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.
This is rockstar content!! Thanks for putting it out there.
You’re welcome Teresa! Thanks for following and commenting!