Revenue share calculations designed to increase clarity and offer new earning potential during an agent’s first year with eXp Realty
Reduction of Front Line Qualifying Agent (FLQA) requirements removes barriers to growth
Real-time revenue share feature provides agents with financial flexibility
BELLINGHAM, Wash., May 01, 2024 (GLOBE NEWSWIRE) -- eXp Realty®, “the most agent-centric real estate brokerage on the planet™” and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), today announced critical enhancements to its revenue share model in North America, designed to expand earning opportunities, increase transparency and simplify earning calculations.
“In 2009, the real estate industry shifted when eXp first created the Revenue Share business model,” said Glenn Sanford, Founder, Chairman, and CEO of eXp World Holdings. “The earnings potential and collaboration between agents that Revenue Share created had never been experienced before and has since been copied. Now is the right time to continue that innovation with REVenue Share 2.0.”
The changes introduced today fall into three areas:
- Agents will have the ability to earn revenue share money faster with the ability to immediately unlock the first three tiers of the model, both eXpansion and eXponential shares, and those tiers will now stay unlocked regardless of how many personally sponsored agents join eXp. This will help agents earn more revenue share, faster.
In addition, levels 4 - 6 will be fully opened up when 5, 10, or 15 productive agents are sponsored into the company, respectively. - A New Fast Start Attraction bonus, starting in July, will be paid on agents when they join the company. The Sponsoring agent can now earn up to $4,000 (in North America) or 5% of the GCI while capping, for an agent that they directly sponsor, for their first year at eXp.
- The new Real-Time Revenue feature inside of My eXp will allow agents to instantly withdraw accumulated revenue share earnings for a nominal transaction fee for any transactions that have closed.
eXp Realty is committed to sharing 50 percent of the company dollar with the agents who help the company grow. In 2023 the company shared over $197 million in revenue share to agents for those efforts. REVenue Share 2.0 is designed to help agents make money faster, to earn it easier and to get paid on demand.
“As always we are committed to being the most agent-centric real estate brokerage on the planet. We are laser-focused on helping our agents build for their futures, to be the primary beneficiaries of the success of the eXp model,” said Sanford. “These enhancements that are part of Revenue Share 2.0 reflect our ongoing commitment to providing the best possible platform for real estate professionals to thrive. By listening to our agents and adapting our model, we are setting new standards for success.”
“eXp is committed to relentless innovation and continual enhancement,” said Leo Pareja, CEO of eXp Realty. “By actively incorporating feedback from our agents, we are constantly refining our strategies to lay a solid foundation for their long-term success, ensuring that we stay ahead in the industry.”
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty®, Virbela® and SUCCESS® Enterprises.
eXp Realty is the largest independent real estate company in the world with more than 85,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by Virbela, an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS® Enterprises, anchored by SUCCESS® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.
For more information, visit https://expworldholdings.com.
Safe Harbor Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Examples of such forward-looking statements include, but are not limited to, the future value of financial incentive programs. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com
Investor Relations Contact:
Denise Garcia
investors@expworldholdings.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68610dd7-edb8-435a-982a-c680a4c4ddfc
