Glenn Sanford Takes Over As eXp Realty CEO; Jason Gesing Eyes New Position

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The founding father of eXp World Holdings is taking the reins of the corporate’s brokerage wing in a bid to “intensify focus” on development in agent depend amid a down market.

Glenn Sanford has assumed the function of CEO of eXp Realty, the corporate announced Tuesday in a information launch. Jason Gesing, who had been the brokerage’s chief govt officer, will transfer into the expanded function of chief {industry} relations officer for eXp World Holdings.

Sanford mentioned within the launch the corporate stays “laser-focused on driving exponential development” throughout this time.

“Our mannequin was designed to face up to various market situations, and we proceed to have essentially the most agent-centric mannequin within the {industry},” Sanford mentioned in an announcement. “This uniquely positions us to proceed investing in our future and iterating on our industry-leading agent worth proposition. I’m excited to be the hands-on chief for the following interval of development for the corporate.”

Till now, Sanford has served because the chairman and CEO of the broader eXp World Holdings, the holding firm for eXp Realty, Virbela and Success Enterprises. Whilst he steps in to run the true property enterprise, he’ll preserve these different tasks.

Gesing’s new function will give attention to {industry} relations, metaverse advisory issues and initiatives associated to environmental, social and company governance. 

“Jason has been an integral a part of the corporate ever since he joined in 2010,” Sanford mentioned. “As CEO of eXp Realty, he solid essential {industry} relationships and has deep data of the alternatives supplied throughout the eXp World Holdings ecosystem and the rising applied sciences that may form the long run.”

The strikes add to the sequence of high-level appointments introduced over the previous yr on the brokerage enterprise. In 2022, eXp Realty introduced Leo Pareja as chief technique officer, Michael Valdes as chief development officer, and Patrick O’Neill as chief working officer.

Now, that staff will transfer ahead with Sanford on the helm as soon as extra.

The transfer comes because the brokerage continues to make strides to develop its agent depend amid a market the place actual property transactions have been falling. Gross sales of present houses have been down 35 p.c yr over yr in November following 10-straight months of decline, in accordance with the most recent depend by the Nationwide Affiliation of Realtors.

In response to this diminished transaction quantity, the corporate has laid off assist workers and outsourced a few of their work over the previous yr. In a late November interview with Inman, Sanford mentioned they could have to think about further cost-cutting strikes, relying on how lengthy the market stays down.

In the meantime, Sanford didn’t anticipate the market to convey a halt to their agent depend growth efforts. Due to its all-online brokerage mannequin, eXp has low overhead prices to bringing on further brokers, Sanford mentioned on the time. He informed Inman he anticipated that development in agent depend would gradual in 2023 in comparison with the blistering tempo of earlier years, however nonetheless probably attain 15 p.c or 20 p.c.

E-mail Daniel Houston