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The founder of eXp World Holdings is taking the reins of the company’s brokerage wing in a bid to “intensify focus” on growth in agent count amid a down market.
Glenn Sanford has assumed the role of CEO of eXp Realty, the company announced Tuesday in a news release. Jason Gesing, who had been the brokerage’s chief executive officer, will move into the expanded role of chief industry relations officer for eXp World Holdings.
Sanford said in the release the company remains “laser-focused on driving exponential growth” during this time.
“Our model was designed to withstand varying market conditions, and we continue to have the most agent-centric model in the industry,” Sanford said in a statement. “This uniquely positions us to continue investing in our future and iterating on our industry-leading agent value proposition. I’m excited to be the hands-on leader for the next period of growth for the company.”
Until now, Sanford has served as the chairman and CEO of the broader eXp World Holdings, the holding company for eXp Realty, Virbela and Success Enterprises. Even as he steps in to run the real estate business, he’ll maintain those other responsibilities.
Gesing’s new role will focus on industry relations, metaverse advisory matters and initiatives related to environmental, social and corporate governance.
“Jason has been an integral part of the company ever since he joined in 2010,” Sanford said. “As CEO of eXp Realty, he forged important industry relationships and has deep knowledge of the opportunities provided across the eXp World Holdings ecosystem and the emerging technologies that will shape the future.”
The moves add to the series of high-level appointments announced over the past year at the brokerage business. In 2022, eXp Realty announced Leo Pareja as chief strategy officer, Michael Valdes as chief growth officer, and Patrick O’Neill as chief operating officer.
Now, that team will move forward with Sanford at the helm once more.
The move comes as the brokerage continues to make strides to grow its agent count amid a market where real estate transactions have been falling. Sales of existing homes were down 35 percent year over year in November following 10-straight months of decline, according to the latest count by the National Association of Realtors.
In response to this reduced transaction volume, the company has laid off support staff and outsourced some of their work over the past year. In a late November interview with Inman, Sanford said they might have to consider additional cost-cutting moves, depending on how long the market remains down.
Meanwhile, Sanford did not expect the market to bring a halt to their agent count expansion efforts. Because of its all-online brokerage model, eXp has low overhead costs to bringing on additional agents, Sanford said at the time. He told Inman he anticipated that growth in agent count would slow in 2023 compared to the blistering pace of previous years, but still possibly reach 15 percent or 20 percent.
