Completely Cloud Based Real Estate Firm Becomes Fastest Growing Real Estate Company in America - Politicrossing
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Completely Cloud Based Real Estate Firm Becomes Fastest Growing Real Estate Company in America

EXP Realty has become the fastest growing real estate company in America.

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EXP Realty, based in Washington State, has become the fastest growing real estate company in America. EXP (EXPI on the NASDAQ) announced their latest statistics and they are turning the real estate world upside down. EXP does business in all fifty states and 15 countries, with expansion plans to open in 3-4 new countries a quarter. EXP is a completely cloud based company. They also own Virbela, a virtual reality company and SUCCESS Magazine. EXP is adding over 4000 agents a month in the U.S.

Most agents who join EXP say the same thing: “This is a no-brainer.” One reason is that EXP has paid out over $2 Billion to the agents themselves in the revenue sharing program. They also grant stock in the NASDAQ traded company to the agents, allowing them to build wealth they wouldn’t have in a traditional brokerage. Agents interested in becoming an EXP agent can find more information by clicking here.

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From their press release:

First Quarter 2021 Financial Highlights:

Revenue increased 115% to a record $583.8 million in the first quarter of 2021, compared to $271.4 million in the same year-ago quarter.

Gross profit increased 91% to $53.5 million in the first quarter of 2021, compared to $28.0 million in the same year-ago quarter.

Net income increased 3,348% to $4.8 million in the first quarter of 2021, compared to $0.1 million in the same year-ago quarter.

Adjusted EBITDA (a non-GAAP financial measure) increased 159% to $14.8 million in the first quarter of 2021, compared to $5.7 million in the same year-ago quarter.

Operating cash flow (a non-GAAP financial measure) increased 184% to $40.6 million in the first quarter of 2021, compared to $14.3 million in the same year-ago quarter.

As of March 31, 2021, cash and cash equivalents totaled $104.4 million, compared to $44.3 million as of March 31, 2020. The Company repurchased approximately $34.0 million of common stock during the first quarter of 2021.

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CEO and Founder Glenn Sanford said:

“As the fastest organically growing real estate brokerage in the world, we are making considerable progress with gaining market share in the U.S. and globally, having grown our agent base 77% year-over-year to exceed the 50,000-agent milestone in the quarter,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings.

“Our record first quarter revenue and profitability is a direct result of agents continuing to find success leveraging eXp’s unique brokerage model and agent value proposition. Not only are we experiencing an acceleration in the number of agents joining eXp, but the agents we are attracting have proved to be increasingly productive and our Net Promoter Score continues to climb.

“While the sustained strength in the broader real estate market has provided a complementary environment for our core operations, our record results are attributable to eXp’s commitment to surrounding our agents with an unmatched suite of tools and resources that drive positive engagement. This growth of our cloud-based business is being achieved entirely within our virtual working environment, which serves as a key differentiator for aggressively scaling our platform internationally, as well as in the U.S. where a significant opportunity to continue capturing market share remains. As we move forward, we will maintain our focus on finding innovative ways for real estate professionals to succeed in the most agent-centric model on the planet,” concluded Sanford.

Also from the earnings report:

First Quarter 2021 Financial Highlights:

Revenue increased 115% to a record $583.8 million in the first quarter of 2021, compared to $271.4 million in the same year-ago quarter.

Gross profit increased 91% to $53.5 million in the first quarter of 2021, compared to $28.0 million in the same year-ago quarter.

Net income increased 3,348% to $4.8 million in the first quarter of 2021, compared to $0.1 million in the same year-ago quarter.

Adjusted EBITDA (a non-GAAP financial measure) increased 159% to $14.8 million in the first quarter of 2021, compared to $5.7 million in the same year-ago quarter.

Operating cash flow (a non-GAAP financial measure) increased 184% to $40.6 million in the first quarter of 2021, compared to $14.3 million in the same year-ago quarter.

As of March 31, 2021, cash and cash equivalents totaled $104.4 million, compared to $44.3 million as of March 31, 2020. The Company repurchased approximately $34.0 million of common stock during the first quarter of 2021.

Also from their earnings report:

First Quarter 2021 Operational Highlights:

Agents and brokers on the eXp Realty platform increased 77% to 50,333 at the end of the first quarter of 2021, compared to 28,449 at the end of the first quarter of 2020.

Residential and commercial transaction sides closed increased 95% to 73,878 in the first quarter of 2021, compared to 37,882 in the same year-ago quarter.

Residential and commercial transaction volume closed increased 123% to $24.5 billion in the first quarter of 2021, compared to $11.0 billion in the same year-ago quarter.

eXp Realty expanded into four new international locations and territories in the first quarter of 2021, including Puerto Rico, Brazil, Italy, and Hong Kong. Subsequent to the end of the first quarter, the Company successfully launched in Colombia, and announced plans to establish operations in Spain and Israel by the end of the second quarter of 2021.

