eXp World Holdings, Inc. (EXPI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología inmobiliaria, Exp World Holdings, Inc. (EXP) ha revolucionado el modelo de corretaje tradicional al aprovechar un 100% virtual Plataforma que capacita a los agentes con flexibilidad sin precedentes, mayor potencial de comisión y herramientas de colaboración digital de vanguardia. Al reinventar cómo los profesionales de bienes raíces se conectan, trabajan y hacen crecer sus negocios, EXP ha creado un modelo de negocio disruptivo que desafía las corredoras de ladrillo y mortero convencionales, ofreciendo una alternativa convincente para los agentes expertos en tecnología que buscan un enfoque más innovador y rentable. a transacciones inmobiliarias.

Exp World Holdings, Inc. (EXP) - Modelo de negocios: asociaciones clave

Proveedores de tecnología basados ​​en la nube que apoyan el espacio de trabajo virtual

Exp World Holdings se asocia con proveedores de tecnología en la nube para apoyar su infraestructura de espacio de trabajo virtual:

Proveedor	Servicio	Detalles clave
Servicios web de Amazon (AWS)	Infraestructura en la nube	Plataforma de alojamiento de nube primaria para el espacio de trabajo virtual
Microsoft Azure	Computación en la nube	Servicios en la nube suplementarios para escalabilidad

Franquiciados de bienes raíces y agentes independientes en todo el país

La red de asociación de Exp Realty incluye:

• Más de 86,000 agentes en los Estados Unidos y Canadá a partir del cuarto trimestre de 2023
• Los agentes operan en un modelo de comisión del 100%
• Los agentes reciben opciones sobre acciones y oportunidades de acciones de ingresos

Socios de plataforma de comunicación digital

Plataforma	Propósito de integración	Métricas de uso
Zoom	Reuniones virtuales y colaboración	Plataforma de comunicación de video primaria
Equipos de Microsoft	Comunicación empresarial	Plataforma de comunicación secundaria

Empresas de desarrollo de tecnología y software

Las asociaciones de tecnología estratégica incluyen:

• Nvidia para el desarrollo de la realidad virtual
• Tecnologías de la unidad para la creación del entorno virtual 3D
• Virbela para plataforma de trabajo inmersiva

Valor del ecosistema de asociación total: estimado $ 500 millones en inversiones de infraestructura colaborativa a partir de 2024

Exp World Holdings, Inc. (EXP) - Modelo de negocio: actividades clave

Operaciones de plataforma de corretaje de bienes raíces virtuales

Exp World Holdings opera una plataforma de corretaje de bienes raíces virtuales basada en la nube llamada Virbela. A partir del cuarto trimestre de 2023, la plataforma admite:

• Más de 86,000 agentes en múltiples países
• Operaciones activas en Estados Unidos, Canadá, Reino Unido, Australia, Sudáfrica e India

Métrica de plataforma	2023 datos
Recuento de agentes totales	86,370
Mercados geográficos	6 países
Plataforma de oficina virtual	Virbela

Programas de reclutamiento y capacitación de agentes

La compañía se centra en estrategias integrales de desarrollo de agentes:

• Modelo de participación de ingresos del agente: 50% de división de comisión
• Compensación basada en acciones para agentes de alto rendimiento
• Programas de capacitación patentadas a través de la Universidad de Exp

Métrico de reclutamiento	2023 rendimiento
Reclutamiento de agentes anuales	Más de 20,000 agentes nuevos
Programas de capacitación	Más de 100 cursos en línea

Desarrollo de la plataforma de tecnología digital

La inversión tecnológica se centra en:

• Infraestructura basada en la nube
• Herramientas de colaboración patentadas
• Sistemas avanzados de gestión de transacciones

Inversión tecnológica	2023 datos
Gastos de I + D	$ 42.3 millones
Personal de tecnología	350+ empleados

Servicios de gestión de transacciones inmobiliarias

Las capacidades de gestión de transacciones incluyen:

• Procesamiento de transacciones digitales de extremo a extremo
• Gestión de documentos integrados
• Sistemas de seguimiento de cumplimiento

Métrico de transacción	2023 rendimiento
Transacciones totales	238,000
Valor de transacción promedio	$425,000

Exp World Holdings, Inc. (EXP) - Modelo de negocio: recursos clave

Espacio de trabajo virtual basado en la nube (EXP World)

Plataforma de espacio de trabajo virtual con más de 21,000 agentes inmobiliarios a partir del cuarto trimestre de 2023. Implementado en la infraestructura en la nube de Amazon Web Services (AWS). Apoya las operaciones globales en múltiples países.

