Building Your eXp Realty Wealth Chart with Rob Flick | KyleHandy.com

Building Your eXp Realty Wealth Chart with Rob Flick

The top revenue share earner at eXp Realty, Rob Flick, explains how to grow your revenue share business using a tool called the Wealth Chart.

Rob was one of the top profit share earners for many years at Keller Williams prior to joining eXp Realty in 2015.  Today, Rob has over 9,000 agents in his revenue share organization.

If you'd like to download a template for a 24x24 Wealth Chart click the button above.  Once downloaded, you can take the file to any local staples or office max to have them print on poster board or corrugated plastic material.

Learn about what the Wealth Chart is and how to fill it out in the video below. 

This video was created a couple years ago so the figures Rob talks about are no longer accurate but the principles and how to use the wealth chart are still best practice today.

Here is the transcription from the video above.

Rob Flick:
Well, good morning, everybody, and welcome to the webinar. This is going to be training specifically about revenue share and developing your goals through what I call my wealth chart. I want to tell everybody that everything in here is my assumptions, my opinion and things that I’ve seen over the last 20 years has been a real estate recruiter. To let everybody know that I built the western part of the United States for Keller Williams. To this day, I’m told I’m the 14th highest paid person in the history of Keller Williams profit sharing, and as of last month, I’m now in the top two or three revenue share earners for eXp Realty as well.

Rob Flick:
So the things that I’m showing you are what I utilize, they’re not officially sanctioned at this point by eXp Realty. These are my assumptions and opinions. And so welcome to the future of the real estate. As you all know, eXp Realty has four major disruptors, and today we are going to be talking specifically about the revenue share program. Revenue share is what you as an agent are awarded for having helped grow the company by referring quality agents who are closing transactions to the company. And as you know, our split is an 80/20 split. We have a cap of $16,000 a year. We don’t have any royalty.

Rob Flick:
And so every time, let’s say you enroll an agent, you may have enrolled me, and I could be anywhere in the country, Miami, Texas, New York, San Francisco, Denver, wherever, and when I close a transaction, I’m going to pay my 20% into the company. And you, because you referred me to the company, are going to get a piece of that 20%, and you’re going to get paid that on the 22nd of the month following the month of closing, direct deposit into your account. By the time I’ve paid in the full $16,000 in one year for my cap, you will have received $2,800 of that 16,000.

Rob Flick:
And if I refer other people, then let’s say they’re going to be on your second level, I would have personally referred them, but indirectly, you would have referred them, and as they pay in their cap, you will earn a maximum of $3,200 of the $16,000 that anybody that I refer to the company does. I’ll receive 2,800, and you’ll receive 3,200, so on and so on, seven generations, we track that. You qualify for those checks, the revenue share checks, by personally enrolling agents. And if you notice in the center column, it says there that there’s five-plus, ten plus, 15 plus, for every five agents that you personally enroll to eXp, you unlock another level of revenue share.

Rob Flick:
So five unlocks the second, 10 unlocks the third, 15 unlocks the fourth and so on. So if you have enrolled 17, that’s more than 15 but less than 20, you would be receiving the first four levels of revenue share, but not the fifth, sixth and seventh, which would retain by the company, which pays the overhead that the company has and increases the value of the stock. And as stockholders, we all win no matter what. And you know that our team, I teach ten who get 10. And that is, in your career, let’s call this a five-year plan that you would enroll ten agents over five years, that would be an average of two agents a year that you would refer to the company. You would then have ten agents in five years.

Rob Flick:
If each of those agents did the very same thing, you would have 100 agents on your second level, ten who referred 10. Now, of course, some will prefer a lot more than that, some will refer less than that, but we’re just looking at this as sort of an average if you will. And if all these agents are capping, which means they’re grossing at least $80,000 a year in gross commissions, you’re going to be earning $348,000 a year as a result of that. The average over the last six years, seven years, has been a little above $1,000 per agent, and that’s if an agent is selling maybe $1.2 million a year in real estate, you’d be averaging somewhere in the neighborhood of about $1,000 dollars per agent per year.

