eXp Realty’s Global Ambition: Can 50,000 Agents Across 50 Countries by 2030 Drive Long-Term Growth?

eXp World Holdings (NASDAQ: EXPI), the parent company of eXp Realty and SUCCESS Enterprises, is betting big on its agent-centric, cloud-based brokerage model to dominate global real estate. With over 81,904 agents across 26 countries as of Q1 2025, the company has set its sights on an audacious goal: expanding its network to 50,000 agents in 50 countries by 2030. This vision hinges on a scalable platform that eliminates traditional brokerage barriers, prioritizes agent satisfaction, and capitalizes on rising demand for remote, technology-driven real estate services. But can eXp sustain its growth trajectory—and what does it mean for investors?

The Blueprint for Global Dominance

eXp’s strategy is rooted in its agent-first philosophy, which eliminates physical office costs, franchise fees, and hierarchical structures. This model has fueled its rapid international expansion, most recently into Peru and Turkey. In Türkiye, the brokerage tapped into a growing real estate market and appointed local leader Yigit Portakal to spearhead its efforts, emphasizing equity ownership, revenue-sharing programs, and a global network of nearly 83,000 agents. The payoff? International revenue more than doubled year-over-year, a testament to the model’s adaptability across diverse markets.

The company’s agent Net Promoter Score (aNPS) of 78—up 5 points from 2024—underscores its success in prioritizing agent experience. This loyalty is critical, as agents are both the backbone of eXp’s operations and its primary revenue drivers. Initiatives like the Co-Sponsor program, which creates income pathways for new agents, and partnerships with platforms like Zillow aim to keep agents motivated and productive.

Financials: Stability Amid Mixed Signals

eXp’s financials present a nuanced picture. While total revenue rose 1% year-over-year to $954.9 million in Q1 2025, the company reported a net loss of $11.0 million. However, adjusted EBITDA improved to $2.2 million, and cash reserves grew to $115.7 million—a 6% increase from 2024—highlighting operational resilience. The company also returned $12.6 million to shareholders via buybacks and dividends, including a $0.05-per-share quarterly dividend, signaling confidence in its cash flow.

A key concern is the 5% year-over-year decline in total agents, though real estate sales volume increased 4% to $38.6 billion. This suggests agents are closing higher-value transactions, potentially due to eXp’s training programs and tools. Yet, retaining agents will be critical as competition intensifies.

The Global Playbook: Challenges and Opportunities

To hit its 2030 target, eXp must navigate several hurdles:

1. Agent Retention: The drop in agent count raises questions about long-term loyalty. While aNPS is high, the attrition rate could accelerate as other brokerages adopt digital-first models.
2. Market Saturation: Expanding into 50 countries requires careful selection of high-growth markets. Turkey and Peru are strategic choices, but scaling in regions with entrenched traditional brokerages will be tough.
3. Technological Edge: Competitors like Redfin and Zillow are investing in AI and data analytics. eXp must innovate to stay ahead, as seen with its open-sourced seller advisory form, a first in the industry.

Why Investors Should Pay Attention

eXp’s model has inherent advantages. Its agent-centric ecosystem reduces overhead costs, allowing it to reinvest in growth. The $38.6 billion in sales volume—despite fewer agents—suggests scalability: each agent now generates 4% more revenue, a sign of efficiency. With $115.7 million in cash, the company can fund further expansions without diluting equity.

The Turkish and Peruvian launches also demonstrate the model’s geographic flexibility. In Turkey, eXp is positioning itself as a bridge between Europe and Asia, leveraging its global network. Similarly, in Peru, it’s tapping into a real estate market poised for growth as urbanization accelerates.

Conclusion: A High-Reward, High-Risk Gamble

eXp’s 2030 target is ambitious but not unattainable. Its agent-centric platform, proven scalability, and strong cash position provide a solid foundation. The 4% sales volume growth despite a 5% agent decline signals operational efficiency, while its 78 aNPS suggests agents remain engaged. However, the path to 50 countries hinges on retaining agents, outpacing digital rivals, and selecting markets wisely.

For investors, the stock’s current valuation—with a P/E ratio of 25.4 (as of Q1 2025)—must be weighed against growth potential. If eXp can maintain agent satisfaction, expand into high-growth regions, and improve profitability, its vision could redefine real estate brokerage. But execution is everything. The next five years will test whether eXp’s cloud-based revolution can outpace its challenges—and deliver returns for those who bet on its global expansion.

In a world where technology and globalization are reshaping real estate, eXp’s ambition aligns with the industry’s future. Whether it can turn that vision into reality will determine its legacy—and its value for investors.