How EXP Agents Can Achieve ICON Status
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How Agents Can Achieve ICON Status
Agents can achieve ICON status by meeting or exceeding the Program’s Production Requirements during their
Capping Period. Once involved in the ICON Program, there are additional opportunities for ICONs to earn more awards by “giving back” time, talents and knowledge to eXp’s agent population and also by attending specific eXp-approved events.
When an agent achieves ICON status, that agent can earn up to $16,000 (USD) worth of eXp World Holdings common stock, which is made up of an $8,000 Production Award, a $4,000 Cultural Commitment Award and a $2,000 Event Attendance Award for each approved event
Any agent that has paid the full Company Dollar Cap and has met the additional requirement(s) will achieve ICON status in the month following the qualifying
Settled Transaction. All Transactions must be completely settled and properly documented in Skyslope.
A representative of the ICON Program will notify qualified agents of their ICON status by the 25th of the month following achievement of the Production Award Requirement (“Production Requirement”).
For an in-depth guide on using the Points system to achieve the $4,000 Cultural Commitment Award,
click here. For a complete Program overview, see our
ICON Program Overview.
IS EXP right for me?
How it worked for me... 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. Since I am in a market with a lower sales price my ICON status is based off transactions.
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 ($285 in Canada) capped transaction fee.
To meet the ICON production requirement, agents must pay an additional $5,000 ($5400 in Canada) in capped transaction fees. Achieving $5,000 in capped transaction fees typically means an extra 20 full transactions beyond capping.
Example
I achieved ICON status in my first year
with eXp Realty. I average between 40-60 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 18 closings within the year, and I’m now an ICON agent. Achieving ICON status in this example equals 30 transactions.
The number of transactions needed to achieve ICON status can vary depending on your average sales price and average commission.
PAYOUT OF THE ICON AWARD STOCK IS DONE SO IN THREE PARTS.
ICON Status Achieved
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.
Event Attendance
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.
My Final Thoughts
The eXp ICON program has completely changed the way I look at my life and business. I’m thankful for the opportunity to continue doing what I love to do (help clients buy and sell homes) but also be able to earn ownership in a growing company while doing it.
At this point, one year into joining eXp Realty, I’ve wondered what would have happened if I had joined sooner. It’s allowed me to change the way I do business and gives me a vast potential for growth.
eXp Realty Revenue Share is an exciting opportunity for real estate agents, brokers, and team leaders from all over the country to build an additional stream of income while still earning commissions from selling real estate.
eXp Realty is a cloud-based real estate brokerage with no brick and mortar offices worldwide. Because of this, eXp Realty’s overhead is significantly lower than traditional brokerages. With these cost savings and because eXp Realty doesn’t employ expensive corporate paid recruiters, eXp can afford to pay it’s agents and brokers a percentage of the revenue generated from each agent they sponsor into the company.
Would You Like To Partner With Me?
I’ve helped hundreds of real estate agents, team leaders, & brokers all over the country increase their sales, online presence, and create scalable systems. I would love the opportunity to work with you. TOGETHER, we can make this year your best!!!
Office:
Edmonton, Alberta Canada
Call:
780-707-5999
Site:
www.masteringrealestate.ca
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