After four years at eXp Realty, Michael Valdes is moving to LPT Realty. After surpassing 10,000 agents in the U.S., the Florida-based brokerage is ready to expand internationally, executives told Inman.
At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
Four years after taking charge of eXp Realty’s global growth, Michael Valdes is starting the next chapter of his career as the CEO of cloud-based brokerage LPT Realty’s newly formed international division.
Valdes comes to LPT Realty with 19 years of executive experience at Sotheby’s International Realty, Anywhere Real Estate and eXp Realty.
Michael Valdes | Credit: eXp Realty
“I am thrilled to step into this role,” Valdes said in a statement on Monday. “LPT has been the fastest-growing cloud-based brokerage in history and is uniquely poised to expand this model globally. Robert is a true visionary, and I am honored and humbled to join this impressive company. I look forward to contributing to the unparalleled growth we are about to embark on.”
TAKE THE INMAN INTEL INDEX SURVEY FOR JULY
At Sotheby’s International Realty, Valdes served as the senior vice president of international relations for two Florida-based affiliates before moving up the ladder to lead SIR’s Europe, Middle East and Africa (EMEA) and Latin America and Carribean regions. By the end of his tenure with SIR, Valdes held dual roles as the global vice president for SIR and SVP of global servicing for SIR’s parent company, Anywhere.
Valdes joined eXp Realty in 2020 as the president of eXp Global; however, two years later, he was promoted to chief growth officer for eXp Realty and eXp Commercial. During his tenure with eXp, Valdes helped the brokerage expand to 22 new countries and add 60,000 new agents — results LPT Realty and LPT Holdings founder and CEO Robert Palmer couldn’t ignore.
“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,” he said in a statement.
Robert Palmer | Credit: LinkedIn
In a phone call with Inman, Valdes and Palmer shared the genesis of their relationship and their belief in LPT Realty, which has grown to 10,000 agents across 24 states in two years. The Florida-based outfit offers agents marketing, technology and training with a $500 annual fee and a $195 transaction fee. Agents also choose their compensation plan: $500 per file with a $5,000 cap or an 80/20 split with a $15,000 cap.
“As Michael and I got to know each other, he really started to understand the LPT model, and I think he started to see the potential for our international expansion,” Palmer said. “I saw the potential in having someone with his expertise and experience in that space, and [him joining LPT] just made a ton of sense.”
Both men said the current market — despite headwinds — is the perfect environment to build LPT’s international reach as foreign consumers still recognize the benefit of buying and selling in the U.S.
“I always say that opportunity happens in down markets,” Valdes said. “WhatsApp and Uber came into the marketplace in 2009 and look at what they’ve built.”
“You also have the idea of expanding internationally — [there’s] currency diversification, opportunity diversification that actually makes you stronger,” he added. “You have a much stronger balance sheet by going out and trying to sort of create something on an international basis. That’s exciting to me.”
Email Marian McPherson
