{"id":2406,"date":"2021-08-04T22:23:19","date_gmt":"2021-08-04T22:23:19","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2021\/08\/04\/exp-ceo-loves-glenn-stearns-star-power\/"},"modified":"2025-03-13T02:38:48","modified_gmt":"2025-03-13T02:38:48","slug":"exp-ceo-loves-glenn-stearns-star-power","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2021\/08\/04\/exp-ceo-loves-glenn-stearns-star-power\/","title":{"rendered":"eXp CEO loves Glenn Stearns’ star power"},"content":{"rendered":"\n
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Glenn Stearns, founder and CEO at Kind Lending<\/figcaption><\/figure>\n\n\n\n

Residential real estate brokerage eXp<\/strong> continues to be profitable, and company CEO Glenn Sanford became a fan of Glenn Stearns through reality television.<\/p>\n\n\n\n

Those were two takeaways from the company\u2019s second quarter earnings call on Wednesday, in which Sanford and other company executives wrestled with how to diversify a company that has been a somewhat unlikely darling of Wall Street.<\/p>\n\n\n\n

The Bellingham, Washington-based company reported $37.0 million in net income for the months of April through June, with $20.6 million of that figure coming from a one-time income tax benefit. The tax benefit primarily comes from a release of a valuation allowance, according to a footnote in eXp\u2019s Securities and Exchange Commission<\/strong> filing.<\/p>\n\n\n\n

But while eXp has proven consistent profitability and rapidly grown its brokerage, its business has insignificantly diversified beyond collecting a sliver of agent commission splits and assorted agent fees.<\/p>\n\n\n\n

One attempt to change that is a partnership with Kind Lending<\/strong> \u2013 the new mortgage company from Stearns Lending<\/strong> founder Glenn Stearns \u2013 to originate mortgages. The joint venture announced this July<\/a> is called Success Lending<\/strong>, and it is slated to get off the ground in October.<\/p>\n\n\n\n

During the earnings call, Sanford said of Stearns, \u201cHe was on the first season of Undercover Billionaire, which is how I sort of learned about him.\u201d<\/p>\n\n\n\n

A show on the Discovery Channel<\/strong>, Undercover Billionaire follows Stearns<\/a> trying to build a \u201cthriving million-dollar business for a small town in the U.S.\u201d<\/p>\n\n\n\n

\u201cHow he did things really matched up well with how we did business,\u201d Sanford said. \u201cThis is a team that wants to roll-up its sleeves. It\u2019s not like announcing a deal with Guaranteed Rate<\/strong>. Everyone has a deal with Guaranteed Rate.\u201d<\/p>\n\n\n\n

Sanford was alluding to rival brokerage Compass<\/strong>….. [article continues on HousingWire.com<\/a>]<\/em><\/p>\n\n\n\n

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This article was originally published by HousingWire. The full article is available on HousingWire.com<\/a> for HW+ Members.<\/em><\/p>\n\n\n\n

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eXp CEO loves Glenn Stearns’ star power<\/a><\/blockquote>