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Business

Get Coached, Get Better

If you feel as if your career progression is not sufficent, you likely need a career coach

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No boss, coworker, peer, spouse, parent, relative, friend, or anyone else, will accompany you through each job. You alone will be with yourself every step of your career journey; you’re it! You’re the only one who can increase the your career prospects, the quality of your relationships, your self-confidence, and your peace of mind.

Work With a Coach

I was fortunate early in my career to recognize the need to retain a career coach. In a nutshell, a career coach can help:

* diagnose and sort out your situation and opportunities

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* offer new strategies for coping with office politics and competition from other firms

* show you vital stress management skills

* discover or capitalize on new opportunities

A good coach provides new tools to chart your goals and career path, and improve communication. Your career coach can be your positive personal, behind-the-scenes confidant, consultant, and resource.

The Benefit From a Career Coach

If you lack self-confidence, or feel as if your career progression is not on the right track, or are faced with any of the following, then it’s likely you need a career coach:

1. Organizational changes within your organization especially if they have a direct impact on you.

2. Acquisitions or mergers.

3. Expansion into new markets.

4. Diversification into new products or services.

5. Increased competition to your firm from other firms trying to take over your market share.

6. Increased management or supervisory responsibility.

7. Increased leadership opportunities.

8. A recent or soon-to-be available promotion.

9. A new boss, or leadership shake-up above you.

10. Changes in your role or assignments within your company.

11. In-company competition and power plays, corporate intrigue, jockeying for position, or turf protection.

12. Blockades of your progress by internal feuds or informal political processes.

13. Increased media exposure or public speaking requirements.

14. Increased production or sales quotas.

15. A new project you must lead or participate in developing.

For several years I worked with a career coach – we met only once quarterly for two hours but I would depart supercharged.

An Employment Contract

You coach might be able to guide you on the topic of employment contracts. The notion of generating an employment contract has been around for decades, yet most career professionals to this day know what an employment contract is, how to draw one up, or how to ensure that they only work with a contract in force.

Among other things, my coach advised me on the importance of establishing a contract. When I first heard this, I was amazed. “You mean that I am to march into my boss’s office and suggest that we develop a contract that defines both the company’s and my responsibilities over the next twelve months?” Yes. Exactly!

In all industries, the most valuable people work with a contract. This is true in the NBA, Fortune 500 companies; philanthropic groups; the highest levels of government; and civic, social, and charitable organizations. The top talent works under an employment contract.

A Huge Boost

Among other things, having an employment contract is a great confidence booster. Essentially, it defines your working conditions for the length of a specified term. It establishes your compensation rate. It practically secures your employment.

What’s more, the contract enhances your confidence while you’re writing it, and it gives you practice in assertiveness. This occurs when you first introduce the subject with your prospective or current employer and when you actually conduct the session to consummate the contract negotiation.

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Business

Hear Me Roar

Top achievers are not dramatically different from you or me; they have useful skills and outlooks …that we can acquire

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Deborah Benton, author of Lions Don’t Need to Roar, is a leadership expert. She has observed hundreds of CEOs, COOs, and company presidents, seeking to find what enables them to accomplish so much.

In her book, she notes that while it’s essential to exhibit competence in one’s position, inspire confidence in others, act accordingly at business functions, and become adept at maneuvering within the firm, it takes something more to make it to the top as a strong leader.

Benton says, “Top people are not magical, blessed, or dramatically different from you or me. They simply have skills and outlooks that the rest of us don’t have, but can get.” Here are some important tips for those who seek to stand out as strong leaders within their organizations:

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Continually Explore New Options

With al of the advances in every profession and the new forms of competition springing from everywhere, to “coast” today is to “roast.” Top achievers in every profession understand that staying put can be risky, so they take decisive action.

In their book, Surfing the Edge of Chaos: The Laws of Nature and the New Laws of Business, authors Richard Pascale, Mark Millemann, and Linda Gioja argue that “equilibrium is a precursor to death.”

The individuals who get things done have the guts to speak in front of others and take calculated risks (recognizing that the experience will be invaluable).

Could this mean that on the path to high achievement, now and then you’re going to fail? The notion of taking calculated risks runs deep among the career achievers.

Be a People Person

A popular stereotype holds that high-achievers tend to be stodgy types. However, Benton finds the situation to be the opposite. Such career professionals laugh and smile often, are fond of telling stories (as long as they convey a point), and know how and when to physically touch others.

They’re also well-skilled in the ability to ask for favors, and they realize how important that makes others feel.

Regardless of how much society advances technologically, those individuals who stand out as strong leaders will take risks, learn from errors, and advance because of their strong ability to interact with others.

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