Quarterly earnings reports are trickling in, giving us an inside look at just how strong of a start brokerages are having in this new year.
EXp is continuing to break records, reporting its fourth consecutive billion-dollar quarter. According to its earnings report, eXp’s revenue increased 73 percent to $1 billion in the time period running January-March 2022.
Gross profit increased 56 percent to $83.5 million, while net income increased 83 percent to $8.9 million (which included a $5.1 million income tax provision benefit).
“eXp’s strong momentum continued through the first quarter as even more agents joined what we believe is the most agent-centric brokerage on the planet, fueling the fastest-growing agent base in the history of real estate to help clients and customers buy, sell and/or lease properties around the world,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “eXp was built to thrive in challenging market conditions and despite the headwinds affecting the broader housing market, we are well-positioned to capture increased market share.
“It is our goal to be over 100,000 agents and brokers worldwide by the end of the year through continued iteration on the agent value proposition,” Sanford continued. “With each milestone and enhancement, we redefine the real estate industry and empower agents with aligned compensation structures and industry-leading technology to grow their businesses and serve their clients.”
Agents and brokers on the eXp Realty platform increased 55 percent to 78,196 as of March 31, 2022.