eXp Realty announces plans to expand into three, new international markets: New Zealand, Greece and the Dominican Republic.
In a RealTrends interview, Michael Valdes, president of eXp Global, says that they are expanding their global footprint quickly, and are “very strategic as to where we want to enter.” He noted, “We want to enter larger countries that have a large amount of agents so that we can grow quickly. For example, in India, we’ve been open about a year and we’re up to 1,100 agents.”
To put it into perspective, he says, “It took eXp six years to get to 1,000 agents in the United States.”
This announcement follows launches of nine new markets in 2021, including Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama and Germany. By the end of the first quarter of 2022, eXp Realty expects to have a presence in 21 countries, including its headquarters in the United States.
According to a press release, throughout the past year, eXp continued to gain global market share. eXp Realty has over 72,000 agents globally and grew revenue by 97% to a record $1.1 billion in the third quarter of 2021.
That expansion doesn’t come without challenges, says Valdes. “Outside of the United States, there are only three countries with a Multiple Listing Service. In the majority of countries, there are not licensing requirements. But, with the right leadership, our model works beautifully because it allows agents to mentor and nurture those underneath them.”
In every country, Valdes says they have a broker of record and a team around them, including transaction specialists, onboarding specialist and so forth.
In a press release, Valdes says, “We’ve continued to expand globally at a steadfast pace. There continues to be high demand for what eXp brings to the international real estate market. With the addition of the Dominican Republic, Greece and New Zealand, we continue to solidify our strategic footprint across the EMEA, CALA and APAC regions.
“The Dominican Republic has, in the last three decades, experienced a period of remarkable economic growth, leading all countries in the Caribbean and Latin America region. Greece is a vibrant market with strong economic projections driven by tourism, excellent foreign investment opportunities, and the Greece 2.0 recovery fund. The country is a key component to our growth on the continent, joining the UK, France, Portugal, Italy, Spain and Germany.”
As part of the expansion into the new markets, eXp will hire experienced leaders in each country to head up local teams who will be responsible for agent operations and services.