Rob Flick:
So you’d be making maybe potentially somewhere between 100,000 and $300,000 a year when this picture exists when you put this together as far as the revenue share is concerned. This is on top of your sales and commissions, this is on top of any stock that you may have, and this is what we teach. So I’m going to talk about what I call first things first. There are ten different items. Number one, in building this, you want to make a list of all the agents that you know and a list of the affiliates that you know.

Rob Flick:
And the reason I say affiliates is because in my experience over the last 20 years in building real estate companies, over 30% of all the agents I have ever referred to the company have come through affiliates who tend to hear more from the agents than anybody else. Their almost their mother and father confessors. They know when an agent is thinking of making a change. And if the affiliates know what our program is like, there’s a very good chance that they will refer agents that are thinking of making a change to you, if you’re the one that tells them. I see that happen all the time.

Rob Flick:
You want to learn to invite. You do not want to present. Just become the best inviter. Less is more, which means the less you tell the people, the more success that you will have. The more you tell other people, the less success it tends to have. This is what I’ve seen again over the last 20 years, and certainly in this last year. So you just want to learn how to invite, and you’re going to want to invite people to webinars that we do. And two different things for them to be able to see the presentation about what he eXp is all about, you’re inviting them to a webinar, and you’re inviting them to a weekly lunch and learn.

Rob Flick:
On our team, we look at having webinars multiple times throughout the month. You find out from your leaders when the webinars are and how to get on them. And I highly recommend that you attend at least one webinar a week. In fact, what I have found is that the agents who attend at least one webinar and a lunch and learn every week are the ones that tend to have things happen. They’re the ones that have success. It’s the same kind of thing as if you spend every day prospecting for buyers and sellers; you tend to find more people than the people who are prospecting one day a week, just makes sense.

Rob Flick:
And so even if you don’t have anybody to bring to the webinar or to the weekly lunch and learns, it completely reenergizes you. I’ve seen the agents know and understand it better. They get new and updated information, and they’re just more excited about the company, quite frankly. Now, I’m going to talk about your wealth chart, and I’m going to show you an example of it, and I’m going to highly recommend that you take a screenshot every month at the end of the month of your wealth chart, and I’m going to explain to you what that does. But it is designed to be able to track everything that you do.

Rob Flick:
It’s your personal feedback on the growth of your business as far as the revenue share is concerned. I will talk about followups, and there are different ways to follow up, and there are two different followup programs, one is weekly, and one is monthly. It also helps you set goals, which I highly recommend you do weekly, monthly, and annual goals as far as how many agents I’m going to have attended one of the webinars or the weekly lunch and learn a month or a week or a year. Not necessarily saying that many people are going to join eXp because you cannot know and understand and predict what they will do.

Rob Flick:
The only thing you can predict is what you will do, which is how many people you’ll actually see the presentation from start to finish. And remember, this takes effort. In the back of your mind, you have to remember; you are building a real estate company. You are building a company within a company. If you think that way, you’ll make that understanding, and that definitely takes effort. And it takes time, and it takes consistent effort over a period of time. So this is not something that happens overnight, right? So here’s what I use as a wealth chart, and this sets all my goals and really makes everything very understandable.

Rob Flick:
The red circles, as you see there, those are for the people that you personally enroll. And if you’ll notice, there are five circles on each row, and then the latter two, three, four, five, six is at the end of each of those rows because that signifies for every five people that you personally enroll, it qualifies you for that next level of revenue share. So five agents qualify you for the second, ten agents personally enrolled qualifies you for the third, and so on. And then you write down the name of the person that you personally enroll in those circles, right?

Rob Flick:
So once you’ve filled all that entire chart, there are five rows of five, that’s 25 circles, you will have qualified to be paid on the revenue share through the sixth level, right? And I put on there, the amount of money, maximum, that you can earn per agent based on their productivity per level that they are on as far as the revenue share is concerned. So when you’ve enrolled five, it qualifies you for the second level, which is up to $3,200 a year per agent, third level up to $2,000 per year per agent, and so on and so on. And I set a goal, I just made a personal goal of 500 agents that I wanted to have joined in three years, and that was a three-year goal.

