Since 2015, the eXp ICON Agent program has inspired thousands of agents to achieve exceptional sales volumes and attracted great talents to eXp Realty. By fulfilling some cultural requirements, the program appreciates high-producing agents with eXp Realty stock.
Agents receive the ICON Agent award each year at eXp Realty. To get this honor, however, the agent or team must've exclusively worked with eXp realty during the capping period.
Being an ICON Agent is a dream for many. If you'd like to join this bandwagon, getting context on its requirements and associated benefits is vital.
We’ve put up this post to demystify the prestigious ICON Agent award and how you can gain ICON agent status at eXp Realty. Let's dive in!
ICON Agent Qualification Requirements
Two main routes to becoming an eXp Realty ICON Agent by meeting the production requirements exist — the transaction-based and gross commission income-based achievement. If you execute numerous lower-priced transactions, you'd likely take the transaction-based path.
Conversely, the gross commission income-based route is quicker for agents conducting fewer but high-value transactions.
Here's an overview of both courses:
To earn the ICON badge via the transaction-based route, an agent must cap at eXp realty. Capping means paying up to $16,000 to the realty. After meeting the cap requirement, they must close 20 more transactions before the capping year ends.
Suppose an agent closed five deals that jointly paid $16,000 to the company. They must complete 20 more transactions. So, after 25 deals, they'll earn the eXp ICON Agent logo. Meanwhile, no fixed amount of closed sales can determine whether an agent would get the ICON Agent award since each transaction has a unique value or commission split.
Gross Commission Income-Based Route
Some agents work in niches where realtors typically close expensive but fewer deals annually. Notable examples of markets where this route would fit include commercial and luxury real estate.
To become an eXp ICON Agent via this route, the realtor must close a minimum of ten closed transactions with an annual gross commission income valued at $500,000 during their capping year.
The agent can also pay a one-time ICON Qualifying fee of $5,000 less any capped transaction fees paid to the company.
Here’s how the gross commission income-based route works:
Suppose I have an average sales price of $4,000,000 at an average commission of $100,000 (2.5% of $4M = $100,000). I qualify for the ICON badge if I close five transactions within the capping year and earn $500,000 in annual gross commission income.
Here, I'd have capped with eXp Realty and reached 100% after the first deal. So, if I closed four more deals, I'd have paid the brokerage's $500 agent transaction fee cap. The five transactions have a combined transaction fee of $2,000, and I'll only need to pay an ICON Qualifying fee equal to $3,000 to complete the ICON production requirement.Besides the production requirement, an agent must meet two cultural needs to enjoy the eXp ICON benefits fully. By fulfilling the cultural conditions, the agent can 'give back' to the community and inspire aspiring ICONs to replicate the feat.
Cultural ICON Agent Qualification Requirements
Mentorship/Teaching/Vetting Upcoming ICONS at eXp Educational Platforms
The first cultural requirement requires the ICON to become a mentor or instructor in the eXpand Mentorship program or the eXp University program. Different means are available to satisfy this requirement, and the ICON Agent has to meet only one of them within one year after achieving eXp Realty ICON status.
For starters, they can mentor in the eXp Mentorship program for 12 full months or as an eXp ICON Agent Instructor at eXp University (holding six training sessions within one year). Additionally, they could join the ICON vetting committee to screen at least 10 ICON candidates within one year. Lastly, they can participate in 10 ICONversations panels in the eXp University within one year.
The candidate must also attend the two annual company events held the year after they achieve ICON Agent status. eXp Realty conducts two yearly events across the company — EXPCON and the eXp Shareholders Summit. Agents who have achieved ICON Agent status must meet this second cultural requirement to enjoy exclusive ICON status benefits.
The brokerage grants credit for these events based on verified attendance at each. eXp Realty issues one credit per event. For domestic teams, at least one team member must register a verified attendance at these events.
For in-person events, the agent must buy at least a general admission ticket and register on-site to meet the attendance requirement. For virtual events, there'll be unique guidelines on how attendance translates to qualification for the event attendance stock award. eXp Realty typically issues these guidelines before or during the event.