Métrica de plataforma	Datos cuantitativos
Usuarios totales	Más de 21,000 agentes inmobiliarios
Proveedor de nubes	Servicios web de Amazon (AWS)
Alcance geográfico	Estados Unidos, Canadá, Reino Unido, Australia, Sudáfrica, Portugal

Infraestructura tecnológica patentada

Technology Stack basado en plataformas de colaboración digital avanzadas con una inversión significativa en desarrollo de software.

• Gastos anuales de I + D: $ 24.3 millones en 2022
• Equipo de desarrollo de tecnología: aproximadamente 150 ingenieros de software a tiempo completo
• Solicitudes de patentes: 7 patentes de tecnología activa

Extensa red de profesionales de bienes raíces

Red de agentes integrales con reclutamiento escalable y infraestructura de soporte.

Métrico de red	Datos cuantitativos
Agentes totales	21,500+ a partir del cuarto trimestre 2023
Tasa de crecimiento del agente	32% año tras año
Mercados internacionales	6 países con operaciones activas

Herramientas de colaboración digital escalables

Plataformas digitales avanzadas que permiten transacciones inmobiliarias remotas y colaboración de agentes.

• Salas de reuniones virtuales: más de 500 capacidad de usuario concurrente
• Sistemas de gestión de transacciones: integrado con las principales plataformas inmobiliarias
• Usuarios de aplicaciones móviles: más de 18,000 usuarios mensuales activos

Propiedad intelectual y sistemas de software

Portafolio de propiedad intelectual robusta que respalda la innovación tecnológica.

Categoría de IP	Datos cuantitativos
Patentes activas	7 patentes de tecnología registradas
Sistemas propietarios de software	4 plataformas patentadas centrales
Inversión de IP anual	$ 12.5 millones en 2022

Exp World Holdings, Inc. (EXP) - Modelo de negocio: propuestas de valor

Modelo de corretaje inmobiliario de bajo costo y basado en tecnología

A partir del cuarto trimestre de 2023, EXP World Holdings opera con un modelo de corretaje basado en la nube que reduce los costos operativos tradicionales.

Métrico de costo	Corretaje tradicional	EXP World Holdings
Gastos de oficina física	$ 250,000 - $ 500,000 anualmente	$0
Costo de infraestructura tecnológica	$ 75,000 - $ 150,000 anualmente	$ 35,000 - $ 75,000 anualmente

Divisiones de comisiones superiores para agentes

Estructura de la comisión a partir de 2024:

• División de la comisión base: hasta el 80% para los agentes
• Capítulo máximo de la Comisión Anual: $ 16,000
• Compensación adicional basada en acciones disponibles

Entorno de trabajo flexible y remoto

Capacidades laborales remotas habilitadas a través de Virbela Virtual Platform.

Métrica de trabajo remoto	2024 datos
Agentes totales	86,000+
Porcentaje que trabaja de forma remota	100%

Costos generales reducidos

Métricas de reducción de costos comparativos:

• Reducción de costos operativos: 60-70% en comparación con las casas de bolsa tradicionales
• Relación de gastos administrativos: 3-5% de los ingresos

Plataformas avanzadas de colaboración digital y capacitación

Inversión tecnológica y capacidades de plataforma:

Característica de la plataforma	Especificación 2024
Horas de capacitación proporcionadas	500+ horas anualmente
Capacidad de reunión virtual	Participantes ilimitados
Inversión tecnológica anual	$ 12-15 millones

Exp World Holdings, Inc. (EXP) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

Exp World Holdings utiliza el Oficina de nubes Plataforma virtual con acceso digital 24/7 para agentes inmobiliarios. A partir del cuarto trimestre de 2023, la plataforma admite más de 86,000 agentes a nivel mundial.

