August 2020 Income Report

August 2020 Income At-A-Glance

Revenue for August: $28,217.84

Expenses for August: $9,410.58

Net Profit for August: $18,807.26

% of Net Profit to Overall Revenue: 66%

Income Breakdown

Personal Real Estate Sales Revenue: $5,302.50

eXp Realty Team Revenue: $22,827.97

Other Revenue: $87.37

eXp Realty Team Growth August:

• Personally Sponsored Agents Growth = 7
• Personally Sponsored Agents Total = 49
• Team Growth = 22
• Team Total  = 285
• Team Transactions in July (August Payout) = 149

Total Gross Income for August: $28,217.84

 Expense Breakdown

• Auto: $245.74
• Brokerage Fees: $1210.50
• Education/Dues/Travel: $937.84
• Marketing/Advertising: $245.59
• Office Supplies/Operations: $4893.10
• Payroll Expenses: $1251.25
• Technology/Systems/Tools: $626.56

Total Expenses for August: $9,410.58

Payroll to Kyle: $4,306

Total Net Profit for August 2020: $18,807.26

August SUMMARY

Income Overview

My total revenue for August 2020 was $28,217.84.  This month’s total revenue was 14% higher than my 2020 YTD monthly average of $24,680.45.  This increase is attributed to having one closing in August combined with a good month in revenue share.

Real Estate Sales Income

In August, I closed on buyer side transaction.  This deal was a past client of mine whom I helped purchase a couple years back.  After they get settled in to the new home, I’ll be listing their condo for sale.

Revenue Share Team Income

My team, which consisted of 263 agents closed 149 transactions in July.  eXp Realty revenue share paid out in August, totaled $22,827.97.  This time last year, the team consisted of 162 agents and closed 46 transactions, which paid out $5,407 in revenue share.

A net of 22 agents joined my team this month.  This increase brings my total team count to 285 agents. I personally sponsored eight agents and lost one, netting me seven agents sponsored for August.  This month was the best month I’ve ever had for personally sponsored and team growth!  This increase brings my total personally sponsored agent count to 49.

Other Income

Other income totaled $87.37 and consisted of miscellaneous affiliate income.  Although, this source is small now, I foresee this number to increase in the years to come.

Expense Overview

Total expenses for August, $9,410.58, were 42% above my 2020 YTD monthly average of $6,583.97.

The increase was due to an increase in broker dues, office supplies, and payroll.  I closed a transaction and am no longer capped, therefore I pay 20% of my commission to my broker, eXp Realty.  Additionally, my sublessor’s lease ended in June therefore I am responsible for the full lease payment. Good news though, I’ve negotiated the release of my remaining lease payments so this will be the last lease payment I have to make!  Whew!

Additionally, I made my tax prep payment this month which was $875 so that increased my expenses there.  Finally, I’ve been using a virtual assistant more frequently now to help me stay consistent on my content production.  This added to my monthly expenses.

Tech Systems/Tools

More and more people are asking for the specific tech systems and tools I’m using so I’m creating a new section specifically for this breakdown.

• Libsyn – $35 – Podcast Hosting
• Auphonic – $11.91 Podcast Audio Production
• Gsuite – $.88 Google Apps
• Adobe – $21.64 Lightroom Photo Editing
• Zoom – $15.81 Video Conferencing
• Flick.tech – $13.24 Instagram Hashtags
• Epidemic Sound – $15.00 YouTube Video Music
• Google Storage – $10.49 Google Drive File Storage
• Optimole – $24.79 WordPress Website Image Optimization
• LinkedIn Premium – $85.27 Social Media Networking
• LeadConnect – $85.95 LinkedIn Automation Tool 
• Canva – $12.95 Graphic Design Platform
• Calendly – $15.00 Scheduling Tool
• Quickbooks Online – $26.65 Financial Reports
• Quickbooks Payroll – $41.57 Payroll
• Backblaze – $35.63 Online Computer File Backup
• Inside Real Estate – $31.98 Video Email Add-on for kvCORE
• YouTube Premium – $12.80 Education Ad-free
• Aweber – $130.00 Email Marketing Tool

For the full listing of all the tools and systems I use in my real estate business, including free ones not seen below, click here.

Net Profit Overview

Overall, net profit for the month, $18,807.26, is 4% more than my 2020 YTD monthly net profit average of $18.096.48. This amount equals 66% of the total income for the month.

With August’s net profit of $18,807.26, it brings me to $144,771.84 for the year.  I’m just shy of pacing my goal of $250,000 net profit for 2020.  I’m currently tracking $225,000 which would be an increase from 2019 (just over $205k) but short of my goal.  I’ll need to have a big September and fourth quarter to hit my goal.  We’ll see what happens!