What is the eXp Realty ICON award? If you know much about eXp Realty, you’ve likely also heard of this award and all its benefits. But what is it and how do you actually achieve it?
What is the eXp Realty ICON Award?
In simple terms, the ICON award is for agents who have reached ICON status by meeting specific cultural and production goals in their real estate work. That’s pretty vague, right? Well, let’s go ahead and unpack that.
Who is Eligible for the Award?
Individual agents, members of a domestic team, members of a standard team, or Mega ICON teams are all eligible to receive the ICON award. All they have to do is meet a few requirements.
As a single agent, you could be eligible for ICON if you meet one of the following requirements in your anniversary year (the year following your hire date, starting the first of the month after your hire and ending the last of your hire month in the next year):
- You have paid the $16,000 cap to eXp Realty and the annual per agent transaction fee cap of $5,000.
OR
- You have an annual gross commission of $500,000+, a minimum of ten closed transactions, and have paid an ICON Qualifying Fee equal to $5,000 less capped transaction fees paid.
On the other hand, Mega ICON Teams have a production requirement of $56,000 and must meet the following:
- The team leader must have paid the annual eXp Realty cap of $16,000, and the other agents’ caps must comprise the remaining $40,000 to reach the $56,000 in caps.
- After meeting the production requirements, a member of the eXp vetting team will interview the ICON eligible agent. If all cultural requirements have been met and agents are strong members of the community, they will be awarded the ICON agent award.
Upon receiving the award, ICON agents thereafter receive $8,000 in publicly traded eXp World Holdings Common stock. This $8,000 in stock is for reaching the production goal/achievement. This common stock vests after 3 years.
You may also have an opportunity to receive $8,000 more in stock assuming you meet the cultural requirements/participation.
ICON Agent Award for Cultural Commitment Participation
After receiving the ICON award, agents should further choose one or more of the four options provided to meet the cultural commitment opportunities. Leaders at eXp will track participation throughout the ICON Benefit Year (the 12 months after having achieved ICON status).
In the 12 months following receiving the award, agents can:
- Be an eXpand Mentor
- Become an ICON Instructor at eXp University
- Be a panelist or moderator at ICONversations, Monthly ICON Masterminds, or ICON Team Talks
- Be an ICON vetting committee member
If agents can fulfill the requirements within the benefit year (the 12 months after receiving the award), they earn an additional $4,000 of stock to be vested for 2 years.
ICON Agent Award for Event Attendance
ICON agents can earn an additional $4,000 in stock by attending the eXp Shareholder Summit and EXPCON after ICON is achieved and during the eXp Benefit Year. After each event, you can earn $2,000 in stock the month following your attendance. This portion of the award is available with no vesting period.
In total, ICON agents can earn $16,000 in stock:
- $8,000 for the production award
- $4,000 for the cultural commitment
- $4,000 for attending the events.*
Being an ICON Agent
Being an ICON agent is about more than just making a lot of money and completing transactions. It’s also about being a person with a virtuous character. You should strive for excellence every day, with every transaction and every cultural engagement.
The ICON award is designed to encourage agents to do their best. Whether it’s producing more or giving more back to the community, being an ICON agent is all about working for others.
If you’d like to know more about being an agent with eXp and working towards the ICON award, don’t hesitate to reach out to me. I’d be happy to answer any of your questions and bring you on board with my amazing team of agents to take part in the resources, services, community, and other benefits we offer.
*These figures are not a guarantee, representation or projection of earnings or profits you can or should expect. They also do not include expenses incurred by Agents in operating their businesses. eXp Realty makes no guarantee of financial success. Success with eXp Realty results only from successful sales efforts, which require hard work, diligence, skill, persistence, competence, and leadership. Your success will depend upon how well you exercise these qualities.