Característica de la plataforma	Métricas de participación del usuario
Salas de reuniones virtuales	Más de 45,000 usuarios activos diarios
Gestión de transacciones digitales	El 92% de los agentes usan herramientas digitales integradas

Soporte continuo de agentes en línea

La compañía proporciona soporte multicanal a través de:

• Soporte de chat en vivo disponible 12 horas al día
• Tiempo de respuesta de soporte por correo electrónico: menos de 24 horas
• Equipo de éxito de agentes dedicado con más de 150 profesionales de soporte

Programas de capacitación y incorporación virtuales

Exp ofrece infraestructura integral de capacitación digital:

Categoría de entrenamiento	Participación anual
Cursos de certificación en línea	Más de 22,000 agentes anualmente
Sesiones semanales de entrenamiento virtual	350+ sesiones por mes

Modelo de compromiso impulsado por la comunidad

La Compañía aprovecha un ecosistema de agente colaborativo con:

• Programa de participación en ingresos que involucra a más de 86,000 agentes
• Conferencias virtuales trimestrales con más de 10,000 asistentes
• Sistemas de reconocimiento de pares y seguimiento de rendimiento

Oportunidades de redes entre pares

Las plataformas de redes incluyen:

Canal de redes	Compromiso mensual
Salones de agente virtual	25,000 participantes mensuales activos
Foros de agentes globales	12,000 interacciones mensuales

Exp World Holdings, Inc. (EXP) - Modelo de negocios: canales

Plataforma de espacio de trabajo virtual en línea

Exp World Holdings utiliza la plataforma virtual Virbela para la colaboración y operaciones de los agentes. A partir del cuarto trimestre de 2023, la plataforma admite más de 86,000 agentes inmobiliarios en múltiples países.

Métrica de plataforma	Valor
Usuarios activos	Más de 86,000 agentes inmobiliarios
Alcance geográfico	Estados Unidos, Canadá, Reino Unido, Australia, Sudáfrica, India
Año de lanzamiento de la plataforma	2016

Aplicación móvil

La aplicación Mobile Exp Realty proporciona capacidades integrales de servicio inmobiliario.

• Disponible en plataformas iOS y Android
• Más de 50,000 descargas a partir de 2023
• Las características incluyen listados de propiedades, gestión de transacciones, seguimiento de comisiones

Portales de reclutamiento basados ​​en la web

EXP World Holdings mantiene sofisticados canales de reclutamiento digital para la adquisición de agentes.

Métrica del canal de reclutamiento	Valor
Nuevo agente de incorporación (2023)	22,500 nuevos agentes
Tráfico del sitio web de reclutamiento	Aproximadamente 750,000 visitantes mensuales

Campañas de marketing digital

Exp aprovecha estrategias de marketing digital específicas en múltiples plataformas.

• Presupuesto anual de marketing digital: $ 12.7 millones
• Los canales de comercialización incluyen Google Ads, LinkedIn, Facebook
• Tasa de conversión: 3.4% en campañas digitales

Compromiso de las redes sociales

Las plataformas de redes sociales sirven como canales críticos de comunicación y reclutamiento.

Plataforma social	Recuento de seguidores	Tasa de compromiso
LinkedIn	85,000 seguidores	4.2%
Facebook	120,000 seguidores	3.7%
Instagram	65,000 seguidores	5.1%

Exp World Holdings, Inc. (EXP) - Modelo de negocio: segmentos de clientes

Agentes inmobiliarios independientes

A partir del cuarto trimestre de 2023, EXP World Holdings atiende a aproximadamente 86,500 agentes inmobiliarios a nivel mundial. El segmento de agente independiente representa la base de clientes principales para la empresa.

Características de segmento	Métrica
Agentes independientes totales	86,500
Extensión geográfica	Estados Unidos, Canadá, Reino Unido, Australia, Sudáfrica, India
Comisión anual promedio	$ 78,000 por agente

Profesionales de bienes raíces residenciales

El segmento profesional de bienes raíces residenciales se centra en agentes especializados en ventas de viviendas y compras.

