Revenue
rose
at


eXp
World
Holdings
during
the
fourth
quarter
of
2023,
but
the
firm
was
unable
to
overcome
a
slow
housing
market,
resulting
in
a
$21
million
loss
and
slower
agent
count
growth.

Revenue
at
the
parent
company
of


eXp
Realty
was
up
5%
year-over-year
to
$983
million
during
the
fourth
quarter
of
2023,

executives
disclosed
on
Thursday.
For
the
full
year
of
2023,
revenue
reached
$4.28
billion.

The
$21.2
million
net
loss
in
Q4
widened
significantly
from
a
year
prior,
when
the
company
lost
$7.2
million. 

Overall,
eXp
World
Holdings
sustained
a
net
loss
of
$9
million
in
2023,
compared
to
a
net
profit
of
$15.4
million
in
2022.

Revenue
and
operating
expenses
rose
simultaneously.
In
the
last
quarter
of
2023,
operating
expenses
rose
to
$1.01
billion,
up
from
$944.1
million
during
the
same
period
last
year. 

“eXp
delivered
solid
revenue
in
the
fourth
quarter,
despite
continued
weakness
in
the
United
States
residential
real
estate
market,
thanks
to
our
global
base
of
highly
productive

agents,”
Glenn
Sanford,
founder,
chairman,
and
CEO
of
eXp
World
Holdings,
said
in
a
statement.
“Our
agent-centric
model
and
value
proposition,
scale
and
superior
efficiency
enable
us
to
invest
in
the
success
of
our
agents.”

EXp’s
year-end
agent
count
fell
1.8%
compared
to
the
previous
quarter,
which
Sanford
said
represented
the
first
sequential
decline
in
the
company’s
history.
He
added
that
the
departures
were
mostly
from
agents
who
only
managed
a
deal
or
two
per
year.
By
the
end
of
December
2023,
eXp
Realty’s
agent
count
hit
87,515
and
the
luxury
division’s
tally
exceeded
1,100
members
in
late
November.

“Our
decision
to
offboard
a
significant
number
of
unproductive
agents
during
the
fourth
quarter
resulted
in
a
decrease
in
our
agent
count
quarter-over-quarter,
the
retention
of
our
most
productive
agent
cohorts
remained
excellent,”
Kent
Cheng,
principal
financial
officer
at
eXp
World
Holding,
said.

Agent
loyalty,
measured
by
agent
Net
Promoter
Score
(aNPS),
reached
a
record
high
of
77
for
the
fourth
quarter,
up
from
73
a
year
ago.
The
aNPS
measures
agents’
satisfaction
and
other
important
key
performance
indicators.

Amid
a
difficult
housing
market,
transaction
sides
still
increased
6%
year
over
year
to
115,424.
Sales
volume
also
picked
up
3%
from
the
fourth
quarter
of
2022
to
$38.9
billion.

Of
its
subsidiaries,

International
Realty
revenue
kept
growing,
posting
a
66.6%
revenue
increase
year
over
year
in
the
fourth
quarter.
Meanwhile,

North
American
Realty
revenue
increased
4.85%
compared
to
Q4
of
2022,
and
Virbela’s
revenue
dropped
31%
year
over
year.

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