Rob Flick:
When I saw this for the first time, and Gene Frederick showed this to me, I said, “You know what, I believe that I could enroll 25 or more agents in three years personally, and I could have 500 agents total in those second, third, fourth, fifth, six levels.” In fact, my goal was to have 100 agents on the second level, 100 on the third, fourth, fifth, and sixth, total of 500. Just figuring on average, the agents are selling a million, 1.2 million a year. So that I might only be averaging maybe $1,000 per year per agent as far as revenue share, which would mean that my revenue share plus or minus would be somewhere in the neighborhood, no guarantees obviously, of about $500,000 a year in three years.

Rob Flick:
And so this is the shot that I took on June 1st. This was my actual wealth chart, and it showed that I had 12 people personally enrolled because I have 12 with the circles up above, which means I qualified to get paid on the second and third levels. And if you notice that I filled in, and you write those names in pen by the way, and then the numbers inside the squares, you write in pencil, because you’re going to erase them and update them every month. And so as of June 1st, because my wife and I, Jen and I, we started on January 1st. That was our official start date, January 1st of 2016, and by June 1st we had 22 agents on our second level, 27 on the third, 23 in the fourth, 19 in the fifth, 16 on the sixth and 12 in the seventh.

Rob Flick:
And I was only earning through the three levels. So you see I was getting paid on 49 agents, but not all those others, and that sort of motivated me to want to get more people personally enrolled. Now, the little stickers that you see on there, those are the names of the people that I have shown the presentation to, that have seen either the webinar or that have seen the lunch and learn, okay. And the color means nothing; it just happened to be the color of the little pieces of paper, those stick-ons that I got. But the names of the people that are on top of the circles are people that told me that they have an interest in joining the company.

Rob Flick:
The ones on the other side are people that are thinking about it that haven’t said they want to join, but they’ve seen it, and they haven’t told me to stop sending them information. So I follow up two different ways with the two different people, right? The people that are on the circles there, I follow up with them once a week. I only do it by text message. I don’t want to bother them. I don’t want to overcome them with lots of spam and information. I just send them, I call them little love notes, and I only do it by text, and that’s once a week.

Rob Flick:
The people that I have on the other side, the ones that haven’t told me not to send them any more information, if someone tells me not to send them information, obviously I’d take them off this, and I don’t send them any information. Now, on the weekly ones, I’m generally saying to them, “Life is good, have you noticed the stock lately of eXp, and how much stock do you have of your company?” And I would send it off, something really slow, or I would say, “Wow, my team has grown to 12 agents, I’m really excited, revenue share really worked.” Boom and I would send that off. But I just send little bitty tidbits once a week.

Rob Flick:
Now, the ones that I send monthly, the ones on the right-hand side, those are people that I would tell them sort of where the companies at. Right now, we have X amount of agents nationally, we have X amount of agents here in the state, and just good news nationally of what the companies all about. I would tell them, sometimes my wife would say, “Google EXPI stock and follow the stock, and how much stock do you have of your company?” Just something very, very simple like that once a month to those people, that was the deal. So this is my wealth chart. I’d highly suggest you take a picture of this and draw one of these yourself, exactly like this. Don’t try to make it other things.

Rob Flick:
I’ve had people try and change it and do other different drawings and different. This is simple and easy, and people seem to really, really understand what happens. Okay, so in other words, in this example, so you follow, I enrolled 12 people, those 12 have enrolled 22 total people, which is my second level, so I put a 22 into that box. And those 22 people have enrolled 27, and those 27 have enrolled 23 and so on and so on, and so on. So the idea is to create interest and curiosity, not to present, not to tell them everything. All you want to do is create interest and curiosity, so the agents or your prospects are going to want to attend the webinar or attend the lunch and learn.

