eXp World Holdings, the parent company of eXp Realty, announced in Q3 earnings on Tuesday that its revenue in the third quarter increased 100%, to a record $564 million compared to $282.2 million the year prior. That beat expectations, which were set at $409.5 million.

The company’s gross profit increased by 103% to $46.8 million in Q3, compared to $23 million the year prior while commissions and other agent-related costs were $517.2 million, compared to $259.1 million the year prior.

“The third quarter of 2020 was highlighted by our record-breaking financial results, driving the most profitable quarter in the company’s history by our continual focus on being the most agent-centric brokerage on the planet,” said Glenn Sanford, founder, chairman and CEO of eXp World Holdings.

In addition, the number of agents and brokers on the eXp Realty platform increased 56% to 35,877 at the end of Q3, compared to 23,034 in 2019.

Residential transaction sides closed during Q3 increased 95% to 75,392, compared to 38,567 the year prior. Residential transaction volume closed during Q3 increased 112% to $23.6 billion, compared to $11.1 billion the year prior.

“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 Jeff Whiteside, CFO and chief collaboration officer of eXp World Holdings. 

Sotheby’s International Realty, a privately held company, announced a 61.8% increase in closed sales volume in the U.S. in the third quarter compared to the year prior, and a 106% increase in U.S. closed volume sales in the $2.5 million to $10 million range compared to the year prior. Its sales volume in the nine months ending Sept. 30 has reached “about $90 billion.”

“The past several months presented a challenging and unique shift for not only the world, but the real estate industry,” said Philip White, president and CEO of Sotheby’s International Realty. “As a result of the pandemic, the lives of our clients evolved. Many discovered they were transitioning to a fully remote workforce or, while sheltering in place, realized that they needed extra space for remote learning.”

Since the beginning of the pandemic, there has been an increase in homeowners moving to luxury vacation towns as the pandemic pushes them out of big cities and into homes with more space.

Privately held company Keller Williams reported that as of Sept. 30, its agents in the U.S. and Canada closed 374,824 transactions, up 16% over Q3 2019, and closed $127.5 billion in sales volume, up 25.4% over Q3 2019. RE/MAX also announced last week that its Q3 earnings decreased by 0.7% to $71.1 million.

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Q3 earnings update: eXp increases revenue by 2x this quarter
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