May 2020 Income At-A-Glance
Gross Income for May: $18,330.24
Total Expenses for May: $2,940.94
Total Net Profit for May: $15,389.30
% of Net Profit to Overall Gross Income: 84%
Real Estate Sales Income: $0
Other Income: $18,330.24
- Revenue Share - $17,295.62
- Affiliate - $1,034.62
eXp Realty Revenue Share Group:
- Net Personally Sponsored Agents = 0
- Personally Sponsored Agents = 39
- Net Total Agents = +12
- Total Agents = 247
Total Gross Income for May: $18,330.24
- Auto: $79.63
- Brokerage Fees: $85.00
- Education/Dues/Travel: $0.00
- Marketing/Advertising: $195.44
- Office Supplies/Operations: $1,452.43
- Payroll Expenses: $0.00
- Technology/Systems/Tools: $1,128.44
Total Expenses for May: $2,940.94
Payroll to Kyle: $4,306
Total Net Profit for May 2020: $15,389.30
Total income for May 2020, $18,330.24. This was 23% lower than my 2020 YTD monthly average of $23,921.35. This is attributed to having no real estate closings in May.
As many longtime followers know, I've been re-inventing my real estate business over the last couple of years. Starting in 2018 I began building a large nation-wide real estate team based around the eXp Realty revenue share model. This 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 yet began to really monetize this side of the business yet, but as my brand increases, I'll have that option in the future.
In May, I closed no transactions.
Revenue Share Team Income
My team, which consisted of 235 agents closed 115 transactions in April. eXp Realty revenue share, paid out in May, totaled $17,296. This time last year, the team consisted of 138 agents and closed 58 transactions which paid out $7,693 in revenue share.
A net of 12 agents joined my team this month. This brings my total team count to 247 agents. Personally, I brought on 1 agent and lost 1, netting me 0 agents sponsored. This keeps my total personally sponsored agent count at 39.
Other income totaled $1034.62 and consisted of miscellaneous affiliate income.
Total expenses for May, $2,940.94, were 46% below my 2020 YTD monthly average of $5,514.81.
The decrease is mainly due to the fact that I'm no longer investing heavily in my real estate sales business. My main expenses are now interest on a business credit card, rent expense from my old office that I still pay on (until lease is up in October), and technology systems and tools.
As I've been rebuilding my real estate business, I've focused much more heavily on organic growth. Creating search engine optimized content on my blog and YouTube has been the number one source for my personal recruiting of agents into my eXp revenue share business. Additionally, the exponential growth I'm experiencing on YouTube and my blog is based on more organic traffic and not paid ads.
Net Profit Overview
Overall, net profit for the month, $15,389.30, is 17% less than my 2020 YTD monthly net profit average of $18,606.54. This amount equals 84% of the total income for the month.
Year-to-date 2020 is around $93,032.71 in net profit. At this time in 2019, this number was $106,315.91. I've sold about half as many homes but have doubled my revenue share and cut my expenses in half. With the way revenue share is increasing, combined with reduced expenses, I anticipate the second half of 2020 will outperform my second half of 2019.