Rob Flick:
I’m not saying that you should wrap your car, but this definitely creates interest and curiosity. Couple of dos and don’ts. Absolutely, do not send mass emails out. It irritates people, and I think it cheapens the whole idea. Do not mass invite through social media. People get bombarded, and it just does not put the right message. It trivializes it, I believe. Do not do that, and do not mass cold call people that you don’t know, and do not post income claims on your Facebook or social media. Just do not do those. We want to be professional. We want to be quality.

Rob Flick:
Nobody knows the company except by the agents they see. And if you do that, it really, really does not add to how people see us. It really does cheapen it. Do personally invite agents that you know. Do sell more houses and meet more agents, no question. The more houses you sell, the more agents you’re going to meet. The more activities you go to, the more agents you’re going to meet, and merely get to know them as a friend. Develop a friend, get to know them, ask them how long they’ve been in the business, ask them what company they were with before they were with the company they’re at now, ask them how their careers are going, ask them how the market’s going. Just get to know them and see them.

Rob Flick:
Don’t tell them all about yourself. All you’re doing is getting to know them. I’m going to show you the invite that we’re going to use in just a minute, and I’m going to recommend you memorize that highly. Do make referring agents part of your business plan, absolutely. You’ve always been looking for buyers and sellers, buyers and sellers, and buyers and sellers, now, the only difference that you’re doing is you’re still looking for buyers and sellers, but now you’re looking for quality agents to be able to refer to the company or to have them sit in on a webinar or attend a lunch and learn. These are very, very important.

Rob Flick:
So here’s the invitation script, I would highly recommend that you do exactly this, don’t change it. Don’t do a thing other than exactly what this says. I’ve learned to say just absolutely as little as possible when I’m talking to people. You only want to develop interest and curiosity. So this is very, very simple, to be able to say to someone, “There’s a new real estate platform and technology that is revolutionizing the real estate industry, I’d like to show it to you. It’s going to take about an hour.” And if they say, “Okay, fine.” Set the appointment of when the webinar is, or, “I’d like to have you attend a webinar.”

Rob Flick:
And if they push back for more information at that point, the next thing that we say is, “Well, the information is about 90% visual, so I really have to show it to you, because you won’t really understand what I’m talking about. You’re going to have to see it, really.” And then you set the appointment for lunch and learn, “Come learn.” And if they keep pushing for more information, then I’ll say, “Well, it was started by a tech genius that worked for Keller Williams, and the number one real estate recruiter in the world is the one that will be doing the webinar and telling you about the platform.” Very, very simple.

Rob Flick:
If they push back more, and they still want to get more information, then you say, “You know what, this is probably not a good time for you, let’s revisit this some other day.” And hang up the phone or just end the conversation. Less is more; this is unbelievably vital. And I’m going to show you some examples of what people have done to be able to put that together. It’s very, very, very simple, and they don’t know anything, they haven’t figured anything out, they can’t say anything good or bad about anything, this is it, and this is all that I would say.

Rob Flick:
Now, Jen and I, this is what’s happened with us this last year in 2016. We started on January 1st, 2016, which is our actual start date. We were on vacation, I think we were in Fiji that month, and then I started writing how many people that we had personally enrolled, okay. And if you notice, in February we had four people personally enrolled, in March, we still had four, in April we had five, and then you see these other numbers. And this is my second, third, fourth, fifth, sixth, and seventh levels. Those five agents that I’d personally enrolled by April had enrolled 14 that enrolled 20 that enrolled 14, 10 and nine for a total of 86 agents.

Rob Flick:
We forgot to make a copy. And I happen to have made a screenshot of our wealth chart in April, that’s why I have those numbers. I forgot to do that in May, so I don’t have all the numbers, but I know that I had 12 people personally enrolled, Jen and I, by then in May. And then we had still 12 in June, and I started taking a picture of our wealth chart every single month after that. And so if you notice, that’s how our growth has been. 12 in June for a total of 131. We took a vacation again in July, and then in August we had 18 people personally enrolled, and they had enrolled 51 who enrolled 51 and so on for 268 total agents, and so on and so on. Until by the end of the year, we had 22 agents personally enrolled.

