eXp Realty CEO Glenn Sanford envisions hitting 100K agents โ˜˜ Hoey Team โ˜˜ eXp Realty โ˜˜ GPREG Florida

Dated: June 28 2019

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Leading into Inman Connect Las Vegas in July, the eXp Realty CEO believes his virtual brokerage can grow by a factor of five by 2025

EXp Realty is unlike any other brokerage in the industry. Since its founding in 2009, the publicly traded company has seen rapid growth and achieved a billion-dollar valuation — all while eschewing brick-and-mortar facilities in favor of a unique virtual office space. That success has not come without bumps in the road, but the company nevertheless continues its push to expand.

This week, eXp Realty founder and CEO Glenn Sanford hopped on a call with Inman to discuss where he sees his company going in the future, and to preview his comments at the upcoming Inman Connect in Las Vegas, where he’ll be speaking. What follows is a version of that conversation that has been lightly edited for length and clarity.

Inman: We’re coming up on the 1-year anniversary of your VirBELA acquisition. Talk to me about how that’s gone and how you guys have beefed up the virtual world over the ensuing months since that acquisition.

Sanford: So we acquired them in November of last year. So it’s been about seven months, not quite a year. But that being said, we’ve certainly expanded our development team there. We’re doing some stuff with WebVR which is quite interesting. We’ve got a lot of stuff going on with lots of different clients outside of real estate. The U.S. Navy, Stanford Business School, and then there’s some stuff in the e-commerce space.

And the thing we’re most excited about, once we finished the acquisition, is we created the VirBELA Open Campus, which is actually available for anybody to use, to go and have meetings. We created a new product there called Team Rooms, which is kind of an alternative to something like maybe a Zoom, but an always-on space for teams and folks to be able to have a private space without having to invest thousands of dollars a month. They can do a small mini space inside of our larger space for a small amount.

So that’s been an exciting additional piece. Of course, with eXp we’re continuing to expand our board rooms, our training center. Our auditorium just grew by three or four X. So we’re now positioned to be able to have meetings with over 1,000 people attending as avatars. Which we think is pretty cool given that prior to VirBELA and our acquisition the largest virtual world for business was somewhere around 150 to 200 simultaneous users. So we’re well above any of the other venture-backed companies that have evolved virtual worlds for business.

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