The eXp Realty ICON Agent Award Program was created in 2015 to reward high-producing agents with stock once they hit specific requirements. As eXp Realty is a publicly traded company Real estate agents who meet these requirements can receive eXp world holdings stock worth up to $16,000 and benefit from company growth.
Thousands of eXp Realty professionals have attained ICON designation. Once agents meet or exceed production targets, they are eligible for a variety of special advantages, including publicly listed eXp World Holdings shares (Nasdaq: EXPI) and invites to ICON-only groups and events where ICONs may network and learn from one another.
In this article, we will explain all you need to understand about this incredible award program. From targets to hit to how to claim your award stock, follow the steps below and you too can become an eXp Realty ICON!
Are you thinking of joining eXp Realty? For more information about this incredible program contact Elizabeth Riley.
What Is eXp Realty ICON
The eXp Realty ICON Agent Program is designed to recognize and reward those agents who go above and beyond in meeting agent standards. This program enables some of the most brilliant and enterprising experts in the industry to significantly increase their ownership position in EXPI.
To be an eXp Realty ICON, agents must meet specific productivity goals and exemplify the company’s basic principles over a 12-month period. If you’re looking for a challenge and are ready to take your career to the next level, you’re encouraged to follow the steps below to become an eXp ICON Agent!
How to Obtain eXp Realty ICON Status
During their Capping Period, agents can earn ICON status by reaching or exceeding the Program’s Production Requirements. Once enrolled in the ICON Program, ICONs can earn extra rewards by “giving back” time, talents, and expertise to eXp’s agent community, as well as by attending specified eXp-approved events.
When an agent has achieved ICON status, he or she is eligible to receive up to $16,000 (USD) in eXp World Holdings common stock, which is comprised of an $8,000 Production Award, a $4,000 Cultural Commitment Award, and a $2,000 Event Attendance Award for each approved event.
There are two methods for eXp Realty professionals to earn ICON status. Transaction-based and Gross commission-based. The transaction-based accomplishment is most likely for agents who complete many deals but at lower sales prices. However, the gross commission income-based attainment is more likely for agents who make fewer transactions but at higher sales prices.
Let’s take a look at how these two methods work below.
Transaction-Based
With the ICON Program, Agents must pay a limit of $16,000 towards the eXp Realty commission split. After an eXp agent reaches the company’s cap, they will get 100% of their commissions with a $250 transaction charge.
Agents are required to pay an extra $5,000 in limited transaction fees to fulfill the ICON production goal. Reaching $5,000 in capped transaction fees entails an additional 20 completed transactions above the threshold.
Example
The gross commission received by eXp Realty agents is limited to $80,000 per year. Let’s say you earn an average of $7000 for your commissions.
The gross commission received by eXp Realty agents is limited to $80,000 per year. ($80,000 x 20% Equals $16,000 invested in eXp Realty).
This means that you need to close 12 deals each year to reach your cap (12 closings x $7,000 average commission = $84,000 in revenue)
Gross Commission Income-Based
Agents that generally sell larger properties such as commercial real estate and may not complete many deals per year are also eligible for the ICON award.
One approach for these agents to reach ICON status is to complete at least 10 deals over the year with an annual gross commission revenue of $500,000 or higher. They can also pay a $5,000 one-time “ICON Qualification Fee” less any limited transaction costs.
Assume your average price for a sale is $2,000,000 with a commission rate of 2.5 percent. ($50,000). If you accomplish 10 deals over a 12 month period, you would earn $500,000 in gross commission. This would make you eligible for ICON status.
In this case, you would have capped your eXp Realty target and hit 100% commission after your second transaction. As a result, for the remaining eight transactions, you would have incurred the $250 limit transaction cost.
For the year, the next eight transactions would total $2000 in limited transaction fees. If you wanted to complete the ICON production criteria and earn your $16,000 in EXPI stock reward, you would have an extra one-time payment of $3,000 for the ICON Qualification Fee.
How your ICON Award Stock is Claimed
The ICON Award stock payout is done in three stages. The first part is given when you first achieve ICON Status. The second part is given through cultural commitment participation. The third and final part is given through event attendance.
Let’s have a look at how this is done below
Get Your First Payout
When you attain ICON status, you will get $8,000 in eXp stock. These shares are purchased on the 15th of the following month that the agent achieved ICON level, and a corporate announcement is sent out naming all of that month’s ICON agents.
This stock’s vesting period is three years, meaning that the agent will have full ownership of the shares after three years.
Get Your Second Payout
The second payout happens when an agent with ICON status fulfills their cultural commitment to the company. At this point, $4,000 in EXPI shares is released. This cultural commitment is evaluated by eXp Realty personnel over the following 12 months after the agent earned their ICON status.
There are four options for meeting your Cultural Requirement. You must accomplish at least one or more of these tasks:
- Become an eXp mentor and participate in the program for a year.
- Become an ICON instructor and teach six classes a year.
- Participating as an ICONversations panelist/moderator 10 times in a year.
- ICON screening Committee Member, vetting ten ICON candidates in a single year.
Fulfilling one of these requirements releases the next $4,000 of your EXPI stock which will be paid at the end of the month in which your cultural commitment is completed. The market share price of your stock will be determined by the share price on the 15th of that month.
The vesting term for this stock is two years.
Get Your Third Payout
The remaining $4,000 in ICON stock is distributed to ICON agents at the two business events. You only need to attend these events after ICON your status is obtained as that is when they will start to count towards your award. This criterion is not satisfied by subsequent occurrences.
Every year, eXp Realty hosts two public events: The first being EXPCON, and the second being their Shareholder Summit. ICON agents are to receive $2,000 for attending each of these events that year.
This stock has no vesting period.
Summary
eXp ICON Agent Program: Designed to reward agents who go above and beyond in meeting standards, the eXp ICON Agent Program has two methods for earning ICON status. The first part is through transaction-based milestones, and the second part is through gross commission-based participation.
Upon achieving ICON Status, you will be rewarded with an Award stock payout that is done in three parts. First, you’ll receive a portion of your payout when you achieve ICON Status. Second, you’ll receive another portion of your payout based on cultural commitment participation. Finally, you’ll receive the last portion of your payout upon event attendance.
eXp Realty aims to ensure that its top performers are duly recognized and rewarded for their hard work and dedication! This way, they manage to retain some of the best agents in the real estate business. Are you aiming to become an eXp ICON?
FAQ’s
What is the eXp split?
Every agent at eXp Realty has an 80/20 split until the cap is reached.
Do you have to pay several fees if you hold a license in more than one state?
No! Nationwide brokerage costs just $85 per month.
How do you keep track of your earnings?
eXp Realty developed the Enterprise system, which provides you with a real-time picture of all of your revenue. You may view your future month’s sales figures, stock awards, and revenue share. Many eXp agents check Enterprise regularly to see how rapidly their income share is increasing and to get a sense of what they will get on the 22nd of the month.
When will you receive your income share?
Every month on the 22nd, you will get your income share for the preceding month. For example – If in January, the agents in your revenue share group earned $50,000 in gross commission. A revenue share payment of about $1,750 ($50,000 x 3.5 percent) will be sent into your bank account on February 22.
eXp Realty employs how many real estate agents?
eXp Realty has approximately 40,000 agents as of February 2021. They are one of the fastest-growing real estate brokerages in the country, with agents from all over the world flocking to eXp Realty.
Are you thinking of joining eXp Realty? For more information about this incredible program contact Elizabeth Riley.