” said Glenn Sanford, CEO, chairman and founder of eXp World Holdings. “I am thrilled to have Vicki on our team to ensure we have the right core HR elements in place to steward the company through our next phase of growth.

In Mary Frances’ new role, she will lead the cross-collaboration efforts across the organization as well as the leadership responsibility for compliance, financial and operational matters. I’m excited about her leading the decision-making process that benefits our agents and also the long-term sustainability of our company.

Being an agent-owned cloud brokerage is an important part of our DNA. Macie’s experience and understanding of corporate governance will ensure we are always thinking about our agent-owner shareholders. I’m very pleased at how Macie has hit the ground running handling the day-to-day legal duties.”

About eXp World Holdings

eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty, LLC, the Agent-Owned Cloud Brokerage®. eXp Realty (exprealty.com) is changing the way that agents, brokers and consumers work together in an adaptive, sustainable environment. It is an agent-designed and agent-owned company. As the leading, national, cloud-based real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. It is one of the fastest growing real estate brokerage firms in North America with more than 5,000 agents in 44 U.S. states, the District of Columbia and the provinces of Alberta and Ontario, Canada. As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the company’s website at www.eXpRealty.com.

Connect with eXp Realty and eXp World Holdings:

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the company’s expansion, revenue growth, operating results, financial performance and net income changes. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K.

Media Relations Contact:

Cynthia Nowak
Director of marketing and communications, eXp Realty
206-390-2302
[email protected]

Investor Relations Contact:

Greg Falesnik
Managing director, MZ Group – MZ North America
949-385-6449
[email protected]

The post eXp Realty Hires Vicki Olafson as Vice President of Employee Experience appeared first on eXp World Holdings.

Comments ( 0 )

eXp Realty Hosts National Conference, Now Exceeds 5,000 Real Estate Agents Across North America

by on October 10, 2017 in Financial News

More Than 2,000 Agents Joined the eXp Family During the Past Seven Months

FORT LAUDERDALE, Florida — Oct. 10, 2017 — eXp Realty, LLC, the Agent-Owned Cloud BrokerageⓇ and a subsidiary of eXp World Holdings, Inc. (OTCQB: EXPI), today announced at its fourth annual national conference, EXPCON 2017, that the company surpassed 5,000 real estate agents across North America.

eXp Realty Now Exceeds 5,000 Real Estate

This important company milestone represents 175 percent growth from the same time last year. In the last seven months, more than 2,000 agents joined the eXp Realty family. Also during the past year, the company launched in four additional U.S. states and Ontario, Canada.

eXp Realty’s exponential growth signifies a shift in what agents and teams consider when choosing a brokerage. No longer is a physical office the best way to build community with other agents and clients. Now, agents have the ability to work in the cloud to collaborate, market their own brand and be part of redefining the real estate brokerage value proposition. As the only cloud-based real estate brokerage, eXp Realty is transforming real estate experience by allowing agents to defy distance in where and with whom they work, and establish direct ownership in the company while earning additional income for helping the company grow.

“eXp Realty has experienced phenomenal growth in the past seven months. The pace of growth is really amazing. We went from approximately 3,000 agents in March 2017 to more than 5,000 today,” said Glenn Sanford, eXp World Holdings CEO, chairman and founder. “We couldn’t have done this without the outstanding team we’ve built and thousands of agents who share their positive experience with industry peers.

eXp Realty makes a lot of sense for many agents. We offer a cloud office environment where they can collaborate with top professionals, and get online training and support; and be part of the future of real estate while growing their own future by earning both revenue and equity based on their activities with the company.”

About eXp World Holdings

eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty, LLC, the Agent-Owned Cloud Brokerage®. eXp Realty (exprealty.com) is changing the way that agents, brokers and consumers work together in an adaptive, sustainable environment. It is an agent-designed and agent-owned company. As the leading, national, cloud-based real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. It is one of the fastest growing real estate brokerage firms in North America with more than 5,000 agents in 44 U.S. states, the District of Columbia and the provinces of Alberta and Ontario, Canada. As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the company’s website at www.eXpRealty.com.

