July 2020 Income Report
July 2020 Income At-A-Glance
Gross Income for July: $29,836.46
Total Expenses for July: $9,011.62
Total Net Profit for July: $20,824.84
% of Net Profit to Overall Gross Income: 69%
Income Breakdown
Real Estate Sales Income: $11,100.00
Other Income: $18,736.46
- Revenue Share – $18,521.64
- Affiliate – $214.82
eXp Realty Revenue Share Group:
- Net Personally Sponsored Agents = 1
- Personally Sponsored Agents = 44
- Net Total Agents = +15
- Total Agents = 265
Total Gross Income for July: $29,836.46
Expense Breakdown
- Auto: $289.95
- Brokerage Fees: $2,370
- Education/Dues/Travel: $89.73
- Marketing/Advertising: $237.24
- Office Supplies/Operations: $4,817.13
- Payroll Expenses: $530.25
- Technology/Systems/Tools: $677.32
Total Expenses for July: $9,011.62
Payroll to Kyle: $4,306
Total Net Profit for July 2020: $20,824.84
July SUMMARY
Income Overview
The total income for July 2020 was $29,836.46. This month’s total revenue was 23% higher than my 2020 YTD monthly average of $24,175.11. This increase is attributed to having one closing in July combined with a good month in revenue share.
As I mentioned in May’s income report, I’ve been re-inventing my real estate business over the last couple of years. In 2018 I began building a large nation-wide real estate team based around the eXp Realty revenue share model. Revenue share is where the bulk of my recent income comes from.
Additionally, in 2019 I began creating real estate content and continue to do so into 2020. I haven’t started to monetize this side of the business yet, but as my brand increases, I’ll have that option in the future.
Sales Income
In July, I closed on buyer side transaction. This deal was a past client of mine whom I help get into a rental many years back. I stayed in touch over the years and it paid off. I was able to help them find their dream first home!
Revenue Share Team Income
My team, which consisted of 250 agents closed 132 transactions in June. eXp Realty revenue share paid out in July, totaled $18,522. This time last year, the team consisted of 148 agents and closed 70 transactions, which paid out $11,567 in revenue share.
A net of 15 agents joined my team this month. This increase brings my total team count to 265 agents. I personally sponsored one agent and lost two, netting me negative one agent sponsored for July. This decrease brings my total personally sponsored agent count to 42.
Other Income
Other income totaled $214.82 and consisted of miscellaneous affiliate income.
Expense Overview
Total expenses for July, $9,011.62, were 41% above my 2020 YTD monthly average of $6,361.17.
The increase was due to an increase in broker dues. 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 now am responsible for the full lease payment. This will be remain until the lease is up in October.
Net Profit Overview
Overall, net profit for the month, $20,824.84, is 16% more than my 2020 YTD monthly net profit average of $17,813.94. This amount equals 69% of the total income for the month.
With July’s net profit of just over $20,000, it brings me to $125,000 for the year. I was hoping to be here a month ago which would have me on track for my goal of $250,000 net profit for 2020. At this point, I’m tracking $225,000 which would be an increase from 2019 (just over $205k) but short of my goal. We’ll see what happens!
Would You Like To Partner With Me?
I’ve helped hundreds of real estate agents, team leaders, & brokers all over the country increase their sales, online presence, and create scalable systems. I would love the opportunity to work with you. Together, we can make this year your best yet!
Hi, my husband and I have gained so much knowledge with your blog. Unlike some of the other recruitsundefinedsponsors, you are professional, resourceful and most importantly transparent. I am new to the industry and am convinced I will be joining eXp. I would really like to meet with you over the phone and potentially be sponsored by you. I have so many questions and would so appreciate your time.
We've been watching your Income Report and appreciate it so much. It definitely sheds light onto the reality of the workundefinedexpense within the industry. Can you break down the following items in more depth: brokerage fees, marketingundefinedadvertising, office suppliesundefinedoperations, and payroll (who is on your team)? Thank you again for your time.
Best,
Erika Corson
linkedin.comundefinedinundefinederikacorson
Auto: $289.95
Brokerage Fees: $2,370
EducationundefinedDuesundefinedTravel: $89.73
MarketingundefinedAdvertising: $237.24
Office SuppliesundefinedOperations: $4,817.13
Payroll Expenses: $530.25
TechnologyundefinedSystemsundefinedTools: $677.32
Total Expenses for July: $9,011.62
Payroll to Kyle: $4,306
Can you break down the
Erika,
Hey there! Thanks for the comment on my blog.
I'd be happy to meet with you via zoom. Here's a link to my calendar. Set a time that works best for you.
https:undefinedundefinedcalendly.comundefinedkylehandyundefinedzoomcall
Regarding your questions
Brokerage Fees – This includes the $85undefinedmonth fee I pay to eXp + 20% commission split I pay on my transactions up until I cap at $16,000 into the brokerage (We can discuss this more if you wish when we get on zoom together)
Marketing and Advertising – What I spend on everything I use to generate leadsundefinedreferrals. Facebook ads, Google Ads, printing marketing collateral, mailing cards, signage, etc…
Supplies and Operations – Miscellaneous expenses for running my business outside of advertising collateral and what not. This could include paper, ink, camera equipment, TVs for the office, computer equipment, phones, etc…
Payroll – Virtual assistant, my transaction manager, and showing assistants. I pay my transaction manager $350undefineddeal, virtual assistants randomly for random work, data entry mostly, showing assistants show homes when I can't and I pay them per home and per tour.
Hope this helps. I look forward to meeting you!