The second quarter of 2025 may not have shaken out exactly as the leaders of eXp World Holdings would have liked, but one bright spot was agent count at Эксп Недвижимость.
Although agent count was down 5% annually to 82,704 agents, Q2 2025 marked the first time in a year that eXp recorded sequential quarter-over-quarter agent-count growth.
“This is a great indication that our strategies and programs we’ve created to attract and retain agents are working,” Лео Пареха, the CEO of eXp Realty, said during an earnings call with investors and analysts Thursday evening. “Not only have we been able to attract and retain great agents, we’ve created a stronger, more productive agent base during this market town downturn.”
Pareja noted that sales transactions per agent are up 4% year over year, and eXp saw 22% fewer agents leave in Q2 2025 than during the same quarter a year ago. In the U.S. alone, this number was up to 31% fewer agents.
“We continue to shed our most unproductive agents. Fifty-seven percent of non-productive agents that left eXp left the industry in Q2,” Pareja stated.
The global opportunity
But while eXp is looking to continue to grow its presence in the U.S., the brokerage is also looking around the world for even more growth opportunities.
During the call Thursday evening, Felix Bravo, the managing director of eXp International, said that eXp would like to have 50,000 agents in 50 countries outside of the U.S. by 2030. In the first half of the year, eXp has launched in three international markets, with its operation in Ecuador coming online during Q2. The brokerage said it plans to launch its operations in Egypt, Japan and South Korea later this year.
“With each new market we are getting more efficient,” Bravo said. “We’re learning to open faster, requiring fewer resources, and operating with increasingly productive teams right out of the gate. These markets represent exciting opportunities for us to extend the eXp model globally and showcase the demand for an agent-centric model that focuses on agents building their business regardless of what size that may be.”
Despite the strong momentum surrounding eXp International, this segment of the business recorded the largest net loss for the quarter at $4.2 million, contributing to the $2.3 million net loss recorded for eXp World Holdings during the quarter. In contrast, in Q2 2024, eXp World Holdings reported a net income of $18.537 million.
eXp World Holdings CEO Glenn Sanford, who recently announced his return к УСПЕХ Предприятий, another eXp World Holdings company, as its publisher and managing director, said he expects the international segment to become profitable within a minimum of two or three years.
“We do have internal returns on a number of countries already, including the U.K.,” Sanford said. “It isn’t all of them but we have a number of countries that have sort of turned the corner.”
North American operations record a profit
The North American operation of eXp Realty was the only segment of eXp World Holdings to record a profit in Q2 2025, reporting a net income of $7.1 million. However, this number is down 73% year over year. This is in part due to the challenging macro economic environment and slower pace of home sales. During the second quarter, eXp saw its transaction side count drop 2% annually to 118,612, while its sales volume rose 1% to $52.5 billion.
“Going into 2025, I was cautiously optimistic with hopefully a 10% bump in transaction count and obviously we’ve revised that down,” Pareja said. “I think we’d call it a win if we were flat year–over-year as a country from a transaction count standpoint.”
Agent productivity will be the focus for the rest of 2025
Despite the challenges, Pareja said he feels like eXp Realty’s performance highlights the strength of its model and ability to adjust. As Pareja and eXp Realty look to the second half of the year he said the company is focusing on production and attracting the most productive agents.
Although focusing on agent productivity will help revenue, which only recorded a 1% yearly increase in Q2 2025 to $1.3 billion, if agents are selling more homes, that means more agents will reach their commission split cap, cutting into the company’s profit margin.
But eXp’s chief financial officer, Jesse Hill, is not too worried.
“It is actually something that we welcome and celebrate when it occurs,” Hill said of more agents reaching their commission split cap. “This is because it creates agent retention and stickiness because this value prop in our model is not really seen across the industry, so we welcome it even though it brings down the margin percentage.”
So, while the quarter may not have resulted in anything near eXp’s best financial results, company executives believe there is still plenty to be optimistic about.
English