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“Cloud-Based” Brokerage Goes Public, Sells Shares to Agents

Details on eXp’s low-overhead model, splits, and recruiting incentives appear in the April issue of “Real Estate Broker’s Insider.”

(Boonton, NJ, April 24, 2014) — Virtual brokers have been popping up nationwide, but broker Glenn Sanford serves up a new twist on the low-overhead model.

He calls his publicly traded brokerage a “cloud-based company.” eXp Realty International Corp. is based in Bellingham, WA, and over the past four years, Sanford has recruited 355 agents in 29 states and Ontario, Canada.

To earn its split, eXp offers more than a dozen training sessions a week. One recent topic: Using drones to take photos of listings.

“We have classes going on throughout the week,” Sanford tells industry newsletter “Real Estate Broker’s Insider.”

In addition to its unusual tech offerings, eXp has a unique ownership structure. After merging with a shell company in 2013, eXp is publicly traded as a penny stock, with Sanford owning more than 40 percent of the shares.

Sanford is not a fan of franchising, which he believes adds unnecessary cost to a brokerage model. But he is urging agents to buy shares of his company. eXp Realty trades on the Over-the-Counter Bulletin Board, a marketplace for small, untested companies that generally get little love from Wall Street.

Shares traded in mid-February at 45 cents, but eXp offered shares to agents for 30 cents. Part of the reason for the discount is that the shares are restricted and can’t be sold for eight months.

Details on eXp’s low-overhead model, splits, and recruiting incentives appear in the April issue of “Real Estate Broker’s Insider.”

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