January 2020 Income At-A-Glance
Gross Income for January: $24,585.68
Total Expenses for January: $8,438.93
Total Net Profit for January: $16,146.75
Difference Between december & January: +$8,191.54
% of Net Profit to Overall Gross Income: 65%
Real Estate Sales Income: $15,037.50
- Mexican Hat - $19,050
- Matagorda - ($4,012.50)
Other Income: $9,548.18
- Other income consists of eXp Realty revenue share, affiliate income, course sales, etc...
eXp Realty Revenue Share Group:
- Net Personally Sponsored Agents = 0
- Personally Sponsored Agents = 37
- Net Total Agents = +16
- Total Agents = 208
Total Gross Income for January: $24,585.68
- Brokerage Fees: $360.00
- Education/Dues/Travel: $2,688.22
- Marketing/Advertising: $746.16
- Office Supplies/Operations: $3,557.10
- Payroll Expenses: $936.25
- Technology/Systems/Tools: $151.20
Total Expenses for January: $8,438.93
Payroll to Kyle: $4,306
Total Net Profit for January 2020: $16,146.75
Total income for January 2020, $24,585, was 7% below my 2019 monthly average total income of $26,502.
I closed one listing, and it was a past client. Their buy-side closes in february.
You'll notice I earned a negative commission in January 2020 for the property on Matagorda. This transaction was a referral I earned way back in november 2018. It turns out I received double payment on this transaction. The title company paid me, and so did eXp Realty. I had mistakenly classified the eXp payment as revenue share and didn't realize until eXp did an accounting check and notified me in December of 2019. We agreed to square up on the mistake from my next commission check, which happened to be Mexican Hat.
Other income, which consists of eXp Realty revenue share, affiliate income, and course sales totaled $9,548
A net of 16 agents joined my organization this month, bringing total agent count to 208 agents. I netted zero agents for January, keeping my total at 37 agents personally sponsored.
Compared to January 2019, total income was around $700 less.
Total expenses for January, $8,438, were 6% above my 2019 monthly average of $7,968.
January expenses were a bit higher than 2019 average because I purchased our airfare for a couple of upcoming business trips to Orlando (for eXp Shareholders) and puerto rico.
Additionally, I paid my 2020 national REALTOR dues, which added on around $500 to my Education/Dues/Travel category.
Marketing/Advertising was average, with no significant changes in January.
Office Supplies and Operations were higher than average because of receiving my sublease tenants' January rent in December of 2019. This double payment in December meant that an extra $2500 subtracted in December, but added to January 2020.
Payroll was slightly higher than the average for 2019 but less than in December of 2019. This reduction was because my virtual assistant got me up-to-speed on my content posting and was used less frequently in January.
Finally, tech expenses were far less than average. I discovered (through doing these reports) that I had been charged around $469 in 2019 for a service that I hadn't used and thought was something else.
When I contacted the company's customer service, they happily refunded the entire amount I had spent for the year because they pulled up my account and seen that I had not been using the service. YAY! Outside of this, tech expenses were fairly standard.
Compared to January 2019, expenses were around $2,000 less. Good start to the year so far!
Net Income Overview
Overall, net income for the month, $16,146, was 13% less than my 2019 monthly net income average of $18,533. This amount equals 65% of the total income for the month.
Compared to January 2019, net income for 2020 was around $1000 higher.
An excellent start to the year, expenses are under control. Income is looking good to start the year. I have three closings lined up for February, so hoping for another good month.
As always, I want to thank those of you that follow along with these monthly income reports. I don't do them to brag, but to try and show shed light on how income and expenses work for an average Realtor from month-to-month.
In addition to shedding light, these monthly income reports also help me to understand my business further. By not only tracking my finances but also creating the write-up, I gain understanding and hold myself accountable to the results.
I'm considering starting an accountability group for those willing to track their finances (personal and business) and share the results with the group. If this is something you think you would be interested in, send me a message or leave a comment below.