In most respects, eXp is your typical real estate brokerage company. It employs thousands of licensed agents to help clients buy and sell their homes. And business seems to be good: eXp’s stock price has almost quadrupled since this time last year, giving it a market cap of over $610 million.
What sets it apart is that, rather than having agents stop by a physical office for meetings, presentations, or technical assistance, the company’s 13,000 agents and 200 staff employees go to work on a virtual island. A small office in Bellingham, WA serves as its headquarters because of “a legal requirement,” the company says, but the real work gets done in the digital realm.
The company says that maintaining a virtual office, which gets about 8,000 unique visitors a month, gives it some advantages.
“We found that we have an ability that’s hard to find in the physical world,” said CTO Scott Petronis, referring to the ease of internal communication.
Not only can employees report to work regardless of the weather, but there are no restrictions on how many employees the offices can support, no campus maintenance fees, and no geographical limits on recruiting talent.
“It’s a great feeling to know that we can hire great talent regardless of where they are in the world,” said Petronis.
I got to go on a tour of eXp’s virtual offices, alongside Petronis and VP of Marketing Mitch Robinson. I sat at an introductory meeting, toured shared spaces, went to a beach, rode a speedboat, and got to meet some of eXp’s employees, all without leaving my seat.