The eXp Realty ICON Agent Award Program was created in 2015. This program rewards high-producing real estate agents with eXp Realty stock once they’ve hit specific production and cultural requirements.
Real estate agents, team leaders, and brokers who achieve these requirements receive up to $16,000 worth of EXPI stock. This award can be earned each year the agent is with eXp Realty.
I’ve been an ICON agent here at eXp Realty three times and have earned $48,000 in ICON awards for doing so. Today, the actual value of these awards far exceeds $48,000 since the EXPI share price has increased in value over the years.
In this post, I’ll share with you everything you need to know about this amazing award program and have you too can achieve eXp ICON status.
Qualifying For eXp Realty ICON Status
eXp Realty agents have two ways to achieve ICON status. For agents that do many transactions but at lower sales prices, the transaction-based achievement is most likely. However, for agents that do fewer transactions but at higher sales prices, the gross commission income based achievement is more likely.
Agents need to cap ($16,000 paid into the eXp Realty commission split ). Once an agent caps, they go to 100% commissions minus a $250 capped transaction fee.
To meet the ICON production requirement, agents must pay an additional $5,000 in capped transaction fees. Achieving $5,000 in capped transaction fees typically means an extra 20 full transactions beyond capping.
I’ve achieved ICON status all three years I’ve been with eXp Realty. I average between 30-40 closings per year.
It takes me around 12 deals to cap each year (12 closings x $7,000 average commission = $84,000 in commission). eXp Realty agents cap at $80,000 in gross commission earned. ($80,000 x 20% = $16,000 paid into eXp Realty).
Once capped, I complete another 20 closings within the year, and I’m now an ICON agent. Achieving ICON status in this example equals 32 transactions.
The number of transactions needed to achieve ICON status can vary depending on your average sales price and average commission.
Speaking of average sales price leads me to the second-way agents can be awarded ICON status.
Gross Commission Income Based
Agents who typically sell luxury or commercial real estate, but who may not do many transactions each year, can also participate in the ICON award.
Another way these agents can achieve ICON status is to close an annual gross commission income of $500,000 or more with a minimum of ten closed transactions. Additionally, they can pay a one-time “ICON Qualification Fee” of $5,000 less any capped transaction fees.
Let’s say I have an average sales price of $2,000,000, and my average commission is $50,000. (2.5% of $2M = $50,000). I’m eligible for ICON status if I complete ten transactions in one year and earn $500,000 in gross commission incomes.
In this scenario, I would have capped with eXp Realty and gone to 100% after my second transaction. Therefore, I would have paid in the $250 capped transaction fee for the remaining eight transactions.
These eight transactions total $2000 in capped transaction fees for the year. I would then be required to pay an additional one-time $3,000 ICON Qualification Fee if I wanted to fulfill the ICON production requirement and be eligible to earn my $16,000 in EXPI stock award.
Payout of the ICON Award Stock
Payout of the ICON Award stock is done so in three parts.
ICON Status Acheived
Upon reaching ICON status, you’ll earn $8,000 in eXp Realty stock. eXp Realty purchases this stock on the 15th of the month in which eXp Realty recognizes the ICON agent. A company release goes out, which names all ICON agents for the month.
This stock has a three-year vesting period.
Cultural Commitment Participation
$4,000 in EXPI stock is released when an ICON agent satisfies their cultural commitment to eXp Realty. eXp Realty staff evaluates this cultural commitment 12-months after achieving ICON status.
There are four ways to fulfill the ICON Cultural Requirement. You must complete one of the following:
- Becoming a mentor and serving in the program for 12 months
- Becoming an ICON instructor and teaching a class six times throughout the year
- ICONversations panelist/moderator and participating ten times throughout the year
- ICON vetting Committee Member and vetting ten ICON candidates within the year.
Upon verification of your cultural commitment, this additional $4,000 of EXPI stock is released to the ICON agent at the end of the month, with the market share price being equal to the price on the 15th of the month.
This stock has a two-year vesting period.
The final $4,000 in ICON stock awards is given to ICON agents when they attend the two company events. These events only need to be attended AFTER ICON status is met. Proceeding events do not count towards meeting this requirement.
eXp Realty holds two public events each year, EXPCON and Shareholder Summit. ICON agents are awarded $2,000 for each of these events they attend that year.
This stock is vested immediately.
Let Me Know Your Thoughts
Have you earned eXp ICON status? Is it your goal? Let me know in the comments below.
Also, feel free to leave a comment if you have any other questions about the eXp Realty ICON Agent Award Program.