Connect with eXp Realty and eXp World Holdings:

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the company’s expansion, revenue growth, operating results, financial performance and net income changes. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K.

Media Relations Contact:

Cynthia Nowak
Director of marketing and communications, eXp Realty
206-390-2302
[email protected]

Investor Relations Contact:

Greg Falesnik
Managing director, MZ Group – MZ North America
949-385-6449
[email protected]

The post eXp Realty Hosts National Conference, Now Exceeds 5,000 Real Estate Agents Across North America appeared first on eXp World Holdings.

Comments ( 0 )

eXp World Holdings to Present at The MicroCap Conference in New York on October 5th

by on September 28, 2017 in Financial News

SEATTLE, WA – Sept. 28, 2017 – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty, LLC, The Agent-Owned Cloud Brokerage®, today announced that management is scheduled to present at The MicroCap Conference in New York City on Oct. 5, 2017.

eXp World Holdings management will host one-on- one meetings throughout the day and is scheduled to present as follows:

The MicroCap Conference

Date/Time: Thursday, Oct. 5, 2017 at 6:00 a.m. PT/9:00 a.m. ET
Location: JW Marriott Essex House, Track 2 (60 Central Park S, New York)
Webcast: http://wsw.com/webcast/microcapconf5/expi/. The Company will archive the presentation on the investor relations section of the website at www.expworldholdings.com

For more information on the conference or to schedule a one-on- one meeting with eXp World Holdings management, please visit the conference website at http://microcapconf.com. Registration is mandatory for conference participation.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty, LLC, the Agent-Owned Cloud Brokerage®. eXp Realty (exprealty.com) is changing the way that agents, brokers and consumers work together in an adaptive, sustainable environment. It is an agent-designed and agent-owned company. As the leading, national, cloud-based real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. It is one of the fastest growing real estate brokerage firms in North America with more than 4,000 agents in 43 U.S. states and Canada. As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the company’s website at www.eXpRealty.com.

Investor Relations Contact:

Greg Falesnik
Managing Director
MZ Group – MZ North America
949-385- 6449
[email protected]
www.mzgroup.us

The post eXp World Holdings to Present at The MicroCap Conference in New York on October 5th appeared first on eXp World Holdings.

Comments ( 1 )

With Unbelievable Growth Comes More Resources

by on September 7, 2017 in General

Mary Frances Coleman

Mary Frances Coleman, chief operating officer at eXp Realty

Last month when we hired real estate industry veteran Mary Frances Coleman, the response from you was incredible. It was inspiring to see the warm welcome you all gave Mary Frances.

One reason we sought her out was for her broad operational skills where she ran entire businesses. Previously, Mary Frances was CEO and president at Realty Executives, LLC and also vice president of operations at HomeSmart International, both leading international brokerages.

Today, we are excited to share with you that Mary Frances will assume the newly established role of chief operating officer at eXp Realty and will report to eXp Realty CEO Jason Gesing. Mary Frances will leverage her extensive experience to oversee the operational parts of eXp Realty, including growth, productivity and compliance. She will partner with Kee Wah Chung, Alan Goldman, Scott Petronis and Mitch Robinson to ensure all activities are agent-focused and agent-driven. To this end, Mary Frances also will work closely with the eXp Realty Agent Advisory Council.

Kathy Gordon and Vikki Bartholomae have done a stellar job creating and implementing the important regional development leader and state administrative broker roles at eXp Realty. This great work will continue with Mary Frances providing directional leadership.

Allowing Jason, Kathy and Vikki to focus on their core area of responsibilities will benefit all current and future agents.

As we scale with this unbelievable growth, it is imperative that we put more resources toward the internal workings of eXp Realty. Mary Frances will be the yin to Jason’s yang. Now Jason will be able to spend more time leading our agent attraction efforts throughout North America, while Mary Frances leads the decision-making process on policy and financial matters. I’m counting on her to make important decisions that benefit our agents and also the ongoing sustainability of our company.

