Real Estate

eXp announces expansion into five new countries

The real estate company already operates in the U.S., Canada, the United Kingdom and Australia

After announcing in its second-quarter earnings that it plans to expand, eXp World Holdings is officially launching in five new countries. By the end of 2020, the company said it plans to expand its real estate operations in France, India, Mexico, Portugal and South Africa.

Already, eXp has agents in the U.S., Canada, the United Kingdom and Australia.

“We’ve seen the eXp model received with such enthusiasm globally and we are excited to announce that we plan to have these five countries open before year-end,” said eXp’s Executive Vice President of International Expansion Michael Valdes. “These countries were selected for their vibrant real estate market and geographic locations, creating a strategic foothold that will serve as an anchor for our continued growth next year and beyond.”

On Wednesday, the company revealed that it reported a net income of $8.3 million in the three months ended in June, compared with a loss of $2.2 million in the year-earlier quarter, according to a statement. Revenue increased 33% to $354 million from $267 million a year ago, the company said.

This expansion furthers the increasing number of agents and brokers on the eXp Realty platform – which grew 54% to 31,091 at the end of Q2, compared to 20,162 a year earlier, the company said.

In July, eXp acquired Showcase IDX, bringing a technology company focused on agent website and consumer real estate portal technology to the company. eXp said it will continue to operate Showcase IDX and offer its services to clients, focusing on creating consumer home-search technology.

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