A top eXp exec jumps to fast-growing cloud-based brokerage
Former eXp Chief Growth Officer Michael Valdes will spearhead the international expansion of LPT Realty, which he says is perfecting the model eXp pioneered.
Key points:
- Valdes was a part of eXp’s leadership team for four years and served as chief growth officer for the past two years.
- LPT is a cloud-based brokerage that has taken off since it launched a little over two years ago. It has more than 10,000 agents in 24 states.
- Valdes will be CEO of LPT International, and lead efforts to open in Canada and other countries later this year.
A key leader in eXp's rise in recent years is moving to a new brokerage that is going through its own growth spurt.
Michael Valdes was appointed CEO of LPT International Realty. It's a part of LPT Realty, a cloud-based brokerage that has added more than 10,000 agents in 24 states in a little over two years.
Valdes has held the position of chief growth officer at eXp for the past two years and has been with the company since May 2020. He's also worked in leadership positions at Realogy (now Anywhere Real Estate) and Sotheby's International Realty.
In a phone interview, Valdes said a chance meeting at Super Bowl LVIII in February with LPT Founder/CEO Robert Palmer led to a friendship and eventually this business opportunity.
"I'm super excited about what this is and what this (model) presents to agents as they go into a very tumultuous and confusing time in our industry," Valdes said, referring to the upcoming changes in August from the NAR settlement and the slowdown in the industry.
"Having a place where they can see as a refuge is something that to me is an honor."
Bold plans for expansion and 'safety' post-NAR settlement
Valdes and Palmer are planning an aggressive timetable as they look to expand LPT internationally. Valdes said they are preparing to launch in Canada later this year and are looking at other strategic opportunities in the Caribbean and Europe. The company also plans to open in a few other states by the end of the year.
Palmer cited Valdes' wealth of experience in tapping him as the leader of the newly formed division.
"This is a strategic step in our company's growth trajectory, and Michael is uniquely qualified to lead this endeavor, having previously opened 86 countries across seven brands in his career," Palmer said.
Valdes also believes the company offers stability in a changing real estate environment.
"I think that agents are looking for a place that can give them safety, that can give them guidance, that can help them through the noise that is so prevalent in our industry right now," Valdes said, noting that the company has created toolkits and models he thinks can help buyer agents not only survive, but thrive.
Why LPT?
Asked about what attracted him to LPT, Valdes said he was impressed with the data-driven improvements the company has been making in the cloud-based sector as well as its focus on making the agent the brand and supporting them.
He credited eXp founder Glenn Sanford as a visionary and pioneer when it comes to the cloud-based brokerage model, but he believes LPT is perfecting the model.
"It was a wonderful trajectory for me; the agents were absolutely talented people and the team I led was extraordinary," Valdes said about his time at eXp. "Now there's other greater opportunities for agents in another vehicle, in my opinion."
The company offers two different compensation packages for agents — $500 per file with a $5,000 cap or an 80/20 split with a $15,000 cap.
According to its website, LPT is focused on letting agents control their brands, including building local relationships with ancillary service providers and figuring out what office space arrangements work best for their businesses.