Get this: In 1908, there were only 1,646 real estate agents in the United States, according to the National Association of REALTORS® (NAR). Of course, the population in the United States was only 88 million at that time, so things were somewhat relative. Today, there are 1,458,661 NAR members and the U.S. population is 328 million.
While agent growth within real estate brokerages is just one data point, it does show the desirability of a brokerage’s business model. eXp Realty just surpassed 50,000 agents globally. And while that number might pale in comparison to some big-box brokerages, the pace of growth is the phenomenon worth mentioning. eXp finished 2020 with 41,313 agents, a 63% increase compared to 25,423 at the end of 2019. And now, three months into 2021, eXp tripped the magic number of 50,000 agents globally—that’s an average of adding 2,895 agents per month.
With Phenomenal Agent Growth, Comes Record Sales Volume and Sides
It is rare for brokerages to enjoy double-digit agent growth. As a matter of fact, many report single-digit growth numbers or even negative results. eXp, on the other hand, is realizing epic growth for the past five years. For example, in December 2016, eXp had a mere 2,401 agents. Four years later in December 2020, eXp finished the year with 41,313 agents, which is an incredible increase of 1,620%!
And, yes, with all of the agents joining eXp, come record results in sales volume and transaction sides. Here are a few:
– Record Q4 transaction sides: Residential transaction sides closed in the fourth quarter of 2020 increased 113% to 82,055, compared to 38,611 in the same year-ago quarter.
– Record annual transaction sides: Residential transaction sides closed in 2020 increased 77% to 238,981, compared to 135,322 in 2019.
– Record Q4 transaction volume: Residential volume in the fourth quarter of 2020 increased 123% to $24.6 billion, compared to $11.0 billion in the same year-ago quarter.
– Record annual volume: Residential transaction volume closed in 2020 increased 89% to $72.2 billion, compared to $38.2 billion in 2019.
Why Is eXp Realty Attracting Agents With Double-Digit YoY Growth?
Agents are drawn to eXp for a variety of reasons, but namely, eXp has a competitive commission structure, a revenue share program, stock awards, healthcare insurance options, a collaborative agent community, world-class technology platform and more than 50 free live training classes a week.
Here’s a snapshot:
– Commission: eXp has a generous financial model, which includes an attractive commission structure (80/20 split with a $16,000 cap. After capping, it’s 100% commission).
– Revenue share: eXp offers a revenue share program, which is far superior to a profit share program.
– Stock awards: eXp agents can earn stock in a variety of ways.
– Agent healthcare options: Agents are saving thousands of dollars per year with eXp’s Agent Healthcare options.
– Technology: eXp’s innovative cloud-based technology allows agents and staff to work from anywhere. But most importantly, eXp’s online world is highly collaborative where agents share leads and best practices with other agents.
Read more about eXp’s phenomenal agent growth.