Glenn Sanford (Credit: Twitter)
After more than doubling its agent count, virtual brokerage eXp Realty’s revenue soared 220 percent in 2018 — hitting a “record” $500.1 million, the company reported Monday.
But its net loss — $22.4 million — remained relatively steady compared to 2017’s net loss of $22.1 million.
“In the past year, eXp has grown in extraordinary ways in both financials and size,” CEO Glenn Sanford said in a statement.
EXp went public last year, trading at a $1 billion market capitalization. Founded by Sanford in 2009, eXp offers agents a virtual world where they can network and take classes. Agents can also earn company stock.
In its earnings report, eXp said it closed out 2018 with 15,570 agents, up from 6,511 a year prior. In recent months, the cloud-based brokerage has attracted several top agents and their teams, including David Devoe in Hoboken, who moved 32 agents and 10 staffers from Keller Williams.
The firm said it closed 74,678 transactions, up 195 percent year over year. It sold $19.8 billion worth of property, a 226 percent year-over-year spike. [Inman] — E.B. Solomont
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