It is also important that we put more resources toward growth, productivity and compliance to ensure success now and in the years to come. I strongly believe we have the right leaders in place to continue to scale the company. I get more pumped every day about where we’re headed. I hope you do, too. #SuperStoked

—
Glenn Sanford
Founder, chairman and CEO of eXp World Holdings

Comments ( 0 )

What’s​ ​New​ ​With​ ​eXp​ ​Enterprise

by on August 18, 2017 in General

If you haven’t taken a look at eXp Enterprise lately — or ever, this is the time to do it!

The team has been hard at work taking your feedback and creating useful features for you.

My​ ​Capping​ ​Details:​ ​In Transaction Overview, agents and restricted staff can see how close
they are to capping on each closed transaction and export it to Excel.

  1. Total $ toward Cap: Running total paid toward capping status within the agent’s
    anniversary year.
  2. Cap % reached: Percentage reached toward cap within the agent’s anniversary year.

Personal​ ​Performance​ ​Metrics:​ ​In Transaction Overview, agents can see metrics important for
capping: Anniversary date, current performance (amount paid in toward reaching cap within the
anniversary year) and cap % reached (percentage reached toward cap within the agent’s
calendar year).

Transaction​ ​View:​ Improved transaction visibility enables agents to follow their transactions at
every move.

My​ ​Rev​ ​Share​ ​Report:​ ​If you have agents in your revenue share group, we added “Cap %” so
you can see how close agents are to capping.

Joining​ ​Agent​ ​Vetting:​ ​The Agent Services team can view joining agents by a pre-vetted
indicator on the trello board. Vetting rules have been applied behind the scenes to allow for
easy review of the application.

Finance​ ​Upload​ ​Documents:​ ​Finance managers can upload documents on the agent profile
page. This feature will mostly be used for W-9s and other financial documents.
Sign in and check out the updates today!

Joining​ ​Agent​ ​Vetting:​ ​The Agent Services team can view joining agents by a pre-vetted
indicator on the trello board. Vetting rules have been applied behind the scenes to allow for
easy review of the application.

Finance​ ​Upload​ ​Documents:​ ​Finance managers can upload documents on the agent profile
page. This feature will mostly be used for W-9s and other financial documents.

Sign in and check out the updates today!

Comments ( 0 )

eXp World Holdings Hires Mary Frances Coleman as General Counsel

by on August 16, 2017 in Financial News

Former Realty Executives CEO and Real Estate Attorney Joins Rapidly Growing Agent-Owned Cloud Brokerage

BELLINGHAM, WA–(Marketwired – August 16, 2017) – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty, LLC, The Agent-Owned Cloud Brokerage®, announced today that industry veteran Mary Frances Coleman has joined eXp Realty as general counsel. Previously, Coleman was CEO and president at Realty Executives, LLC and vice president of operations at HomeSmart International, both leading international brokerages. Coleman also is a national speaker on real estate and legal issues.

Her experience will help eXp Realty manage its rapid growth while continuing to deliver the best agent-owner experience in the industry. Coleman will report to Founder, Chairman and CEO Glenn Sanford. She holds a bachelor’s degree from the University of Cincinnati and a juris doctor degree from The John Marshall Law School. Coleman also is a licensed real estate broker in Arizona.

“We sought a general counsel with broad operational skills to help us continue to build and grow a world-class company. Mary Frances’ experience, where she ran entire businesses while providing legal counsel to the real estate industry, is a perfect fit for eXp,” said Sanford. “We welcome her to our team and look forward to leveraging her deep expertise as we continue growing our agent-centric, cloud-based real estate brokerage.”

“eXp’s vision and mission to put agents first, while utilizing technology to make operational and economic improvements to the traditional real estate brokerage model was very attractive to me,” said Coleman. “I’m looking forward to joining this talented and passionate team on a mission to change the way that agents, brokers and consumers work together.”