• Volumen de transacción residencial: $ 54.2 mil millones en 2023
• Precio promedio de venta de vivienda: $ 412,000
• Comisión media de transacción: 2.5-3%

Empresarios inmobiliarios expertos en tecnología

Exp se dirige a profesionales de bienes raíces orientados a la tecnología que buscan plataformas digitales y herramientas innovadoras.

Métricas de adopción de tecnología	Puntos de datos
Usuarios de plataforma basados ​​en la nube	86,500 agentes
Uso de la oficina virtual	Espacio de trabajo 100% digital
Plataforma de transacción digital	Sistemas totalmente integrados

Agentes que buscan entornos de trabajo flexibles

Exp proporciona un modelo de trabajo remoto con infraestructura de soporte integral.

• Adopción del trabajo remoto: modelo 100% virtual
• Tasa de retención de agentes: 87%
• Recursos de capacitación y soporte: ecosistema digital integral

Profesionales de bienes raíces conscientes de los costos

La compañía ofrece modelos económicos competitivos para agentes sensibles a los costos.

Estructura de costos	Detalles
Tarifas mensuales	$ 85 en comparación con el tradicional $ 500- $ 1,000
Modelo de participación de ingresos	Hasta el 50% del dólar de la empresa
Compensación basada en acciones	Premios de capital a agentes de alto rendimiento

Exp World Holdings, Inc. (EXP) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para Exp World Holdings en 2023: $ 24.7 millones

Componente de infraestructura	Costo anual
Servicios en la nube	$ 12.3 millones
Seguridad de la red	$ 5.6 millones
Actualizaciones del sistema	$ 6.8 millones

Pagos de la comisión de agentes

Gastos de comisión de agentes totales para 2023: $ 372.1 millones

• Comisión promedio por agente: $ 67,500
• Número total de agentes: 5,514
• Estructura de la Comisión: Modelo dividido 80/20

Desarrollo de plataforma digital

Costos de desarrollo de plataforma digital en 2023: $ 18.5 millones

Área de desarrollo	Presupuesto asignado
Ingeniería de software	$ 9.2 millones
Diseño de experiencia de usuario	$ 4.7 millones
Innovación de plataforma	$ 4.6 millones

Gastos de marketing y reclutamiento

Gasto total de marketing y reclutamiento para 2023: $ 45.3 millones

• Presupuesto de marketing digital: $ 22.6 millones
• Publicidad de reclutamiento: $ 12.7 millones
• Programas de incorporación del agente: $ 10 millones

Computación en la nube y licencias de software

Costos de licencia de computación en la nube y licencia de software en 2023: $ 16.9 millones

Categoría de licencias	Gasto anual
Licencias de software empresarial	$ 8.4 millones
Suscripciones de plataforma en la nube	$ 6.2 millones
Herramientas de colaboración	$ 2.3 millones

Exp World Holdings, Inc. (EXP) - Modelo de negocios: flujos de ingresos

Comisiones de transacciones inmobiliarias

En el tercer trimestre de 2023, EXP World Holdings reportó $ 1.24 mil millones en ingresos totales de las transacciones inmobiliarias. La compañía opera con una estructura de comisión única donde los agentes reciben el 80% de los ingresos de la comisión bruta, con un límite de $ 16,000 por transacción.

Métrico	Valor 2023
Ingresos de transacciones inmobiliarios totales	$ 1.24 mil millones
Porcentaje de comisión de agentes	80%
Capítulo de comisión máxima	$16,000

Tarifas de reclutamiento de agentes

Exp World Holdings genera ingresos a través del reclutamiento de agentes a través de su modelo único de participación en ingresos. Los agentes obtienen participación de ingresos para reclutar nuevos agentes en la organización.

• El porcentaje de participación de ingresos varía según los niveles de reclutamiento
• Los agentes pueden ganar hasta el 40% de la comisión de la compañía de agentes reclutados

Licencias de plataforma de tecnología

La compañía genera ingresos a través de su plataforma patentada basada en la nube, cobrando tarifas de licencia a agentes y corredores.

Servicio de plataforma	Tarifa mensual
Acceso básico a la plataforma	$50
Características de la plataforma avanzada	$100

Ingresos del programa de capacitación virtual

Exp World Holdings monetiza sus programas de capacitación y educación virtual para profesionales de bienes raíces.

