7 eXp ICON Agent Program Facts You Need To Know (Requirements)
The eXp Realty ICON Agent Award Program was created in 2015. This program rewards high-producing real estate agents with eXp Realty stock once they’ve hit specific production and cultural requirements.
Real estate agents, team leaders, and brokers who achieve these requirements receive up to $16,000 worth of EXPI stock. This award can be earned each year the agent is with eXp Realty.
I’ve been an ICON agent here at eXp Realty three times and have earned $48,000 in ICON awards for doing so. Today, these awards far exceed $48,000 since the EXPI share price has increased in value over the years.
In this post, I’ll share with you everything you need to know about this fantastic award program and have you, too, can achieve eXp ICON status.
Qualifying For eXp Realty ICON Status
eXp Realty agents have two ways to achieve ICON status. For agents that do many transactions but at lower sales prices, transaction-based achievement is most likely. However, the gross commission income-based achievement is more likely for agents that do fewer transactions but at higher sales prices.
Agents must cap ($16,000 paid into the eXp Realty commission split ). Once an agent caps, they pay 100% commissions minus a $250 capped transaction fee.
Agents must pay an additional $5,000 in capped transaction fees to meet the ICON production requirement. Achieving $5,000 in capped transaction fees typically means an extra 20 full transactions beyond capping.
I’ve achieved ICON status all three years I’ve been with eXp Realty. I average between 30-40 closings per year.
It takes me around 12 deals to cap each year (12 closings x $7,000 average commission = $84,000 in commission). eXp Realty agents cap at $80,000 in gross commission earned. ($80,000 x 20% = $16,000 paid into eXp Realty).
Once capped, I completed another 20 closings within the year and am now an ICON agent. Achieving ICON status in this example equals 32 transactions.
The number of transactions needed to achieve ICON status can vary depending on your average sales price and commission.
Speaking of average sales price leads me to the second-way agents can be awarded ICON status.
Gross Commission Income Based
Agents who typically sell luxury or commercial real estate but who may not do many transactions each year can also participate in the ICON award.
Another way these agents can achieve ICON status is to close an annual gross commission income of $500,000 or more with a minimum of ten closed transactions. Additionally, they can pay a one-time “ICON Qualification Fee” of $5,000 less any capped transaction fees.
Let’s say I have an average sales price of $2,000,000, and my average commission is $50,000. (2.5% of $2M = $50,000). I’m eligible for ICON status if I complete ten transactions in one year and earn $500,000 in gross commission income.
In this scenario, I would have capped with eXp Realty and gone to 100% after my second transaction. Therefore, I would have paid the $250 capped transaction fee for the remaining eight transactions.
These eight transactions total $2000 in capped transaction fees for the year. I would then be required to pay an additional one-time $3,000 ICON Qualification Fee if I wanted to fulfill the ICON production requirement and be eligible to earn my $16,000 in EXPI stock award.
Payout of the ICON Award Stock
Payout of the ICON Award stock is done so in three parts.
ICON Status Production Achieved
Upon meeting the Production Requirement and receiving approval, an ICON agent will be granted $8,000 worth of restricted stock units in publicly traded eXp World Holdings, Inc. (NASDAQ: EXPI).
These stock units will vest after three years as long as the ICON agent remains in good standing and exclusively licensed with eXp Realty at the time of vesting. The stock award will be granted at the end of the calendar month when the ICON agent is recognized, using the fair market value of EXPI’s common stock, on the 15th day of the month. If the 15th falls on a weekend or market holiday, the stock award will be based on the fair market value of the most recent trading day.
The stock award will be reflected in Shareworks at the end of the achievement month. The ICON Cultural Benefit Year will run from the month of recognition to the same month the following year.
For example, suppose an agent qualifies for ICON status with a transaction that closed on August 5th. In that case, they will be recognized as a September ICON, and their stock award of EXPI common stock will be granted on September 15th.
The stock units will vest after three years, provided the agent remains in good standing and is exclusively licensed with eXp Realty. This agent’s ICON Cultural Benefit Year will run from September to September.
Cultural Commitment Participation
Starting July 1st, 2022, eXp Realty will offer a points system for agents who wish to receive stock as part of their cultural commitment to the company. To be eligible for this award, agents must reach ICON status and have their cultural commitment evaluated by eXp Realty staff 12 months later.
Under the new system, ICON agents will earn points for participating in various cultural commitment opportunities, accumulating 20 points by the end of their ICON benefit year. These opportunities will be available on an a la carte basis, allowing agents to diversify their involvement in giving back to the eXp agent population. A list of available opportunities and the corresponding point values can be found on the eXp Realty website.
If an agent completes the required points before the end of their benefit year, they will receive $4,000 in EXPI stock. This stock will have a two-year vesting period. If an agent has suggestions for additional cultural commitment opportunities that should be considered for points credit, they can contact the ICON team at email@example.com for review and approval. All agents who reach ICON status will automatically be enrolled in the new points system.
ICON agents can earn additional stock awards of up to $4,000 worth of EXPI common stock by attending approved eXp events. Each event attended is worth $2,000 in stock.
It is important for agents tracking towards or planning to achieve ICON status to attend all events, as failure to do so may result in incomplete stock earnings through the ICON Program. Credit for events is based on verified attendance at approved eXp events and achievement of ICON status. Only one credit per event will be issued; for domestic teams, at least one member must attend each event.
For in-person events, ICON agents must purchase a general admission ticket or higher and register onsite to qualify for the event attendance stock award. No further action is necessary if the ticket is purchased through the official event website. If a ticket is purchased from another agent, the agent must email firstname.lastname@example.org. Virtual events may have different guidelines for qualifying for the event attendance stock award, which will be provided at the time of the event.
Upon attendance verification, the stock award will be issued at the end of the calendar month following the month of the event using the fair market value of EXPI’s common stock on the 15th day of the month. If the 15th falls on a weekend or market holiday, the stock award will be based on the fair market value of the most recent trading day.
The ICON Event Attendance Awards do not have a vesting period.
My Final Thoughts
The eXp ICON program has completely changed my life and business. I’m thankful for the opportunity to continue doing what I love (helping clients buy and sell homes) and earn ownership in a growing company.
Four years into joining eXp Realty, I’ve saved more money than most people save in a lifetime of work. It’s allowed me to change how I do business and gives me excitement when thinking of the future.
Would You Like To Partner With Me?
I’ve helped hundreds of real estate agents, team leaders, & brokers all over the country increase their sales, online presence, and create scalable systems. I would love the opportunity to work with you. Together, we can make this year your best yet!