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty, LLC, the Agent-Owned Cloud Brokerage®. eXp Realty (exprealty.com) is changing the way that agents, brokers and consumers work together in an adaptive, sustainable environment. It is an agent-designed and agent-owned company. As the leading, national, cloud-based real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. It is one of the fastest growing real estate brokerage firms in North America with more than 4,000 agents in 43 U.S. states, the District of Columbia and the provinces of Alberta and Ontario, Canada. As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the company’s website at www.eXpRealty.com.

Connect with eXp Realty and eXp World Holdings:

Safe Harbor Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the company’s expansion, revenue growth, operating results, financial performance and net income changes. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K.

CONTACT INFORMATION

Media Relations Contact:
Cynthia Nowak
Director of marketing and communications
eXp Realty
206-390-2302
Email contact

Investor Relations Contact:
Greg Falesnik
Managing director
MZ Group – MZ North America
949-385-6449
Email contact

The post eXp World Holdings Hires Mary Frances Coleman as General Counsel appeared first on eXp World Holdings.

Comments ( 2 )

eXp World Holdings, Inc. Reports Record Second Quarter 2017 Financial Results

by on August 14, 2017 in Financial News

Q2 2017 Revenues Increase 198% to Record $39.6 Million; Drives Net Income of $3.2 Million or $0.05 per Diluted Share

BELLINGHAM, WA – August 14, 2017 – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty, LLC, The Agent-Owned Cloud Brokerage®, has provided a corporate update and its financial results for the second quarter ended June 30, 2017.

Second Quarter 2017 Company Highlights:

  • Revenues in the second quarter of 2017 increased 198% to $39.6 million, compared to $13.3 million in the same year-ago quarter. Sequentially, this represents growth of 80% when compared to $22.0 million in the first quarter of 2017.
  • Net income in the second quarter of 2017 increased to $3.2 million, or $0.05 per diluted share, compared to net loss of $6.0 million, or $(0.12) per diluted share in the same year-ago quarter.
  • Adjusted EBITDA (a non-GAAP financial measure) increased 166% to $1.6 million in the second quarter of 2017, compared to $0.6 million in the same year-ago quarter.
  • Agents and brokers on the eXp Realty platform increased 180% to 3,913 on June 30, 2017, compared to 1,400 in the same year-ago period. Sequentially, this represents growth of 24% when compared to 3,113 agents and brokers on the platform as of March 31, 2017. As of August 13, 2017, the number of agents and brokers totaled 4,326.

Management Commentary

“Our rapid growth has continued unabated as we move through 2017, evidenced by our 198% revenue growth to a record $39.6 million in the second quarter, as well as our recently achieved 4,300-plus agent milestone,” said Glenn Sanford, founder, chairman and CEO of eXp World Holdings, Inc. “We expect the pace of growth to continue in the second half of 2017, as we leverage the viral growth aspect of the eXp Realty model and growing our brand throughout North America. We believe our investments into core infrastructure and software development should also offer greater economies of scale and a notably increased capacity to onboard new agents to the eXp Realty platform moving forward.

“We also remain committed to keeping eXp Realty the most agent-centric real estate brokerage available. The creation of the Agent Advisory Council, as well as the recent naming of Suzy Truax, an eXp Realty real estate agent, to the Board of Directors, underscores our promise to ensure the agent’s ‘voice’ is heard as we grow our organization.

“We believe that eXp World Holdings can create significant value for its shareholders, which will be accelerated by potentially introducing an affiliated services program. This offering could include services such as mortgage origination, homeowners insurance, and title and escrow services; however, we will continue to focus on our core infrastructure investments in further scaling the business for the foreseeable future. I am extremely proud of our team for their hard work, dedication and continued focus on maintaining the agent-centric culture that has made eXp Realty a great place to do business.”

Second Quarter 2017 Financial Results

Revenues increased 198% to a record $39.6 million in the second quarter of 2017, compared to $13.3 million in the second quarter of 2016. Sequentially, revenues increased 80% when compared to revenue of $22.0 million in the first quarter of 2017. This growth is a direct result of the increased agent count and corresponding higher revenues realized by the company’s real estate brokerage division, eXp Realty.

