August 2019 Income Report

August 2019 Income At-A-Glance

Gross Income for August: $30,248.52

Total Expenses for August: $3,826.06

Total Net Profit for August: $26,422.46

Difference Between july & August: +$10,693.55

% of Net Profit to Overall Gross Income: 87%

August 2019 Income Breakdown

Real Estate Sales Income: $23,963.20

• 310 County Road 267 - $11,460.00
• S. Flores St. #101 - $6,703.20
• Tabak Trail - $5,800.00

eXp Realty revenue share Income: $5,406.78

• Agents at Month End = 174
• New Agents = 12
• $ / agent = $31

Other Income: $878.54

• Mentor and Patreon Income

Total Gross Income for August: $30,248.52

Business Expenses

• Brokerage Fees: -$140.00
• Education/Dues/Travel: $605.78
• Marketing/Advertising: $1,682.07
• Office Supplies/Operations: $674.40
• Payroll Expenses: $700.00
• Technology/Systems/Tools: $303.81

Total Expenses for August: $3,826.06

Payroll to Kyle: $4,306

Total Net Profit for August 2019: $26,422.46

August Summary

Income Overview

Total income for August, $30,248.52, was 3% below my year-to-date monthly average total income of $31,177.35. 

I closed 3 transactions.  1 was a listing from a builder account of mine, 1 was a referral from an out-of-state agent, and the last one was from a past client referral.  eXp Realty Revenue share was $5,406.78.  This brings me to a total revenue share for the year of $55,972.44.  A net of 12 agents joined my organization this month, bringing my total agent count to 174 agents.  I personally netted 0 agents for August (added 1, lost 1) keeping my total at 40 agents personally sponsored.

Expense Overview

Total expenses for August, $3,826.06, was 55% below my year-to-date monthly average of $8,592.23.

The main contributing factors to this were brokerage fees, office operations, and technology were all below average for the month.

I hit my commission cap at eXp Realty in june.  Since that time, I've earned 100% of my commission.  This has contributed to lower fees.  Additionally, I spotted a double payment that had been occurring on my $85 / month monthly eXp fees for a few months.  eXp credited back my account this difference so my fees were actually negative for the month.

At $674.40, Office operations were over $1000 less than average.  This is due to the fact that I can officially say my company is DEBT-FREE.   I was paying around $500, on average, in interest on a credit card for the business that has now been paid off.  Additionally, I spent about half what I normally spend on supplies for the month, $250 vs. $500.

In June, my technology expenses had risen to over $1200 per month.  I made it a point to start canceling subscriptions of things I didn't need or use as much and lowered that amount to just over $600 in July and now $300 in August.  I feel pretty good where this total is at.  Although, I do plan to experiment with a couple new systems since I've freed up a substantial amount of budget here.

Net Income Overview

Overall, net income for the month, $26,422.46, was 17% more than my year-to-date monthly net income average of $22,585.12.  It's pretty cool to see net income as a percentage of total income at 87%.  Moving forward, I'd like to keep my expenses at around 20% of total income, or around $6,000 per month.