However, if you're an aspiring ICON Agent in any other 20 countries where eXp runs, these prerequisites will differ, depending on your country. Although the eXp ICON requirements in these jurisdictions take a similar shape — meeting a specific capping requirement and completing a certain number of transactions during the anniversary or capping year is required.Your capping year is based on the day you joined eXp Realty. The award program occurs annually, meaning you can enjoy the perks of being an eXp ICON Agent every other year!
Benefits of Becoming an eXp ICON Agent
The ICON Agent award is the most coveted in the real estate industry. This reverence isn't just because eXp Realty is a mega brokerage with a high international presence, but the juicy benefits attached. Let's see what you stand to enjoy when you earn ICON Agent status at eXp Realty.
When ICON agents complete the cultural and production requirements, they receive a $16,000 cap in eXp shares (EXPI). The $16,000 is equivalent to the cap they paid to the company over the capping year. Received shares feature a 3-year vesting period and get into the candidate's account in portions until they complete every requirement to become an eXp ICON Agent.
The candidate receives an $8,000 stock award immediately after they qualify on the month (15th day) they're recognized as an ICON. After completing their first cultural coaching requirement in one of eXp's educational platforms, joining an ICON vetting committee, or participating in 10 ICONversations at eXp University, they receive a $4,000-valued stock. For each annual event the ICON attends, they'll receive a $2,000 stock award.
Once the company verifies the agent has attended the event, they will issue the stock Award to the ICON at the end of the calendar month after the event's month. The prize is usually based on the EXPI's common stock's fair market value on the 15th day after the event's month. If it falls on a holiday or weekend, the stock award is based on its fair market value on the most recent trading day.
eXp Realty also rewards its agents if they reach ICON status consistently for five years. A five-year streak of consecutive eXp ICON status attracts a stock award of $80,000 (equivalent to what they've already earned in five years).
The stock award isn't the only benefit an eXp Realty ICON receives from the company. They also join the eXp Shareholders' Summit, enjoy ICON mastermind events inclusion, special ICON-themed outings, and access to other networking events exclusive to ICONs. eXp Realty agents who have achieved ICON Agent status can improve their skills when they train other realtors or join an ICON vetting committee to assess other realtors' performance.
Benefits of the eXp ICON Agent Award to Brokerages and Teams
Solo eXp Realty agents aren’t the only beneficiaries of the eXp ICON Agent program. An eXp brokerage or team leader can also benefit immensely from the program, which explains why many brokerages and teams are joining eXp Realty.
Small to medium-sized brokerages often require more resources and incentives to compete against bigger national and international competitors. With more juicy offers, smaller brokerages could avoid losing top industry talents to their wealthy competitors.
With eXp Realty, team leaders and their brokerage partners have a financially-sound top producer incentive to attract top agents globally to their real estate business. Additionally, brokerages can keep their leaders and agents with the grandest retention bait the real estate industry has ever seen.
Furthermore, the eXp Realty ICON Agent program allows top-producing agents in your team or brokerage to stay with the team rather than leave to start their group or brokerage. Alongside other resources available at eXp Realty, these incentives can help brokerages grow their wealth base while recruiting/retaining the best agents worldwide.
The eXp ICON program has numerous benefits. As such, it's unsurprising that eXp Realty is the fastest-growing brokerage in the world today, with over 85,000 agents across 22 countries, including the US.
However, it's vital to note that you won't saunter leisurely to receive ICON Agent recognition. You'd need to work towards it by reaching a select "cap" threshold and fulfilling cultural responsibilities highlighted by eXp Realty.
Thankfully, the award is an annual award, meaning it's possible to be an ICON Agent for a decade (or more!). All you need to do? Put in the work!
Becoming an eXp ICON Agent is no mean feat. If you'd like to get in sync with real estate tips that'll take your realty business to the next level, listen to revered ICON Agents deliver insight into proven and tested variations in the Icons of Real Estate Podcast. Tune in today!