Rob Flick:
We had over 100 agents on each of the second, third, fourth, fifth and sixth levels just like I was hoping to do, and we had a total of 700 agents at the end of 2016. That’s exactly our growth pattern. Now, I’m going to show you several people that are part of our team. First of all, there’s Tracy who has been with us for the entire 12 months. She has personally enrolled 24 agents, that’s basically two a month, an average of two agents a month, which has always been my goal. Two agents a month is really pretty strong. And her 24 agents referred 39 between them, and those 39 had referred 83 and so on and so on, for a total of 297 agents in 12 months.

Rob Flick:
So here’s Wilco, in seven months, the first person that he enrolled was in June of this year. He’s enrolled 22 agents, which is about three agents on average a month, and they enrolled 28 and so on and so on, for a total of 119 agents. And Sheila over the last four months, she has averaged about three agents a month, personally, 13 who’ve enrolled 39, 58, 31 and so on for a total of 156 agents. And Brent, who comes along who’s superstar, because we’re getting better, we have webinars, he’s following the system, these are people that are following the system, Brent is probably the most coachable, teachable person I’ve ever run into.

Rob Flick:
He’s a superstar. He sells lots of houses. He knows lots of agents, and Brent is averaging about three agents a week for 24 agents personally rolled in two months, who have enrolled 53 and 29, six and nine for a total of 121 agents. And this is what you would be having in your wealth chart diagram. So this is my wealth chart as of January 5th. This is just as of last Friday, and if you noticed, I have 24 agents now personally enrolled. I have 100 or more on each of the six levels. My goal was 500. It was a three-year goal, and it happened to happen in one year. I didn’t know that that would happen, it’s very exciting. People really, really like the system, and they really, really like the idea that eXp puts out.

Rob Flick:
I have a total of 649 agents in my second, third, fourth, fifth, and sixth levels, six was as opposed to 500. I have a total number count if you add the personals that I’ve enrolled and the 45 that are on level seven, for a total of 718 agents in the last 12 months that Jen and I have as of 2016. And you notice that I have two, four, six, eight, 10, 12, 14 more agents that have told Jen and I that they’re interested and want to join, and so they’re on the chart, they’re on the circles. I have the names on the left of the people we are following up with that I do monthly follow up, and the ones in the circle, the weekly follow up.

Rob Flick:
And that’s exactly the chart. This is the same chart. As you notice, I’ve put a line underneath the names of each of the agents we have personally enrolled, because I decided I’m going to use this chart for the next 25. So numbers 26 through 50 will be in the bottom half as we fill all the circles with the people that we’ve personally enrolled, the 25. We’re going to go back and put 25 more on here because now my goal. This was my goal when I first got started. It was 500 agents in three years in those second, third, fourth, fifth, six levels there to generate somewhere plus or minus in the neighborhood of about $500,000 a year.

Rob Flick:
Now, if those agents are serious producers, and they’re capping, then we would be earning those big numbers there to the left in green, which would be two times that it could be as much as a million, but I’m being conservative and saying it’s probably going to be closer to 500,000. And like I say, it’s exciting. So now that this has happened in one year, I sort of having a secondary goal now. Jen and I have talked about this, that now we want to have, and we just don’t know when it’s going to happen, but now we know that people like this. They’re joining at a phenomenal rate, and we’ve increased our goal that now we want to have 1,000 agents, sort of a stretch goal, 1,000 agents in each of the second, third, fourth, fifth and sixth levels for a total of 5,000 agents. And we’ll just see how that goes.

Rob Flick:
I’m excited about the future. I’m excited about the people who are coming aboard and joining our team. I’m excited about what eXp is doing and where it’s going. It’s really exciting to be part of a company that is changing an industry, and we are on the cusp. We are on the leading edge. I’m super excited about everything that we’re doing, everything that the team is doing and really, really, really enjoy eXp with the agent-owned cloud brokerage. Thank you very much. I hope this helps.

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Kyle Handy
 

Kyle Handy is a real estate agent, team leader, coach, & mentor to real estate agents all over the country. Kyle focuses on social media, tech tools, and system automation to help agents scale their business and create consistency of closings.

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