It is formal, there is a new sheriff in town and his identify is Glenn Sanford, founder of eXp Holdings and CEO of eXp Realty. The business moved from quantity three to amount one particular by transaction sides in the 2023 RealTrends 500 rankings, based mostly on 2022 data.
Compass, headed by CEO Robert Reffkin, took the top spot this yr by sales quantity. A huge initiative for Compass this calendar year is to fortify the worth of culture and really encourage agents to go into the workplace, which is now a requirement at headquarters in New York Metropolis. “There’s an power when brokers get collectively in human being,” Reffkin stated.
As for eXp, in a modern interview, Sanford acknowledged that his agency was not immune to the problems of the current industry. Nonetheless, he reported that they have been in a place to “weather the market place.”
Just after more than 20 decades with the Any place Advisors entity of Wherever Genuine Estate and the HomeServices of The united states entity of Berkshire Hathaway HomeServices constantly becoming quantity a single or two in each categories on the RealTrends 500, eXp Realty and Compass rose to these positions and displaced the aged guard in less than 10 yrs.
What this demonstrates is that there is not a person route to advancement. “Their paths to these types of growth ended up very distinct in some means and the exact same in other people. Compass applied its capital and a concentrate on substantial-developing agents and teams in superior-finish markets to obtain its effects. eXp employed a combination of its very own fairness, income sharing and the virtual nature of its small business to gain its place. Accessibility to and use of funds, as a result, was key for both equally companies,” mentioned Steve Murray, companion of RTC Consulting.
It is noteworthy that eXp was the only a single of the major 4 firms to develop both of those its closed transactions and its sales volume in 2022 when sales of present properties were down substantially. Compass, for its element, declined at a slower level than the two other giants of the field. Just one detail remains real for these corporations and all many others in the residential brokerage business enterprise: Recruiting and retaining brokers and teams stays the main driver of growth.
The complete checklist of 2023 RealTrends 500 brokerage corporations was released on March 24 and introduced in The Wall Road Journal the similar day.