eXp World Holdings, the parent company of eXp Realty, said its profit soared to a record in the second quarter as the dollar-volume of transactions rose 26% from a year earlier to $13 billion.
The company reported 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 on Wednesday. Revenue increased 33% to $354 million from $267 million a year ago, the company said.
“We achieved the most profitable quarter in the company’s more than 10-year history with a positive net income for the third quarter in a row,” eXp World Holdings CEO Glenn Sanford said in a statement.
The number of agents and brokers on the eXp Realty platform increased 54% to 31,091 at the end of Q2, compared to 20,162 a year earlier, the company said.
eXp said it expects to continue to add agents, saying its cloud-based remote model is appealing to agents and independent brokerages, especially during the COVID-19 pandemic.
The company also said it plans to aggressively expand its presence in commercial real estate in the next 12 months, expand in five more countries, and said affiliated services businesses in mortgage, title and iBuying will complement its growth.
“Due to the performance of our agents and the power of our cloud-based brokerage model, eXp Realty achieved exceptional results with strong growth in all areas, despite initial impacts on the housing market from business restrictions related to COVID-19,” Sanford said.
The company said it expects year-over-year revenue to increase in Q3 and Q4, due to anticipated growth in home transaction sides and commission revenue.
eXp acquired Showcase IDX in July, 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.
VirBELA, owned by eXp, also saw increases in Q2. The remote working platform experienced a spike in its use, which eXp said is due to its effectiveness in supporting remote working, remote learning and virtual events during this time of physical distancing.
In April, the company said it let go 15% of its staff due to COVID-19 concerns. The company also reduced the salaries of Sanford and other eXp executives.