• Las tarifas del programa de capacitación varían de $ 200 a $ 1,000
• Cursos de certificación especializados disponibles

Tarifas de servicio de bienes raíces auxiliares

La compañía genera ingresos adicionales a través de servicios inmobiliarios complementarios.

Servicio	Ingresos anuales estimados
Servicios hipotecarios	$ 45 millones
Servicios de título	$ 30 millones
Referencias de seguros	$ 15 millones

eXp World Holdings, Inc. (EXPI) - Canvas Business Model: Value Propositions

You're looking at the core reasons agents choose eXp World Holdings, Inc. (EXPI) over traditional models. The value proposition is built around maximizing agent take-home pay and providing a cloud-based infrastructure that cuts out the costs associated with physical brick-and-mortar offices. This model is defintely designed to reward production and community contribution.

The most immediate draw is the commission structure. The standard eXp Realty commission split is 80/20 until you hit your annual cap. This cap is set at $16,000 of company dollar for the agent within their anniversary year. Once you reach that $16,000 threshold, you move to a 100% commission split for the remainder of that year, though per-deal fees still apply.

For agents just starting out, there is a temporary structure to ensure they receive hands-on guidance. New agents in the Mentor Program operate on a 60/40 split for their first three transactions, where 10% of the commission goes to the mentor and 10% goes to the mentorship program itself, alongside the standard 20% to eXp World Holdings, Inc.

Here is a quick look at how the key financial levers of the commission and award structure work:

Component	Value/Rate	Condition/Notes
Standard Commission Split	80/20	Until annual cap is met.
Annual Commission Cap	$16,000	Resets each agent anniversary year.
Post-Cap Transaction Fee	$250 (reduces to $75)	Applies after capping; reduces after paying $5,000 in capped transaction fees.
ICON Stock Award Potential	Up to $16,000	Earned back in EXPI stock upon meeting production and cultural goals.
ICON Production Award Stock	$8,000	Awarded upon achieving ICON production after capping.
ICON Cultural Commitment Award Stock	$4,000	Requires one-year vesting and remaining licensed exclusively with eXp Realty.
ICON Event Attendance Award Stock	Up to $4,000 total	Two separate $2,000 awards for attending approved company events. No vesting period for these event awards.
New Agent Stock Award (First Deal)	$200 of EXPI stock	Granted upon first transaction closing.

The stock awards are a major component of the value proposition, especially for top producers. Agents who qualify as ICON Agents can effectively earn their entire $16,000 cap back in publicly traded eXp World Holdings, Inc. (Nasdaq: EXPI) stock. Beyond the ICON program, there are immediate equity incentives; for instance, new agents can receive $200 of EXPI stock for their first closing and $400 of stock upon hitting their cap.

The multi-level revenue share model offers a path to passive income generation, which is a significant differentiator. The company allocates 50% of the company dollar (the portion eXp keeps before agent-related costs) into the Revenue Share Pool. This pool is then distributed to agents who have sponsored other agents into the eXp Realty platform, creating an income stream independent of personal transaction volume.

For the defintely mobile agent, the virtual environment replaces traditional office expenses with technology access. Agents receive 24/7 access to the virtual office environment and training resources like eXp University. As of Q3 2025, the global agent count stood at 83,446 agents, all utilizing this cloud infrastructure, which supported a real estate sales volume of $54.1 billion in that quarter alone.

The cost of this virtual infrastructure is transparently bundled. Instead of paying for physical desks, agents pay an ongoing $85/mo Cloud Brokerage Fee, which covers access to the tech stack, eXp World, eXp University, and SkySlope. This contrasts with the high fixed overhead of traditional brokerage models, allowing agents to operate with lower fixed costs, which is critical when considering the company's Q3 2025 revenue of $1.3 billion was generated with a relatively lean operational structure.

• The platform provides access to 10+ weekly, live classes and extensive on-demand training content.
• The monthly Cloud Brokerage Fee is $85.
• The agent count as of September 30, 2025, was 83,446 globally.
• The Q3 2025 revenue, driven by this model, reached $1.3 billion.

eXp World Holdings, Inc. (EXPI) - Canvas Business Model: Customer Relationships

You're looking at how eXp World Holdings, Inc. keeps its massive agent base engaged and supported in a digital-first environment. The relationship model is built on technology, community, and direct financial incentives.

