“In our 2011 TRENDS Report, we identified eXp Realty as a company to watch as its cloud-based approach in creating a virtual real estate company is uniquely different than any other real estate company. Two years later in the 2013 edition of our annual Trends Report we identified eXp as very viable alternative for brokerage companies besieged with rising expenses,” Swanepoel said.
In May of this year, the National Association of REALTORSⓇ, the largest trade association in the United States, took an unprecedented step in commissioning an industry introspection and subsequently publishing an extensive 160 page report listing 50 risks and threats that could impact real estate professionals. This controversial study titled the D.A.N.G.E.R. Report (Definitive Analysis of Negative Game Changers Emerging in Real Estate) was also researched and authored by the Swanepoel T3 Group.
Two different threats identified in this Report — B6 (Brokers Simply go Broke) and B7 (Technology Becomes a Runaway Train) underscore the importance of retooling the existing real estate transaction and process and to find new, more cost effective and more consumer centric ways to serve the home buying and selling consumer.
“A cloud-based real estate company is exactly what the progressive real estate professional of today needs and wants,” said eXp Realty Chairman and CEO, Glenn Sanford. “We’re very excited to be able to announce further empower our family of agent-owners and shareholders with knowledge and information inline with the rapidly changing real estate industry.”
About eXp World Holdings, Inc.
eXp World Holdings, Inc. is the holding company for a number of companies most notably eXp Realty LLC, the Agent-Owned Cloud Brokerage™ as a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an aggressive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.
eXp World Holdings, Inc. also owns 90.5% of First Cloud Mortgage, Inc. a Delaware corporation launched in 2015 and now licensed to originate mortgages in Arizona, California, New Mexico and Texas.
The corporate name change to "eXp World Holdings, Inc." has been approved by our Board and stockholders but is not yet effective, pending the mailing of a definitive information statement to our stockholders in accordance with applicable rules and a 20-day notice period thereafter.
As a publicly-traded company, eXp World Holdings, Inc. uniquely offers professionals within its ranks opportunities to earn equity awards for production and contributions to overall company growth.
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. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company's expansion, revenue growth, operating results, financial performance and net income changes. 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 Annual Report on Form 10-K.