Detroit Lakes real estate agent earns ICON status in his company
Beau Shroyer found his niche when he became a real estate agent for eXp Realty in February 2018. He almost earned ICON agent status -- the highest production award real estate agents can get at eXp Realty -- that first year, making him determined to reach it in 2019.
"Starting March 2019 I was like 'All right, I'm going for it," Shroyer said.
In December, he achieved his goal. He was formally recognized last month.
"I feel really blessed and fortunate to have reached this," Shroyer said. "I'm thankful to the people who trusted me to handle the sale or purchase of their home and to all of the friends and past clients who referred me."
Becoming an ICON agent for eXp Realty requires agents to make at least $80,000 in gross commission in one year, then pay an additional $5,000 in capped transaction fees. This can be easily attainable in areas where homes have a higher cost or there's a larger population, but since Shroyer serves the Detroit Lakes area, that number seemed high.
But he made that minimum amount 2 1/2 months before his deadline.
ICON agent benefits
When an eXp Realty agent reaches ICON status, they receive $16,000 in eXp World Holdings common stock, extra training, invitations to conferences around the world, and more.
"It's some pretty cool stuff that's available to ICON agents," Shroyer said. "(The award) definitely pushes you to drive harder. Knowing that you've got that carrot dangling out there."
That $16,000 in stock replaces the amount that eXp Realty takes from each agent's commission. Twenty percent of each agent's commission goes back to the company until they reach the cap: $16,000.
When the cap is reached, the agent keeps the full commission but pays a $250 fee to the company for each transaction. Once that fee reaches $5,000 total, the agent reaches ICON status. Each agent has to reach these amounts within one year of their start date.
Shroyer did this by mid-December and his start date is March 1.
He now has access to extra training, but he has conditions to meet before he gets that stock. If he attends two conferences that eXp Realty holds, he can have $4,000 in stock at any point afterward. To get the other $12,000, Shroyer has to stay with the company for three years and meet a few other conditions.
This isn't an issue for him as he has no plans on leaving.
'It's all bonus'
Although Shroyer made the goal to achieve ICON agent status in March, the award wasn't the reason he joined the company.
"My purpose for joining was just because of the (commission) split and the caps," he said. "All of this other stuff is just a bonus."
Since Shroyer is a single agent, meaning that he doesn't work with a team and instead does all of his own marketing and sales, getting the bonus took hard work from him. From March through October/early November he worked from 6 a.m. to 11 p.m. seven days a week, he said.
In the winter months, business slows down, giving Shroyer more opportunities to spend time with his wife and five children, but making him work harder and travel further for clients. In the fall, Shroyer saw how close he was to having everything pay off.
"It got to the point where I was like 'OK, I've got enough pending sales right now that I'm obviously going to make this milestone,'" he said.
Shroyer was one of 57 agents to be recognized for the ICON award in January. Until Sunday, March 1, he gets to keep 100% of what he makes. On March 1 the one-year deadline reset, and Shroyer can try and make ICON status again. Even if he doesn't make it, he will always be recognized as an ICON agent because of his work this past year. He just won't receive the stock benefits until he re-meets the ICON agent requirements.
Contact Beau Shroyer:
- Phone: 701-205-5478
- Email: email@example.com
- Personal website: homesbybeau.com
- eXp Realty website: beaushroyer.exprealty.careers
- Facebook: www.facebook.com/gowithbeaurealtor
Beau Shroyer's company, eXp Realty, has agents scattered across the world, amounting to more than 26,000 employees. There are more than 300 in Minnesota, but only five in Detroit Lakes, according to its website. Of all of these agents, only 621 of them are ICON agents, Shroyer said.
According to its Facebook page , eXp Realty operates as a "full-service real estate brokerage" that has a "cloud office environment." Because of this, agents like Shroyer can work from home instead of in an office.