In the second quarter of 2017, eXp Realty added 800 agents and brokers to its platform, an increase of 169% when compared to 297 agents and brokers added in the second quarter of 2016. This represents a sequential increase of 11.5% when compared to 717 agents added in the first quarter of 2017. eXp Realty ended the second quarter of 2017 with 3,913 real estate professionals on its platform across 45 states, the District of Columbia, and Alberta and Ontario, Canada. As of August 13, 2017, eXp Realty had 4,326 agents on its platform.

During the second quarter of 2017, net income from operations was $3.3 million, compared to a net loss from operations of $6.0 million in the second quarter of 2016. This improvement was primarily due to the change of intrinsic value options, which resulted in a $5.5 million non-cash benefit recognized in the second quarter of 2017.

Net income in the second quarter of 2017 was $3.2 million, or $0.05 per diluted share, compared to a net loss of $6.0 million, or $(0.12) per diluted share, in the second quarter of 2016. This improvement was primarily attributed to the aforementioned increase in revenue, as well as a $0.6 million decrease in non-cash expenses.

Adjusted EBITDA (a non-GAAP financial measure) in the second quarter of 2017 increased 166% to $1.6 million, compared to $0.6 million in the second quarter of 2016.

Cash and cash equivalents as of June 30, 2017 were $1.6 million, compared to $1.8 million as of March 31, 2017.

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty, LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the company.

As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income excluding interest, income taxes, depreciation, amortization, and stock based compensation. We believe that Adjusted EBITDA provides us an important measure of operating performance and enhances comparability while providing investors with useful insight into the underlying trends of the business. Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies’ measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the company’s expansion, revenue growth, operating results, financial performance and net income changes. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K.

Investor Relations Contact:

Greg Falesnik

Managing Director

MZ Group – MZ North America

949-385-6449

[email protected]

www.mzgroup.us

 

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

June 30,

December 31,

2017

2016
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,564,220 $ 1,684,608
Restricted cash 1,116,117 481,704
Accounts receivable, net of allowance $170,811 and $133,845, respectively 8,442,372 3,015,767
Prepaids and other assets 434,342 383,563
TOTAL CURRENT ASSETS

11,557,051

5,565,642
OTHER ASSETS
Fixed assets, net 1,088,748 538,405
TOTAL OTHER ASSETS

1,088,748

538,405
TOTAL ASSETS $ 12,645,799 $ 6,104,047
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable $ 472,162 $ 317,420
Customer deposits 1,116,117 481,704
Accrued expenses 7,165,071 2,742,119
Notes payable 9,116 35,778
TOTAL CURRENT LIABILITIES 8,762,466 3,577,021
Commitments and contingencies – –
STOCKHOLDERS’ EQUITY
Common Stock, $0.00001 par value 220,000,000 shares authorized;
53,139,694 shares and 52,316,679 shares issued and outstanding at
June 30, 2017 and December 31, 2016, respectively 527 523
Additional paid-in capital 32,716,439 34,526,859
Accumulated deficit (28,840,651) (32,004,561)
Accumulated other comprehensive income (loss) 7,018 4,205
TOTAL STOCKHOLDERS’ EQUITY 3,883,333 2,527,026
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 12,645,799 $ 6,104,047
– –

The accompanying notes are an integral part of these condensed consolidated financial statements.

