Benzinga | Jan 26, 2021 09:07AM EST

eXp World Holdings Announces Expansion Into Puerto Rico

BELLINGHAM, Wash., Jan. 26, 2021 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (NASDAQ:EXPI), the holding company for eXp Realty, one of the fastest-growing real estate companies in the world, has expanded into Puerto Rico, under the eXp Puerto Rico banner. In addition to its robust U.S. presence, eXp Realty also operates in eight other countries, including Australia, Canada, France, India, Mexico, Portugal, South Africa and the United Kingdom, with more than 43,000 agents across the globe.



"The expansion into Puerto Rico represents our first strategic foothold in the Caribbean," said Michael Valdes, President of eXp Global. "Puerto Rico is ideally positioned to benefit from the eXp model. Its tax incentives continue to attract a large number of foreign investments, creating a growing and robust real estate market in a territory that combines a rich culture and economic stability."

eXp Realty offers a unique financial model for residential and commercial real estate agents, going beyond attractive commissions to provide its agents with an opportunity to earn additional income by helping the company to grow its revenue base anywhere in the world. Agents can also earn equity in eXp World Holdings stock for listing and selling activities. eXp's cloud-based brokerage is powered by Virbela, the company's immersive and collaborative platform, enabling agents and staff to communicate, meet and conduct business in a virtual world.

eXp Puerto Rico's operations will be led by Ivelisse Lopez, Broker of Record. Lopez brings more than 27 years of real estate leadership experience in Puerto Rico.

"Puerto Rico has a strong professional infrastructure for agents, and the addition of the eXp brand to the market represents an unrivaled opportunity. The technology and tools eXp Puerto Rico provides will empower agents to scale their business rapidly," said Lopez.

eXp's presence in Puerto Rico will encompass all major cities and regions. Puerto Rico represents the first global market that eXp Global has identified for expansion during the first quarter of 2021. Brazil, Italy, and Hong Kong are also set to launch in Q1 2021.