While
revenue
rose
at


eXp
World
Holdings
during
the
first
quarter
of
2024,
the
firm
was
still
unable
to
turn
a
profit
due
to
the
challenging
housing
market.
In
Q1
2024,
the
company
reported
a
$15.6
million
loss
compared
to
a
net
gain
of
$1.5
million
in
Q1
2023. 

Revenue
at
the
parent
company
of


eXp
Realty
increased
11%
year
over
year
to
$943
million
during
the
first
quarter
of
2024,

executives
disclosed
on
Wednesday.
The
surge
in
revenue
was
buoyed
by
improved
agent
productivity,
a
rise
in
average
home
sales
prices
and
increased
international
production. 

“We
continue
to
provide
our
agents
with
the
industry’s
best
platform
for
growth
and
the
resources
they
need
to
navigate
today’s
dynamic
real
estate
market,”

Glenn
Sanford,
founder,
chairman
and
CEO
of
eXp
World
Holdings,
said
in
a
statement.

“Under
Leo
Pareja’s
leadership,
I
am
confident
that
eXp
Realty
will
extend
its
leadership
position
in
the
coming
years
and
continue
to
redefine
what
it
means
to
be
the
most
agent-centric
real
estate
brokerage
on
the
planet.”

Agent
count
at
eXp
kept
declining
in
Q1
2024.
The
company
revealed
that
it
had
85,780
agents
on
its
platform
at
the
end
of
March,
2%
less
than
one
year
ago.
It’s
also
a
dip
compared
to
Q4
2023
when
eXp

boasted
87,515
agents.

The
company
also
announced
updates
on
Wednesday
to
its
revenue-sharing
program.
These
changes
introduce
a
new
bonus
structure
for
agents
who
recruit
their
peers,
the
possibility
to
instantly
withdraw
revenue
share
proceeds,
and
modifications
that
help
expedite
agent
earnings.

Pareja,
the
newly
appointed
CEO
of
eXp
Realty,
said
that
sales
volume
in
Q1
2024
was
up
12%
year
over
year,
hitting
$37.2
billion,
while
transaction
sides
increased
8%
year
over
year
to
110,976.

During
Wednesday’s

earnings
call,
Sanford
addressed
the
ongoing

commission
lawsuits
targeting
the


National
Association
of
Realtors
(NAR)
and
major
real
estate
brokerages,
which
accuse
the
firms
of
conspiring
to
maintain
artificially
high
agent
commissions.

While
NAR
and
several
other
major
companies
have
settlements
that
have
either
been
proposed
or
received
preliminary
court
approval,
eXp
Realty
does
not.
Sanford
indicated
that
eXp
may
be
among
the
last
of
the
large
brokerages
yet
to
settle
and
is
not
currently
in
discussions
for
a
settlement. 

He
suggested
that
eXp’s
cases
may
take
years
to
reach
trial,
noting
that
the
company
has
strong
arguments
in
its
favor
but
remains
open
to
a
potential
settlement.
In
the
meantime,
eXp
has
been
providing
support
and
education
to
agents
through
regional
rallies
and
has
developed
a
buyer’s
representation
toolkit
to
assist
agents
in
articulating
their
value
proposition,
Pareja
told
investors
on
Wednesday. 

Related