EXp World Holdings (Nasdaq: EXPI), the holding company of eXp Realty, one of the world's fastest growing residential and commercial real estate companies, announced today that it has expanded its cloud-based cooperative real estate brokerage model. to India, under the banner of eXp India. The addition of residential and commercial brokerage operations in India marks the fifth international expansion for the US-based company. In addition to its strong presence in the US, EXp Realty also operates in Canada, the UK, Australia and South Africa, with more than 38,000 agents worldwide.
EXp Realty offers a unique financial model for residential and commercial real estate agents that goes beyond attractive commissions to provide its agents with income sharing and equity participation opportunities. The partnership model also provides proprietary marketing resources, including the company's cloud-based virtual environment and a customized technology platform that leverages virtual prospecting, sales, training, and agent communications.
We are excited to bring our innovative and proven model to India. "Given its pool of more than 1 million agents, India is one of the most dynamic real estate markets in the world and is fully poised to benefit from our agent-centric model," said Michael Valdes, director of eXp Global. `` Before the official launch, we had already received a tremendous response after officially establishing operations and our initial marketing efforts. In addition to increasing the revenue opportunities that the model provides to agents in India, our focus will be on providing access to cloud-based brokerage and virtualization technology to help provide valuable marketing resources and position our agents for the future of the real estate.
"India has never seen a model like this before, which I think will change the traditional landscape of the industry," said Shashank Vashishtha, India's designated management broker. "EXp India is going to be an agent of change for both consumers and agents."
Similar to the US model, EXp Realty and the Global Division anticipates a similar path for the real estate industry in India to use a model that not only provides generous commissions but also incentivizes agents to attract other agents through eXp's multi-level compensation model.
"Our decision to expand into the growing Indian market is a direct result of the strong growth we have seen in the US and other high-value international locations," said Jeff Whiteside, chief financial officer, and chief cooperation officer, eXp World Holdings. “Over the past five years, we have grown our revenue at a compound annual growth rate of more than 100% and recently posted record financial results and profitability in the third quarter of 2020. We expect this momentum to continue expanding our incentives. to model markets that are capable of achieving success, we have achieved. At the national level, we believe that India is demonstrating this opportunity. "
The company's presence in India will have a national presence, including major cities and states. India is one of the five countries that eXp Global has identified to expand by the end of 2020. South Africa launched in October 2020 and the remaining countries include France, Mexico, and Portugal.
About eXp World Holdings, Inc.
eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing residential real estate companies in the world with more than 38,000 agents in the US, Canada, UK, Australia and South Africa. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn shares in eXp World Holdings Productions and contribute to the overall growth of the company.
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The data included in this document may include forward-looking statements and other forward-looking statements that are based on the current opinions and assumptions of management and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ. materially express or implied. . In such statements. These forward-looking statements speak only as of the date of this agreement and the company does not undertake any obligation to review or update them. These data include, but are not limited to, data on the economic and social impacts of the COVID-19 pandemic; Continuous growth of our agent and broker base; Expansion of the residential real estate brokerage business in foreign markets; Demand for solutions for remote work, distance learning and virtual events; Development of our new commercial intermediation and our ability to attract commercial real estate brokers; And revenue growth and financial performance. Such data is not a guarantee of future performance. Important factors that may cause actual results to differ materially and negatively from those expressed in the forward-looking statements include changes in business or other market conditions; Difficulty in keeping spending growth at modest levels while increasing revenues; And other risks detailed from time to time on file with the company's Securities and Exchange Commission, including, but not limited to, the most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
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