November 2019 Income At-A-Glance
Gross Income for November: $14,048.75
Total Expenses for November: $4,814.37
Total Net Profit for November: $9,234.38
Difference Between october & November: +$955.65
% of Net Profit to Overall Gross Income: 66%
November 2019 Income Breakdown
Real Estate Sales Income: $8,788.29
- Sierra Birch - $6,600.00
- Blenheim Park (Referral) - $2,188.29
eXp Realty revenue share Income: $5,105.60
- Agents at Month End = 188
- New Agents = -9 (more on this in details below)
- $ / agent = $27.16
Other Income: $154.86
- Patreon = $154.86
Total Gross Income for November: $14,048.75
- Brokerage Fees: $428.75
- Education/Dues/Travel: $524.86
- Marketing/Advertising: $1,186.12
- Office Supplies/Operations: $1,275.12
- Payroll Expenses: $846.12
- Technology/Systems/Tools: $553.40
Total Expenses for November: $4,814.37
Payroll to Kyle: $4,306
Total Net Profit for November 2019: $9,234.38
Total income for November, $14,048.75, was 50% below year-to-date monthly average total income of $27,966.96.
I only closed one transaction. It was from a listing from a past client. eXp Realty Revenue share was $5,105.60. This brings me to a total revenue share for the year of $76,206.14.
A net of -9 agents joined my organization this month, bringing total agent count to 188 agents. I personally netted -5 agents for November bringing my total to 36 agents personally sponsored. The reason for the drop off is new reporting that allows eXp Realty to display agents that left the company sooner than before. Typically, agents that had left the company would stay on the dashboard for many months after their departure. As unfortunate as it is for agents to leave the company and see a negative number here, it's encouraging to know the real number of agents in our groups to help with forecasting
Total expenses for November, $4,814.37, was 43% below my year-to-date monthly average of $8,472.09.
Going into the winter months, I know historically, my closings dip as less people are looking to buy and sell homes around the holidays. That said, I've been focused on cutting any unnecessary expenses for the 4th quarter. I started back in July/August cutting some of the subscriptions services I hadn't really been using. I also focused on trying to not make any big purchases in November.
Brokerage fees was much lower than average at $428.75. This is because I am capped at my brokerage and earn 100% of my commission minus a transaction fee until april of 2020.
I didn't have any education or dues for November. Just a bit of travel expense for a business trip I'm taking to NYC in january.
Marketing and advertising was slightly lower for the month. I didn't go on as many lunches/dinners but I did host a Christmas party for my clients. I did this on a budget of less than $500 and was able to get it sponsored to help with costs. We hosted around 25 guests and it was a fantastic event that didn't break the bank. Facebook/Google ads were much less this month as I've stopped many of my ads in preparation for a new lead generation/advertising strategy for 2020.
Office Supplies/Operations was lower as well as I didn't make any large purchases this month. The majority of the cost in this category is from my lease that still remains until October 2020. I have about a $522/month deficit from the sublease rent I receive from what I pay.
Payroll was slightly higher average as I have been working with a virtual assistant more lately to help me publish and distribute content more consistently.
Technology expenses were nearly half as I have cut all the non-essential systems and tools out of my business. I doubt it will always stay this low, as I like to experiement with other systems and tools that can help my business but for now that's where they are.
Net Income Overview
Overall, net income for the month, $9,234.38, was 53% less than the year-to-date monthly net income average of $19,494.87 This equals 66% of total income for the month.
After the disappointing month in October, I was happy to bounce slightly back in November. Even though I still only closed one listing this month, revenue share, a referral, and low expenses helped make November acceptable. Still not exciting compared to my year-to-date monthly average. I anticipate December/January will also be so-so months but this means there's more time to button up systems and get ready for the new decade ahead.
Even with the slower than usual month, I did surpass the $300,000 total revenue mark. Compared to last year, my personal sales income has remained about the same. My revenue share has made up not having team revenue. And expenses are nearly $100,000 less resulting in much higher profitability.
Even though, the year is winding down slower than I'd like, there is alot to be excited about. Including the outlook for 2020!
With one month left for 2019, I wish everyone an amazing holiday season and encourage reflection into what's gone positively for you in 2019 and how you plan to grow in 2020.