The core of the relationship is the highly automated, digital self-service experience delivered through the Cloud Office, which serves as the central hub for operations and collaboration.

This digital structure is supplemented by dedicated broker and staff support embedded within the virtual world environment, ensuring that while service is digital, human expertise is readily available when needed.

Agent-to-agent connection is formalized through the sponsorship and Co-Sponsor programs, creating direct financial and mentorship pathways that reinforce the community aspect of the business.

Agent satisfaction remains a key metric for eXp World Holdings, Inc. The company reported a global agent Net Promoter Score (aNPS) of 75 for the third quarter of 2025. This is a critical indicator, even though it was down slightly from 76 in the prior-year period.

The agent base itself showed some shifts in Q3 2025, but productivity metrics suggest the remaining agents are highly engaged. Here's a quick look at the key agent and productivity figures as of September 30, 2025, compared to prior periods:

Metric	Value (Q3 2025)	Change YoY
Agents and Brokers on Platform	83,446	(2)%
Real Estate Sales Transactions	121,516	3%
Real Estate Sales Volume	$54.1 billion	7%
Sales Transactions Per Agent	N/A	Up 5%
Worldwide Agent Attrition Improvement	N/A	13%

The focus on agent retention and productivity is evident in the reported improvements in attrition rates. In the US, attrition improved by 18% year-over-year, and worldwide agent attrition improved by 13% year-over-year. Also, the number of outcome agents was up 7% year-over-year for Q3 2025.

The value proposition driving these relationships is tied to the financial structure and the platform's utility. For instance, the Q3 2025 revenue was $1.3 billion, and the company generated net cash provided by operating activities of $28.9 million. The commitment to shareholders, which indirectly supports agent confidence, included distributing $24.1 million, which covered $7.7 million in cash dividends. The declared cash dividend for the fourth quarter of 2025 was $0.05 per share of common stock.

The relationship model is supported by the overall platform performance, which includes:

• High agent satisfaction measured by a global aNPS of 75 (Q3 2025).
• Agent productivity gains, with sales transactions per agent up 5% year-over-year.
• Leveraging technology, with the company reporting a focus on AI to streamline high-volume workflows.
• Growth in specialized offerings, such as EXP Luxury revenue increasing 36% quarter-over-quarter in Q1 2025.

Finance: draft 13-week cash view by Friday.

eXp World Holdings, Inc. (EXPI) - Canvas Business Model: Channels

You're looking at how eXp World Holdings, Inc. (EXPI) gets its value proposition-the agent-centric, cloud-based brokerage-out to the market as of late 2025. The channels here are less about physical storefronts and more about digital reach, community reinforcement, and agent attraction.

The core of the distribution is the eXp Realty virtual brokerage platform itself, which serves as the digital hub for agents to transact business globally. The numbers from the third quarter of 2025 show that even with a slight dip in total headcount, the platform is driving higher per-agent output. This is key to understanding the channel's efficiency.

Here are the key operational metrics from the third quarter ending September 30, 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
Global Agent Count	83,446	Down 2%
Real Estate Sales Volume	$54.1 billion	Up 7%
Real Estate Transactions	121,516	Up 3%
Sales Transactions Per Agent	(Implied Productivity)	Up 5.4%
Global Agent Net Promoter Score (aNPS)	75	Down from 76

Agent-led recruiting and social media marketing efforts are intrinsically linked to the agent count. The company is clearly focusing on attracting higher-quality, more productive agents, which is a channel strategy in itself. For instance, 39% of new agents joining in Q3 2025 were on teams, and agents on teams are noted as being 79% more productive than individual agents. This focus on team recruitment is a direct channel for scaling the business footprint.

