eXp’s 2024 earnings were mixed, with strong momentum in the fourth quarter but a drop in agent count year-over-year.
Revenue for the fourth quarter grew 11% YoY to $1.07 billion. For the full year, revenue increased 6% to close to $4.5 billion
It’s productivity that the brokerage is keeping an eye on. While agent count was down 5% YoY in 2024 (totalling 82,980 agents, with an estimated 29,000 leaving the brokerage), Q4 saw an increase of 12% in transaction count per eXp agent and a 23% increase in sales volume per agent.
“We now have more productive agent count than we did a year ago,” eXp World Holdings Founder and CEO Glenn Sanford told investors during the latest earnings call. “So what that number is…my back of the napkin says it’s 3,000, 4,000, 5,000 net productive agents that we have on the eXp platform versus a year ago.”
The company closed more than 430,000 real estate transactions last year—a 3% increase over the prior year. Additionally, sales volume reached $185 billion, driven by a 6% increase in transaction per agent for the year.
Global growth: An international playbook
While its North America realty segment is the primary driver for both revenue and profit, eXp sees international efforts playing a larger role, likely becoming the key driver of future growth, according to Sanford.
Full-year international revenue grew 63% in 2024, increasing from 50% in 2023. In the fourth quarter of 2024 alone, international revenues surged 72% YoY. The luxury group grew by 46% in 2024, promoting over 8 billion listings.
Expansion is currently in the works, with eXp offices opening in Turkey, Peru and Egypt. Sanford expects to add anywhere from 2,000 to 4,000 or more agents to the mix internationally over the next 12 months. Currently, the company has around 10 times as many agents outside of North America that are operating in the real estate business.
“eXp now has a presence in 22 going on 27 countries…along with the global referral platform, which increases our business capabilities and network prospects for eXp agents worldwide,” he said.
Sanford also opined on the differences between listing services around the world compared to the U.S., saying that many other countries are “where…the U.S. and Canada were 30, 40 years ago.”
“You’ve got all these disparate portals that are lobbying for advertising and promotions and charging agents significant dollars to get exposure, but they don’t have any interest in data quality or a number of other factors. So, what we’re seeing is eXp is bringing kind of a professionalizing influence,” he claimed.
Keeping agents interested and accountable
Productivity comes at a cost. To keep agents from jumping ship and maintaining high performance standards, the company has been investing in education and technology to support its salesperson roster.
Recent efforts include:
- Canva Pro released to every agent. “In the first 30 days, we had over 68,000 designs created, and in the first 60 days, that number climbed to 189,000 designs,” said Sanford.
- Buyer representation and seller representation toolkits to support agents during the NAR settlement
- Partnership with business tracking platform Sisu to equip agents with project management tools for recruiting and onboarding team members
- Partnership with Slack Pro
- Launch of six-week, agent-intensive program called FastCAP to help new agents build their business
“At scale, basically four appointments turn into two signed agreements, and the agreements could be either a buyer agreement or a listing agreement. For the folks that did the minimum standard suggested in the course, those numbers jumped to almost seven appointments with 3.8 signed agreements,” said Sanford of FastCAP’s results since launching in September. “So the program is in its early days, but the results and the feedback from both new agents, and to a pleasant surprise, seasoned agents who wanted a refresh, are through the roof.”
The company also expects digital advancements due to the emergence of agentic AI, which Sanford said could complete a lot of pre-work of contract management through automations (with managing broker supervision), eventually running eXp with approximately one-third to one-half of the current staff.
“I fully expect that those who are plugging in and using AI and our citizen developers and helping us grow, that there won’t be any challenges with them continuing to grow with the company because we are growing, but it will be a different landscape and a different cost structure because of agentic AI and all the other AI technologies that are rapidly coming at us,” he said.
Leo Pareja, CEO of eXp Realty, chimes in on trending industry topics
NAR Settlement Impact on Commissions:
“There was an educational hurdle there to cover. We felt like we led that quite well. It was more of a procedural change…we have not seen commissions move in any meaningful way up or down.”
Thoughts on Clear Cooperation Debate:
“I am being very direct in the answer that I think the other side of the argument (repealing Clear Cooperation) is a selfish, self-fulfilling, profit-driven thing…not the best thing for consumers. I also will go as far as to say, I think they’re inviting a class-action lawsuit by sellers who get hurt in this very concentrated effort and maybe a visit from the Department of Justice. If I were to sell my home, I would list it on the MLS.”
