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February 2020 Income Report

kyle_handy

by Kyle Handy       Updated May 18, 2020

feb-2020-income-report

 February 2020 Income At-A-Glance

Gross Income for February: $31,548.81

Total Expenses for February: $5,746.45

Total Net Profit for February: $25,802.36

% of Net Profit to Overall Gross Income: 82%


Income Breakdown

Real Estate Sales Income: $25,525.00

  • Westelm Gdn - $10,525
  • Cooper Corral - $7,200
  • Jade Knoll - $7,800

Other Income: $6,023.81

  • revenue share - ,970.47
  • Affiliate - $53.34

eXp Realty Revenue Share Group:

  • Net Personally Sponsored Agents = -1
  • Personally Sponsored Agents = 36
  • Net Total Agents = +12
  • Total Agents = 220

Total Gross Income for February: $31,548.81


 Expense Breakdown

  • Auto: $36.22
  • Brokerage Fees: $910.00
  • Education/Dues/Travel: $1,760.58
  • Marketing/Advertising: $1,086.88
  • Office Supplies/Operations: $321.98
  • Payroll Expenses: $1,132.40
  • Technology/Systems/Tools: $498.39

Total Expenses for February: $5,746.45

Payroll to Kyle: $4,306

Total Net Profit for February 2020: $25,802.36


FEBRUARY SUMMARY

Income Overview

Total income for February 2020, $31,548.81.  This was higher than my average for 2019 of around $25,000.  This can be attributed mostly to a good sales month.

Sales Income

In February, I closed three transactions.  All three were sphere of influence.  One listing and two buyers.  This totaled $25,525 in gross commission income.

Revenue Share Team Income

My team, which was 208 agents in january closed 52 transactions.  eXp Realty revenue share paid out for February totaled $5,970.47.  This time last year, the team was 115 agents and closed 32 transactions which paid out $4,157.90 in revenue share.

A net of 12 agents joined my team this month, bringing total agent count to 220 agents. Personally, I lost one agent for February, bringing my total to 36 agents sponsored.

Other Income

Other income totaled $53.34 and consisted of miscellaneous affiliate income.

Expense Overview

Total expenses for February, $5,746.45, were 38% below my 2019 monthly average of $9,271.52.

February expenses were lower than 2019 average mostly due to lower rent, marketing, and brokerage fees.

Rent cost was less due to the fact that I had a double payment from my sublessor in February causing a surplus in rent for the month.

Marketing was less due to the fact that I am not running Facebook or google ads nearly as much as I was early in 2019.

Finally, brokerage dues were less than average just because I am capped at eXp Realty until February.  This means that I don't pay a commission split on my transactions.  My commission cap resets in April.

Net Profit Overview

Overall, net profit for the month, $25,802, was 49% more than my 2019 monthly net profit average of $17,261.92. This amount equals 82% of the total income for the month.

Compared to February 2019, net profit for 2020 was around $18,000 lower.  On the surface, that sounds bad but ultimately February 2019 was my best month ever in real estate.  I closed over $50,000 in gross commission in that month alone.    

I'm still very excited with $25,000 in net profit for the month and when you add that to $15,000 the month before, that's a solid start to 2020.  

Overall, gross income is about a thousand dollars higher than the average for last year and expenses are a couple thousand dollars less.  Overall, this means my average net income for 2020 is around $3,000 higher than the average month for 2019.  I totaled just over $200,000 in net income for 2019, my best year ever.  My goal for 2020 is to net $250,000.

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