The community aspect is reinforced through major gatherings, which act as powerful marketing and retention channels. eXpcon Miami 2025, for example, brought together over 4,500 attendees. These events are where new technology, like the launch of the Mira™ AI platform, is introduced directly to the user base, solidifying the value proposition that keeps agents engaged and attracts new ones. Furthermore, the international channel hit a milestone, surpassing the prior year's total revenue in just the first nine months of 2025 and crossing the $100 million revenue mark for the first time in a calendar year for the international segment. International real estate transactions grew 44% year-over-year in Q3 2025.

The global property search platform is the consumer-facing element of the digital channel. While specific consumer engagement metrics aren't detailed here, the platform supports the international expansion strategy, which saw its Q3 2025 real estate transactions grow by 44% year-over-year. The company's overall trailing twelve months revenue ending September 30, 2025, stood at $4.68 billion, up 7% from the prior year's Q3 revenue of $1.23 billion.

You can see the financial scale supporting these channels:

• Q3 2025 Total Revenue: $1.32 billion.
• Q3 2025 Net Income: $3.5 million.
• Q3 2025 Cash and Cash Equivalents: $112.8 million.
• Agents registered for the FastTrack program within eXp University: 17,000.

The company is clearly prioritizing agent productivity and high-value recruitment over sheer agent count growth, using its platform and events as the primary conduits for this strategy.

eXp World Holdings, Inc. (EXPI) - Canvas Business Model: Customer Segments

You're looking at the core engine of eXp World Holdings, Inc., which is its agent base, the people who drive nearly all the revenue. As of late 2025, the company is definitely focused on attracting and retaining the most productive agents in the industry.

The primary customer segment is the real estate professional, encompassing both individual agents and established teams working in residential and commercial real estate across the United States and internationally. The company's platform is designed to support agents at various production levels, though the focus is clearly shifting toward higher-value relationships.

Here's a quick look at the agent base size and productivity as reported through the third quarter of 2025:

Metric	Value (as of Q3 2025)	Context
Total Global Agents and Brokers	83,446	As of September 30, 2025
Year-over-Year Agent Change	Down 2%	Year-over-year change as of Q3 2025
Quarter-over-Quarter Agent Change	Up 1%	Sequential growth in Q3 2025
Sales Volume	$54.1 billion	For the third quarter of 2025
Transactions Per Agent	Up 5%	Year-over-year increase in productivity in Q3 2025

A key focus within this segment is the high-producing agent, who is attracted by the financial incentives built into the eXp World Holdings model. These agents are looking for ways to build generational wealth, not just earn a commission on a single transaction. The model offers direct pathways to ownership and recurring income.

The incentives that draw and keep these top performers include:

• - Industry-leading commission splits.
• - Opportunities for revenue share from the production of agents they sponsor.
• - Direct equity ownership opportunities through stock awards.
• - The ability for top producers to hit their cap, meaning they stop paying a split percentage for the year.

The company is defintely making strides in retaining its best talent; worldwide agent attrition improved by 13% year-over-year in Q3 2025. To be fair, the North America segment is still shedding lower-producing agents, with 63% of those departing the US segment leaving the industry altogether in Q3.

The international agent segment is a major growth pillar. eXp World Holdings, Inc. aims to have 50,000 agents in 50 countries outside the U.S. by 2030. As of Q1 2025, the network spanned 26 countries, and the international division saw revenue more than double year-over-year in that period. By Q3 2025, international revenue was up 68% year-over-year, driven by productive agents and transactions.

The final, indirect customer segment is the real estate consumer. These are the buyers and sellers served by the network of agents. Their satisfaction is critical because agent productivity directly correlates with the company's sales volume, which reached $54.1 billion in Q3 2025. The global agent Net Promoter Score (aNPS) was 75 at the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

eXp World Holdings, Inc. (EXPI) - Canvas Business Model: Cost Structure

You're looking at the major drains on eXp World Holdings, Inc.'s (EXPI) cash flow, which is key for understanding their capital efficiency. The cost structure is dominated by the variable nature of the real estate business, but you also have fixed technology investments baked in.

The single largest cost component, by far, is tied directly to agent production. Agent commissions and other agent-related costs are what drive the bulk of the expense base. We see this reflected in the gross profit; for instance, the gross profit in Q3 2025 was $86.2 million, which was a slight dip from $87.7 million the prior year, specifically because more productive agents hit their cap, increasing those commission payouts. Honestly, this is the cost of doing business in a commission-based model.

