BELLINGHAM, Wash.--(BUSINESS WIRE)--eXp Realty International Corporation (OTCBB: EXPI), the Real Estate Cloud Brokerage, announced today the launch of an Agent Ownership initiative that provides a number of opportunities for agents and brokers to become significant shareholders in the Company.
“The greatest asset that any real estate brokerage possesses is the group of agents and brokers who are a part of it. In our view, those agents and brokers should be owners and beginning today at eXp Realty, they will be,” said eXp Realty President Jason Gesing, during a Special Meeting of the Company inside its Cloud Office on Friday.
The new initiative has multiple components but beginning today and retroactive to January 1, 2014 the Company will issue 100 shares of stock to each agent and broker for their first transaction in 2014. The Company will also issue 1000 shares to any agent who caps in 2014. 1000 shares will also be issued to any agent or broker who attracts another agent into the Company upon the closing of that new agent’s first transaction.
Each of these awards will be made as a part of a formal stock compensation plan to be adopted later in the year. The Company also anticipates adopting a voluntary program (technically an “ESOP”) pursuant to which agents and brokers will be allowed voluntarily to contribute a portion of commission dollars and/or revenue sharing dollars to the purchase of Company stock at a discount.
“Our status now as a public company really allows us to build a brokerage that is owned by its agents. We have put together some pretty unique opportunities for all of our agents, as well as for iconic agents in their marketplaces and for brokerage owners,” said Gesing. “We believe that this, in addition to our aggressive gross revenue sharing plan, is just one more way in which our agents can achieve financial independence.”
Recently, the Company incentivized the migration of a 19 agent brokerage firm in Atlanta, Georgia using stock as a leverage point in combination with the value propositions of the Company’s core business model. Since the team in Atlanta joined eXp Realty, the size of the Company’s agent and broker population in the region has doubled and the Company has retained 100% of the agents in the region.
“Through our culture, technology, and collaborative and supportive environment, we can offer to a group of agents what it is that they need to be competitive in the industry today,” said Gesing. “At the same time, we can offer broker owners something of significant value for what they have been able to build, while allowing them to scale their businesses in ways previously not possible. Ultimately, agent ownership speaks to the opportunity to own your career and at eXp we’re interested in attracting real estate professionals who want to take charge of their career and their future and take ownership of both.”
About eXp Realty International Corporation
From its inception, eXp Realty has been engaged in the marketing and sale of residential real estate, with the goal of being the first truly cloud-based, full-service, global real estate brokerage company delivering around-the-clock access to collaborative tools and professional development for managing real estate brokers and agents. The business model was created to increase brokers’ and agents’ listings and sales, while reducing their overhead and capital requirements. eXp Realty currently has agents in 29 states and in Canada. For more information, visit: www.exprealty.com.
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.