Cloud-based residential brokerage, eXp Realty (AKA eXp World Holdings), said its revenue in the third quarter doubled to a record $564 million. The company’s net income rose to $14.9 million.
- Be Smart: Commercial brokers are also turning to the cloud. The pandemic has accelerated technological shifts that were previously bubbling underneath the surface. eXp Realty and KayoCloud have been the beneficiaries. “The momentum we saw in agent and revenue growth in the third quarter is expected to continue into the fourth quarter of 2020 and beyond,” said eXp’s CFO Jeff Whiteside
- Heard on the Street: KayoCloud’s CEO Joe Richter told FinLedger: “Witnessing usage on our enterprise platform surge during the pandemic has been remarkable. Commercial brokers are rethinking their need to depend upon the likes of Cushman, CBRE, and JLL, and are now embracing a cloud-based model where they retain 100% of their commission.” [HousingWire+FinLedger]