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

2017

2016

2017

2016
Net revenues

$ 39,574,311

$ 13,282,028

$ 61,585,548

$ 20,424,840
Operating expenses
Cost of revenues 35,048,967 11,463,125 54,328,593 17,574,112
General and administrative 600,420 7,565,698 2,709,772 8,990,856
Professional fees 318,383 130,018 682,843 273,393
Sales and marketing 348,823 122,285 650,045 199,428
Total expenses 36,316,593 19,281,126 58,371,253 27,037,789
Net income (loss) from operations 3,257,718 (5,999,098) 3,214,295 (6,612,949)
Other income and (expenses)
Other income – 439 – 446
Interest expense (3,762) – (2,047) –
Total other income and (expenses) (3,762) 439 (2,047) 446
Income (loss) from before income tax expense 3,253,956 (5,998,659) 3,212,248 (6,612,503)
Income tax expense (23,747) (13,968) (48,338) (25,571)
Net income (loss) 3,230,209 (6,012,627) 3,163,910 (6,638,074)
Net loss attributable to non-controlling interest in subsidiary – 6,720 – 12,300
Net income (loss) attributable to common shareholders $ 3,230,209 $ (6,005,907) $ 3,163,910 $ (6,625,774)
Net income (loss) per share attributable to common shareholders
Basic from continuing operations

$ 0.06

$ (0.12)

$ 0.06

$ (0.13)
Diluted from continuing operations

$ 0.05

$ (0.12)

$ 0.05

$ (0.13)
Weighted average shares outstanding
Basic 52,749,086 50,940,460 52,583,658 50,779,114
Diluted 59,640,200 50,940,460 59,750,835 50,779,114

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION

Quarter Ended,
Adjusted EBITDA reconciliation

Jun-16

Jun-17
Net Income / (Loss) $ (6,012,627) $ 3,230,209
Interest – 3,762
Taxes 13,968 23,747
Depreciation & Amortization 12,929 81,437
Stock Compensation 482,984 2,229,767
Stock Option 6,117,510 (3,932,894)
Adjusted EBITDA $ 614,764 $ 1,636,028

 

 

The post eXp World Holdings, Inc. Reports Record Second Quarter 2017 Financial Results appeared first on eXp World Holdings.

Comments ( 1 )

What I learned at Inman’s Indie Broker Summit

by on August 10, 2017 in General

Kee Wah ChungInman asked me to speak at their new Indie Broker Summit earlier this week. They have been watching our phenomenal growth and were curious. Curious about virtual officing. Curious about what works … and what doesn’t. And I heard Inman staff recently went virtual, so I was curious, too. So, off I went to San Francisco to speak to about 1,000 brokers and industry leaders about the good, bad and ugly of a virtual office.

We kicked off the morning with an interview-style session that helped the audience learn more about eXp and the benefits and pitfalls of a virtual office. What got the most attention was when I said, “virtual officing is not for everyone.” Many brokers just look at it as a way to cut costs when it really should be about taking money saved and using it to add value back to the agents and their clients. I also saw people taking rapid notes when I talked about how to go virtual. My advice was: Don’t chase after technology and use your agents as guinea pigs. The key drivers should be culture, brand identity and the services you want to provide.

Then I led a group discussion during lunch to a full table. People are people and wanted to hear all the pitfalls of going virtual, but we also had productive conversations about — Why go virtual? What’s in it for me as a broker? How do my agents benefit? Does this help meet the needs of my clients?

It was very evident that brokers were interested in delivering a virtual experience — they just didn’t know where to start or what to think about.

If Inman was curious, attendees were curious. So, I want to share my three key pillars that a broker should consider before going virtual: Agent engagement, change management and agent experience.

  • Agent Engagement: Engaging with agents is 10 times more important when going virtual. The agent will no longer have the ability to come into a brick-and-mortar office, have water cooler talks and build their relationships in person. Providing alternate means of engagement is vital such as live webinars (preferably video), local or community events, and a rhythm of business with predictable engagement.
  • Change Management: Change is an evolution, not a revolution – it’s a process. Find a standard framework for change that works for you and stick to it. The Prosci ADKAR model is a good place to start. It is a goal-oriented change management model to guide individual and organizational change.
  • Agent Experience: What is the value you are delivering back to the agent and what should the virtual experience be? Make sure you engage with agents before any significant change is made, check in and ask for feedback.

I walked away from the experience with a renewed sense of how special eXp is and that we are really doing something different than any other brokerage in North America. We are leading the way in driving next-gen engagement for agents, brokers and staff by delivering a robust, cloud-based experience through eXp World. It’s an exciting time to be with eXp Realty!

Comments ( 1 )
« Newer Entries
Older Entries »