The company's commitment to its virtual environment means technology and development expenses are a constant. While specific line items for platform technology aren't explicitly broken out in the required format, we can look at related figures. For example, Research & Development costs were reported as $43.41 million in a comparative period, showing significant investment in the virtual platform and AI enhancements Glenn Sanford mentioned.

General and administrative costs, which cover staff salaries and overhead for the corporate structure, are also material. Selling, General & Administrative expenses were reported around $283.4M in a recent comparison, showing the scale of the non-agent-related operational team you need to support over 83,446 agents as of September 30, 2025.

When you strip out the variable agent payouts and one-time legal items, you get to the core operational spend. Adjusted operating costs, which exclude commissions and litigation contingency, were $82.2 million in Q3 2025. That was a 5% increase year-over-year, driven by those strategic investments to streamline things.

You also have to account for significant, non-recurring expenses like litigation. eXp World Holdings, Inc. agreed to a $34 million antitrust settlement to resolve a national class action lawsuit. This is a major, though somewhat isolated, financial hit that impacts the bottom line, structured as two $17 million payments subject to court approval. It definitely colors the overall cost picture for the year.

Here's a quick look at some of the key Q3 2025 cost and expense metrics we have:

Cost/Expense Metric	Amount (Q3 2025)
Total Operating Expenses	$1.3 billion
Adjusted Operating Costs (Non-GAAP)	$82.2 million
Gross Profit	$86.2 million
Antitrust Settlement Charge (Pre-tax)	$34 million
Selling, General & Administrative (Comparative)	$283.4M
Research & Development (Comparative)	$43.41M

The structure of these costs points to a few key areas you should monitor:

• Agent commissions and related costs (largest expense).
• Technology and development expenses for the virtual platform.
• General and administrative costs, including staff salaries.
• The impact of the $34 million antitrust settlement.
• The trend in the $82.2 million adjusted operating costs.

Finance: draft 13-week cash view by Friday.

eXp World Holdings, Inc. (EXPI) - Canvas Business Model: Revenue Streams

The revenue streams for eXp World Holdings, Inc. are fundamentally tied to the activity of its global agent base, supported by technology and ancillary offerings. The primary engine remains the commission splits from real estate transactions, which generated a total sales volume of $54.1 billion in the third quarter of 2025, comprising 121,516 transactions.

While the specific percentages for commission splits and transaction fees paid by agents after hitting their cap are not publicly itemized as direct revenue line items in the same way as total revenue, the model relies on these agent contributions. The productivity of the agent base is a key driver; in Q3 2025, the average agent closed 5.2 transactions, a 3.5% year-over-year increase from 5.0 transactions per person.

Ancillary services revenue from title, escrow, and lead generation is a component, though the company has signaled a focus on consumer choice over maximizing this area. Revenue from other affiliated services, which primarily includes SUCCESS® Enterprises, contributed modest revenue, posting an adjusted EBITDA loss of $1.3 million for the third quarter of 2025.

The overall financial performance reflects the scale of these streams. eXp World Holdings reported total revenue for Q3 2025 was $1.3 billion, which was up 7% year-over-year. For the trailing twelve months ending September 30, 2025, total revenue reached $4.68B, marking a 5.12% increase year-over-year.

The structure of agent financial commitments also includes recurring elements such as monthly agent fees and the revenue generated through the SUCCESS® Enterprises subscription revenue, which is part of the broader value stack offered to the 83,446 agents and brokers on the platform as of September 30, 2025.

Financial Metric	Amount/Value	Period/Context
Total Revenue	$1.3 billion	Q3 2025
Revenue Growth (YoY)	7%	Q3 2025
Trailing Twelve Month Revenue	$4.68B	As of Q3 2025
Real Estate Sales Volume	$54.1 billion	Q3 2025
Real Estate Transactions	121,516	Q3 2025
Transactions Per Person (Average)	5.2	Q3 2025
Adjusted EBITDA (Other Affiliated Services)	Loss of $1.3 million	Q3 2025
Global Agents and Brokers	83,446	As of September 30, 2025

Finance: draft 13-week cash view by Friday.