The American real estate eXp Realty, which intermediates in the sale of homes, landed in Spain last May with the opening of its 100% digital business. In the midst of its internationalization process, the firm already has a presence in 18 countries and plans to reach twenty before the end of the year, as explained Renata Subject, managing director of eXp in Spain in an interview with OKDIARIO.
The directive ensures that Spain is a “Key market” in his business and “very attractive.” In this sense, it highlights that the number of operations carried out by international clients is very high and “this is a competitive advantage for us because we have the ability to connect with people from all over the world”, Sujto affirms.
Regarding the landing in the Spanish real estate market, the North American firm confirms that the receptivity was higher than expected. «We started in May and we already have more than 100 real estate agents very involved with the project, “he says.
Reactivation of the sale of homes
The decision to buy a home was delayed almost massively as a result of the uncertainty that caused the pandemic. However, it seems that the market has begun to reactivate and already “many operations are closing.”
In the peninsula, eXp Realty mainly sells second-hand homes and the average price of the transactions is around 400,000 euros. However, the real estate company has also sold a house with a price of between three and four million euros.
The company already has a presence in Seville, Basque Country, Alicante, Madrid, Canary Islands and Catalonia, among others. In this sense, Renata Sujto argues that at the beginning they focused more on markets such as Madrid and Catalonia, but the receptivity of Malaga, the Canary Islands and Alicante was much greater than they expected, therefore, they decided to promote more business in these areas.
Model and growth
In his opinion, the success in these markets is due to the great abundance of international clients. “We are an international real estate company and we have agents from several countries, which means reaching customers more easily and inspiring more confidence because it is a brand they already know.”
eXp Realty does not have offices, since its business is 100% digital. It operates through a independent agent network to whom it offers a commission of 75% of the sale. In fact, Sujto believes that this incentive system is one of the main differentiating factors of the firm.
It is one of the fastest growing real estate technology companies in the world. Specifically, it has more than 60,000 real estate agents distributed throughout the United States, Canada, United Kingdom, Australia, South Africa, India, Mexico, Germany, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Israel, Spain and Panama, and continues to grow internationally.
The real estate company was born in the United States in 2009 and is listed on the Nasdaq since 2013. Only during the second half of 2021, the volume of transactions brokered by eXp Realty reached 34,000 million euros, which translates into a 210% increase in the interannual rate.