eXp World Holdings Announced Expansion of Real Estate Operations Into India
eXp World Holdings (NASDAQ: EXPI), the holding company for eXp Realty, one of the fastest-growing residential and commercial real estate companies in the world, today announced it has expanded its collaborative, cloud-based real estate brokerage model into India, under the eXp India banner.
· 11/17/2020 05:45
eXp World Holdings (NASDAQ:EXPI), the holding company for eXp Realty, one of the fastest-growing residential and commercial real estate companies in the world, today announced it has expanded its collaborative, cloud-based real estate brokerage model into India, under the eXp India banner. The addition of residential and commercial brokerage operations in India represents the fifth international expansion for the company, which is headquartered in the United States. In addition to its robust U.S. presence, eXp Realty also operates in Canada, the United Kingdom, Australia, and South Africa, with more than 38,000 agents across the globe. eXp Realty offers a unique financial model for residential and commercial real estate agents, going beyond attractive commissions to provide its agents with revenue share and equity ownership opportunities. The partnership model also offers proprietary marketing resources, including the company's cloud-based virtual environment and customized technology platform that enhances virtual prospecting, sales, training and communications for agents. "We are excited to bring our innovative and proven model to India. Given its pool of over 1 million agents, India is one of the most dynamic real estate markets in the world and is perfectly poised to benefit from our agent-centric model," said Michael Valdes, President of eXp Global. "In advance of our official launch, we have already received a phenomenal response after formally establishing operations and our preliminary marketing efforts. In addition to increased revenue opportunities the model brings to agents in India, our focus will be to provide access to our cloud-based brokerage and virtual technology to help deliver valuable marketing resources and position our agents for the future of real estate." "India has never seen a model like this before, which I believe will change the traditional landscape of the industry," said Shashank Vashishtha, Designated Managing Broker in India. "eXp India will be a game-changer for both consumers and agents." Similar to the U.S. model, eXp Realty and the global division anticipates a similar trajectory for India's real estate industry to utilize a model that not only offers generous commissions, but incentivizes agents to attract other agents through eXp's multi-layered compensation model. "Our decision to expand into the growing India market is a direct result of the robust growth we've experienced in the U.S. and other high-value international locations," said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. "Over the last five years, we've grown our revenue at a compounded annual growth rate of over 100%, and recently, reported record financial results and profitability in the third quarter of 2020. We expect to continue this momentum by extending our incentivizing model to markets capable of the success we've had domestically, and believe India aptly illustrates that opportunity." The company's presence in India will encompass a national footprint, including all major cities and states. India represents one of five countries eXp Global has identified for expansion by the end of 2020. South Africa launched in October 2020 and the remaining countries include France, Mexico and Portugal.