October 2020 Income At-A-Glance
Revenue for October: $20,892.47
Expenses for October: $11,077.41
Net Profit for October: $9,815.06
% of Net Profit to Overall Revenue: 46%
Personal Real Estate Sales Revenue: $0
eXp Realty Team Revenue: $19,704.41
Other Revenue: $1,188.06
eXp Realty Team Growth October:
- Personally Sponsored Agents Growth Net = +4
- Personally Sponsored Agents Total = 56
- Team Growth Net = +23
- Team Total = 320
- Team Transactions in September (October Payout) = 137
Total Gross Income for October: $20,892.47
- Auto: $81.76
- Brokerage Fees: $85.00
- Education/Dues/Travel: $258.68
- Marketing/Advertising: $944.69
- Office Supplies/Operations: $6,104.07
- Payroll Expenses: $2,716.70
- Technology/Systems/Tools: $886.51
Total Expenses for October: $11,077.41
Payroll to Kyle: $4,306
Total Net Profit for October 2020: $9,815.06
My total revenue for October 2020 was $20,892.47. This month’s total revenue was 18% lower than my 2020 YTD monthly average of $25,723.83. This decrease is attributed to having zero personal closings in October. This month was carried by strong team and other income.
Real Estate Sales Income
In October, I closed zero personal real estate transactions.
eXp Realty Team Income
My team, which consisted of 297 agents closed 137 transactions in September. eXp Realty team income paid out in October, totaled $19,704.41. This time last year, the team consisted of 186 agents and closed 50 transactions, which paid out $8,031.26 in team income.
A net of 23 agents joined my team this month. This increase brings my total team count to 320 agents. I personally sponsored a net of four agents in October. This increase brings my total personally sponsored agent count to 56.
Other income totaled $1,188.06 and consisted of affiliate and ad revenue. This number is steadily increasing. Outside of growing my real estate team here at eXp, this is my secondary focus. I anticipate this revenue to outpace even my personal real estate sales in 2021.
Total expenses for October, $11,077.41, was 6.5% above my 2020 YTD monthly average of $10,401.57.
The increase was due to an increase in advertising, office supplies, and payroll expenses. I experimented with running some YouTube ads to gain subscribers. I spent around $400 and do not feel the effort was worth it. Office supplies increased due to purchasing the new iPhone and a new Sony A7C camera. Finally, payroll increased as this was the first full month that I worked with my virtual assistant. Currently, my virtual assistant is helping me with my content creation both on YouTube and this blog. She formats, publishes, and organizes my content. She's been a major help to publish more content!
More and more people are asking for the specific tech systems and tools I'm using so I'm creating a new section specifically for this breakdown.
- Libsyn - $35 - Podcast Hosting
- Auphonic - $11.91 Podcast Audio Production
- Gsuite - $.88 Google Apps
- Adobe - $21.64 Lightroom Photo Editing
- Zoom - $15.81 Video Conferencing
- Flick.tech - $13.24 Instagram Hashtags
- Epidemic Sound - $15.00 YouTube Video Music
- Google Storage - $10.49 Google Drive File Storage
- Optimole - $24.79 WordPress Website Image Optimization
- Canva - $12.95 Graphic Design Platform
- Calendly - $15.00 Scheduling Tool
- Quickbooks Online - $26.65 Financial Reports
- Quickbooks Payroll - $41.57 Payroll
- Backblaze - $35.63 Online Computer File Backup
- Inside Real Estate - $31.98 Video Email Add-on for kvCORE
- YouTube Premium - $12.80 Education Ad-free
- Aweber - $130.00 Email Marketing Tool
- Thinkific - $49.00 Course Creation
- Community - $99.00 Build a Text Distribution List
For the full listing of all the tools and systems I use in my real estate business, including free ones not seen below, click here.
Net Profit Overview
Overall, net profit for the month, $9,815.06, is 36% less than my 2020 YTD monthly net profit average of $15,322.25. This amount equals 46% of the total income for the month.
With October's net profit of $9,815.06, it brings me to $179,509.66 for the year. I'm just shy of pacing my goal of $250,000 net profit for 2020. I'm currently tracking $210,000 which would be an increase from 2019 (just over $205k) but short of my goal.
2020's been an interesting year, to say the least! Not only have we all been dealing with Covid and all the changes that's brought about. I've personally been transitioning out of doing as much personal sales and putting all my focus and effort on building my team and creating content.
This year has brought about all sorts of emotions, including fear, excitement, nervousness, and joy. More than anything, I feel I'm on the right path. Working with my team of agents all over the country has sparked new energy into my business and gives me a level of fulfillment that I haven't felt in quite some time!
As challenging as it's been to see my personal sales drop (this is something that i've placed my own personal value in for years), I know that it's the right move to be able to grow as a leader and give more value to other agents that can take the torch and run with it!
I continue to follow my gut feeling about the direction to take my business and I encourage anyone in a similar situation do the same. I truly believe that even though this year may not turn out exactly how I planned it, it's setting up an even better 2021! But let's not get ahead of ourselves. There are still two month, yet to come before 2020's over.