eXp’s quiet flex: Higher productivity in a shrinking agent market

By BrokerOwner.net February 25, 2026 Housing News

For

eXp
World
Holdings,
despite
only
a
modest
increase
in
worldwide
agent
count
in
2025
to
83,060
agents
up
from
82,980
a
year
ago,
executives
see
the
firm’s
agent
numbers
as
a
massive
highlight
in
their
company’s
2025
performance.

“In
the
U.S.,
4%
of
U.S.
Realtors
exited
the
membership
base
in
2025,
based
on

National
Association
of
Realtors
(NAR)

data
and
while
eXp’s
U.S.
residential
[agent
count]
did
experience
net
attrition
in
2025,
we
outperformed
NAR
attrition
rates
by
25%,”

Leo
Pareja,
the
CEO
of

eXp
Realty,
told
investors
and
analysts
during
his
company’s
fourth
quarter
and
full
year
2025
earnings
call
Tuesday
night.

According
to
Pareja,
agent
productivity
is
driving
these
high
levels
of
agent
retention.

“The
more
productive
an
agent
is,
the
less
likely
they
are
to
leave,”
Pareja
said.
“In
the
U.S.,
the
majority
of
departing
agents
continue
to
be
our
lowest
producing
cohort
and
agents
in
the
highest
producing
cohorts
are
multiple
times
less
likely
to
churn
than
our
low
producing
agents.
Of
the
non-productive
agents
that
leave
eXp,
63%
of
them
leave
the
industry
altogether,
but
fewer
agents
are
leaving
and
our
attrition
rates
have
improved
all
year
with
23%
year-over-year
improvement
for
the
full
2025.”

Slow
housing
conditions,
but
more
transactions

Despite
the
continued
slow

housing
market
conditions
in
2025,
eXp
agents
closed
440,163
transactions
in
2025,
up
1%
year-over-year,
for
a
total
of
$194.0
billion
in
sales
volume,
which
represented
a
5%
annual
increase.
During
the
fourth
quarter
alone,
transaction
count
was
up
6%
year-over-year
to
110,392
transactions,
with
sales
volume
totalling
$48.8
billion
for
the
quarter,
a
8%
annual
increase.
In
total,
executives
said
productivity
per
person
for
the
quarter
and
the
year
was
up
5.3%
annually.

As
Pareja
and
his
team
look
to
continue
this
trend,
he
said
the
company
is
focused
on
attracting
high
producing
teams
to
eXp.
According
to
Pareja,
agents
on
teams
at
eXp
are
78%
more
productive
than
individual
agents
and
40%
of
the
new
agents
to
eXp
in
Q4
2025
were
on
teams.
In
total,
in
2025,
Pareja,
said
eXp
added
more
than
25
prominent
teams
in
the
U.S.
and
Canada,
representing
over
$5.5
billion
in
sales
in
2024.

“They
joined
us
from
coast
to
coast
leaving
traditional
brokerages
and
indies
alike.
Some
were
boomerang
agents
that
returned
to
eXp
after
realizing
our
value
prop
is
hard
to
replicate
anywhere
else,”
he
said.
“And
the
momentum
continues
with
more
teams
joining
in
2026.
We
intend
to
empower
our
agents
and
build
on
these
results
going
forward.”

In
preparation
for
the
years
ahead,
Pareja
said
the
company
may
see
“significant
infrastructure
investments”
in
2025
that
they
expect
to
see
turn
into
margin
improvements
in
2026
through
“disciplined
execution.”

“We
will
also
continue
to
assess
opportunities
that
accelerate
growth
and
expand
our
capabilities,”
Pareja
said.

While
Pareja
and
his
team
are
hoping
for
more
in
2026,
eXp
still
delivered
some
improvements
in
its
financial
results
in
2025.
For
the
full
year,
revenue
was
up
4%
annually
to
$4.8
billion.
However,
net
loss
rose
slightly
to
$22.7
million,
up
from
$21.3
million
a
year
ago.
Much
of
the
net
loss
in
2025
occurred
in
Q4,
which
saw
eXp
incur
a
$12.9
million
net
loss
up
from
$9.5
million
a
year
ago.
Despite
this
increase
in
net
loss,
the
firm’s
cash
and
cash
equivalents
on
hand
at
the
end
of
the
year
came
in
at
$124.5
million,
up
from
$113.6
million
a
year
ago.

A
strong
operational
foundation

“During
2025,
we
built
a
strong
foundation
for
profitable
growth
through
several
key
priorities.
We
focused
on
improving
operational
efficiency
through
back-office
automation
so
that
agents
can
focus
more
on
their
clients,”
Jesse
Hill,
the
CFO
of
eXp
World
Holdings,
said
during
the
call.
“We
made
deliberate
investments
in
AI
and
technology
to
streamline
our
high-volume
workflows
and
boost
agent
productivity
in
2025,
that
we
expect
to
result
in
continued
efficiencies
that
will
drive
margin
expansion
into
2026
and
beyond.”

As
eXp
looks
to
succeed
in
the
current

AI-forward
environment,
eXp
World
Holdings
CEO

Glenn
Sanford
believes
his
firm
is
set
up
to
be
one
of
the
industry’s
biggest
winners.

“Our
competitors,
most
of
which
are
franchise
systems,
are
anchored
in
physical
real
estate,
legacy
commission
structures
and
technology
stacks,
[that]
they
can’t
move
fast
enough
to
modernize.
They
faced
real
consolidation
pressure
as
AI
raises
the
cost
of
falling
behind.
We
have
none
of
those
constraints,”
Sanford
said
Tuesday
evening.
“We’re
built
as
technology
forward
from
day
one,
which
means
we
layer
AI
onto
a
clean
architecture
rather
than
retrofitting
into
a
broken
one.
What
we
offer
agents,
and
what
no
one
else
can
fully
replicate,
is
a
complete
operating
system
for
building
scalable,
sustainable
real
estate
business,
full
stack
marketing,
deep
ongoing
personal
development
through
success
and
a
fully
immersive
global
collaboration
layer
through
Frame.”