eXp Realty has made waves as a game-changer in the dynamic world of real estate brokerages. Renowned for its forward-thinking approach and cutting-edge resources for agents, eXp Realty stands as a transformative force, reshaping the landscape of how real estate professionals navigate and flourish in their careers. And at the heart of many eXp triumphs lies the ICON Program.
The ICON program serves as a beacon for how to treat the elite agents who carry real estate brokerages on their shoulders. Whether you’re an experienced industry veteran or a newcomer ready to make your mark, understanding the details of eXp’s ICON Program could be the key to unlocking your full professional potential.
This guide aims to uncover the eXp ICON Program in its entirety. Let’s explore and understand why this program is reshaping real estate careers.
What Is the eXp ICON Program?
At its core, the eXp ICON Program is a recognition and reward system designed to acknowledge high-performing agents at eXp Realty. It’s more than just a pat on the back for meeting sales targets–it’s a tribute to excellence, leadership, and a strong commitment to the fundamental values that define eXp.
ICON agents play a crucial role in shaping a vibrant culture at eXp. They’re not merely top performers– they’re the ones guiding the way, preserving eXp’s values, and serving as a source of inspiration for fellow agents.
The goals of the ICON Program are straightforward: to motivate others, spark inspiration, and provide tangible rewards to those who consistently go above and beyond. The program is meticulously structured to recognize and celebrate your achievements on this exciting journey of real estate that we’re all on together.
What sets eXp’s ICON Program apart from traditional models is the INCREDIBLE financial incentives for agents to be elite. Unlike traditional brokerages, eXp Realty gives the commission fees it charges back to agents. In other words, once agents hit a certain sales target, eXp Realty rewards them by giving back the initial $16,000 cap they paid to eXp in the form of company stock. Yes…the commission split is awarded back to agents!
eXp ICON Eligibility
To join the eXp Realty ICON Program, you need to meet certain criteria within a 12-month period, known as the capping period. To meet production requirements, agents must close a minimum of 20 real estate transactions AFTER hitting their $16,000 cap. Or, they can earn a minimum annual gross commission income of $500,000 with at least 10 closed transactions.
Other requirements include:
- Company Commission Cap: You must pay the full company commission cap (currently $16,000) during the capping period. Agents on a reduced cap are not eligible.
- Transaction Fee Cap: Pay the $5,000 transaction fee cap, which is where the requirement of closing a minimum 20 transactions post-capping comes in (unless using the gross commission income option).
- Cultural Commitment: Actively contribute to the eXp community by “giving back” your time, talents, and knowledge. This can involve mentoring other agents, participating in events, or contributing to the company culture.
Example
Let’s take a closer look at how the eXp ICON program works with an example. Suppose you’re a real estate agent at eXp Realty. You’ve had a successful year and have closed $2.66 million in sales volume, charging your clients 3% commission on average. This results in a Gross Commission Income (GCI) of $80,000.
In eXp Realty’s 80/20 commission structure, $16,000 of that GCI goes to eXp and the remaining $64,000 goes to you. In other words, this means you have now capped.
Now, to achieve the ICON status, you’ll need to complete 20 or more transactions. For many agents, this is the typical path to ICON status.
However, there’s an alternative route for agents specializing in commercial or luxury real estate. Instead of needing 20 transactions, they must reach a minimum of $500,000 in CGI with at least 10 transactions.
In either case, achieving the ICON status not only comes with financial benefits but also opens the door to exclusive training, mentorship, and networking opportunities, making it a significant milestone in an eXp Realty agent’s career.
eXp ICON Program: Benefits for Agents
The ICON program offers a wide variety of financial, professional, and leadership benefits to agents who decide to join.
Financial Rewards
A major benefit of the ICON program is the financial incentives it offers.
- Commission: ICON agents keep more of their commissions.
- Stock awards: Upon achieving ICON status, agents receive awards in eXp World Holdings (EXPI) stock, granting them ownership in the company and the potential for long-term financial gains.
- Reduced fees: While ICONs still pay the company and transaction fee caps, their higher earnings offset these costs, making the program more financially advantageous.
Professional Development and Recognition
ICON agents receive company-wide recognition and can take part in extra opportunities for professional development.
- Exclusive Training and Resources: ICONs have access to specialized training programs, coaching, and mentorship opportunities designed to further enhance their skills and success.
- Networking Opportunities: These agents participate in exclusive ICON-only events and groups, facilitating valuable network connections with other top-performing agents and industry leaders.
- Public Recognition: Achieving ICON status signifies excellence within eXp Realty, bringing recognition and prestige to the agent’s brand and reputation.
Leadership and Mentorship Opportunities
ICON agents get the chance to act as leaders and shape the culture among eXp agents.
- Influence on Company Culture: ICONs have a voice in shaping the company culture through their participation in committees and feedback channels.
- Mentorship Opportunities: ICONs can contribute to the success of other agents by sharing their expertise and experience through mentorship programs.
- Personal Growth: The cultural commitment aspect of the program encourages personal development through giving back and active community involvement, fostering a sense of purpose and fulfillment.
Conclusion
The eXp ICON Program is a symbol of innovation and empowerment in real estate. With a focus on collaboration, it sets itself apart from traditional models, fostering a thriving agent community.
Eligibility criteria ensure ICON agents embody high performance and contribute to eXp’s vibrant culture. The program also offers substantial benefits, including financial rewards and professional development opportunities, making it a paradigm shift reshaping real estate careers.
To learn more about joining eXp and getting the chance to participate in this amazing program, connect with me for a quick consultation.
FAQs
What is the eXp ICON Program?
The eXp ICON Program is a recognition and reward system designed to celebrate and elevate high-performing real estate agents within the eXp Realty network. It goes beyond sales targets, acknowledging excellence, leadership, and a strong commitment to eXp’s core values.
What are the eligibility criteria for the ICON Program?
To join the ICON Program, agents need to meet specific criteria within a 12-month “capping period.” This includes closing a minimum of 20 real estate transactions or earning a minimum annual gross commission income of $500,000 with at least 10 closed transactions.
What benefits does the eXp ICON Program offer to agents?
eXp ICON offers financial rewards, including a higher split of commission incomes and stock awards in eXp World Holdings (EXPI). Also, agents can pay reduced feeds and engage in opportunities to advance professional development and recognition. Leadership and mentorship opportunities are also available.
What is the cultural commitment aspect of the eXp ICON Program?
ICONs actively contribute to the eXp community by “giving back” their time, talents, and knowledge. This involvement can include mentoring other agents, participating in events, or contributing to the company culture, fostering personal growth and a sense of purpose.
How does achieving ICON status impact an agent’s brand and reputation?
Achieving ICON status brings public recognition within eXp Realty, signifying excellence. This recognition adds prestige to an agent’s brand and reputation within the industry.