June 2019 Income At-A-Glance
Gross Income for June: $30,841.73
Total Expenses for June: $11,626.83
Total Net Profit for June: $19,214.90
Difference Between May & June: ($21,553.62)
% of Net Profit to Overall Gross Income: 62%
June 2019 Income Breakdown
Real Estate Sales Income: $18,120.00
- Santolina – $8,750
- Perdenales – $5,740
- Lake Trail – $3,630
eXp Realty revenue share Income: $12,350.34
- Agents at Month End = 148
- New Agents = 10
- $ / agent = $83
Other Income: $371.39
- Mentor income from an assigned mentee at eXp Realty
Total Gross Income for June: $30,841.73
- Brokerage Fees: $3,989.00
- Education/Dues/Travel: $3,861.13
- Marketing/Advertising: $2,086.72
- Office Supplies/Operations: $61.90
- Payroll Expenses: $421.58
- Technology/Systems/Tools: $1,206.50
Total Expenses for June: $11,626.83
Payroll to Kyle: $4,306
Total Net Profit for June 2019: $19,214.90
Total income for June ($30,841.73) was 3% below my yearly average of $31,811.
I closed 3 transactions this month. 1 was from an internet call (Lady found me online, she didn’t remember how, and needed me to sell her father’s home) 2 were past client referrals. 1 referred their parents to me, the other was a coworker.
eXp Realty Revenue share for June was my highest yet totaling $12,350.34. Revenue share exceeded May’s total of $7,693. This brings a total revenue share for the year of $38,998.62. A net of 10 agents joined my organization this month, bringing my total agent count to 148 agents. I personally netted one agent for June bringing my total to 39 agents personally sponsored.
Total expenses for June, $11,626.83, was 12% above my yearly average of $10,389.74.
The main contributing factors to this were brokerage fees and travel being higher than usual.
My commission cap for eXp Realty reset in April. This means that my commission split with eXp Realty is 80/20 until I cap at $16,000 in gross commission income. At that point, I go to 100%. My 3 transactions in June officially makes me capped. I will be on 100% until April 2020. Now I will be shooting for 20 additional transactions before April so I can achieve ICON agent status and earn back my ,000 in eXp realty stock.
Additionally, I paid for our families trip to Florida for eXp Shareholder Summit and our trip to Las Vegas in October for EXPCON this month so travel was higher than usual.
Office supplies and operations was significantly lower than usual, .90 versus and average of 31 due to the fact that my check for June office rent was sent late and not deposited until july. This will be reflected on July’s Income Report.
Technology, payroll, and marketing were average for the month.
Net Income Overview
Overall, net income for the month, $19,214.90 was 17% below my year-to-date net income average of $23,088.27.
Midyear 2019 vs. Midyear 2018
Since we are half way through the year, I’ll do my mid-year comparison to the year before. This is probably the most eye opening comparison I’ve ever done!
Compared to this time last year, net income is up over 12,000%!
For anyone that has been following me for a while now, you may remember, this time last year I switched from having a full blown real estate team with 6 agents (including myself) and 3 paid staff to going back to being an individual agent. When you dive into the numbers you can absolutely see why this was necessary.
Here’s what going back to an individual agent did for my business:
Total income through June dropped 22% from $246,359.86 in 2018 to $190,868 in 2019.
However, total expenses have been reduced by 73% from $200,571.43 in 2018 to $52,338.41 in 2019.
This has resulted in a net income increase from a negative $1,108.05 in 2018 to a positive $138,529.59 in 2019 midway through the year!
A Deeper Look
You’ll notice that my personal sales income has actually increased year-over-year from $135,573.75 to $150,919.54.
“Level 2 Income” is the income I earned from my team agents last year. However, you must subtract “Level 2 COGS (cost of goods sold)” to see the real income earned from my team agents. This amounted to $54,297 midway through the year ($98,543 minus $44,246.48). This of course is compared to $0 in 2019.
Revenue share has increased a total of $31,824 more than it was at this time last year.
The biggest impact to why net income has drastically improved is the reduction of expenses. I no longer pay as much for marketing to generate leads for all my team agents. My office operations has gone down significantly since I’ve subleased our office and now work from home. Finally, payroll expenses have been reduced to only $2,121 from over $88,000 in 2018. Both of these numbers do not factor in my personal salary of $48,000 annually that I pay myself.
I gave up $54,297 in team income but reduced expenses nearly $150,000 because I no longer needed to feed a team of agents leads and support like before. This is the main reason for the nearly $140,000 increase in net income. The other $30,000 is a result of increased eXp Realty revenue share.
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!