Exp’s Quiet Flex: Higher Productivity In A Shrinking Agent Market

For eXp World Holdings, despite only a modest increase in worldwide agent count in 2025 to 83,060 agents up from 82,980 a year ago, executives see the firm’s agent numbers as a massive highlight in their company’s 2025 performance. 

“In the U.S., 4% of U.S. Realtors exited the membership base in 2025, based on National Association of Realtors (NAR) data and while eXp’s U.S. residential [agent count] did experience net attrition in 2025, we outperformed NAR attrition rates by 25%,” Leo Pareja, the CEO of eXp Realty, told investors and analysts during his company’s fourth quarter and full year 2025 earnings call Tuesday night. 

According to Pareja, agent productivity is driving these high levels of agent retention.

“The more productive an agent is, the less likely they are to leave,” Pareja said. “In the U.S., the majority of departing agents continue to be our lowest producing cohort and agents in the highest producing cohorts are multiple times less likely to churn than our low producing agents. Of the non-productive agents that leave eXp, 63% of them leave the industry altogether, but fewer agents are leaving and our attrition rates have improved all year with 23% year-over-year improvement for the full 2025.” 

Slow housing conditions, but more transactions

Despite the continued slow housing market conditions in 2025, eXp agents closed 440,163 transactions in 2025, up 1% year-over-year, for a total of $194.0 billion in sales volume, which represented a 5% annual increase. During the fourth quarter alone, transaction count was up 6% year-over-year to 110,392 transactions, with sales volume totalling $48.8 billion for the quarter, a 8% annual increase. In total, executives said productivity per person for the quarter and the year was up 5.3% annually. 

As Pareja and his team look to continue this trend, he said the company is focused on attracting high producing teams to eXp. According to Pareja, agents on teams at eXp are 78% more productive than individual agents and 40% of the new agents to eXp in Q4 2025 were on teams. In total, in 2025, Pareja, said eXp added more than 25 prominent teams in the U.S. and Canada, representing over $5.5 billion in sales in 2024. 

“They joined us from coast to coast leaving traditional brokerages and indies alike. Some were boomerang agents that returned to eXp after realizing our value prop is hard to replicate anywhere else,” he said. “And the momentum continues with more teams joining in 2026. We intend to empower our agents and build on these results going forward.”

In preparation for the years ahead, Pareja said the company may see “significant infrastructure investments” in 2025 that they expect to see turn into margin improvements in 2026 through “disciplined execution.” 

“We will also continue to assess opportunities that accelerate growth and expand our capabilities,” Pareja said. 

While Pareja and his team are hoping for more in 2026, eXp still delivered some improvements in its financial results in 2025. For the full year, revenue was up 4% annually to $4.8 billion. However, net loss rose slightly to $22.7 million, up from $21.3 million a year ago. Much of the net loss in 2025 occurred in Q4, which saw eXp incur a $12.9 million net loss up from $9.5 million a year ago. Despite this increase in net loss, the firm’s cash and cash equivalents on hand at the end of the year came in at $124.5 million, up from $113.6 million a year ago. 

A strong operational foundation

“During 2025, we built a strong foundation for profitable growth through several key priorities. We focused on improving operational efficiency through back-office automation so that agents can focus more on their clients,” Jesse Hill, the CFO of eXp World Holdings, said during the call. “We made deliberate investments in AI and technology to streamline our high-volume workflows and boost agent productivity in 2025, that we expect to result in continued efficiencies that will drive margin expansion into 2026 and beyond.”

As eXp looks to succeed in the current AI-forward environment, eXp World Holdings CEO Glenn Sanford believes his firm is set up to be one of the industry’s biggest winners. 

“Our competitors, most of which are franchise systems, are anchored in physical real estate, legacy commission structures and technology stacks, [that] they can’t move fast enough to modernize. They faced real consolidation pressure as AI raises the cost of falling behind. We have none of those constraints,” Sanford said Tuesday evening. “We’re built as technology forward from day one, which means we layer AI onto a clean architecture rather than retrofitting into a broken one. What we offer agents, and what no one else can fully replicate, is a complete operating system for building scalable, sustainable real estate business, full stack marketing, deep ongoing personal development through success and a fully immersive global collaboration layer through Frame.” 

Sanford believes these investments have what it takes to help agents build businesses that grow and to help his company succeed in the future. 

“That’s the eXp platform, that’s the model, and we’re just getting started,” Sanford said.