Keeping Finances In Check: 30+ How-Tos From Veteran Real Estate Agents

There are so many financial aspects of the business on all sides of the transaction, and yet one thing we hear over and over again, is that not enough is taught on the topic. So, we rounded up some sage advice from contributors to help guide you on the areas that might be new, put on the backburner or long forgotten.

New agent advice

9 financial tips for new (and not-so-new) agents 

Here are some financial tips and techniques that can help you earn more, save more and prepare for eventual retirement.

A new real estate agent’s guide to financial planning: Year 1

If you’re a brand new agent, you need to keep your eye on the bottom line while effectively promoting your business. Here’s advice from the experts to keep your budget on track and business booming.

PLAN: A 1-year marketing calendar for brand new agents

As a newbie with little experience, whipping up a robust marketing plan can feel like an impossible task. Here is a month-by-month breakdown to get you through your first year in real estate.

5 smart financial and lead gen moves for brand new agents

Starting out in the real estate business presents its own unique challenges. By taking the time to consider your finances and lead generation activities, you’ll set yourself up for success in the long run.

Making bank

Everything to know about how agents are making money in 2022

Sales commissions are still the norm in real estate, but the industry is also in the midst of a rapid evolution when it comes to agent pay.

Repeat customers on lock! How this agent achieves a 99.7% repeat client rate

If you’re looking for consistent growth in your business, make sure you are devoting time and effort to the people who already know, like and trust you, says Jimmy Burgess. These relationships are the seeds for future growth.

Your success hinges on these 3 numbers: Do you know them?

Numbers don’t lie. If you want to grow in real estate, you have to evaluate and focus on the right ones. Here are a few questions you can ask yourself to understand where your business is coming from and how to push it forward.

Get more listings: 7 steps to find, analyze and dominate a real estate farm

Do you want more listings in the coming year? In this guide to building a geographical farm real estate farm, Jimmy Burgess breaks down how to choose the right location, run the numbers, create a marketing budget and plan to provide those prospects value from the get-go. Follow these fundamentals, and you’ll dominate your farm.

Video will dominate online search: How to win over Google

In 2022, it’s predicted that 82 percent of online search will be video. You know you should create more video content to reach those would-be clients, but where do you start? Jimmy Burgess breaks down how to identify content your future clients will love, create videos that will catch their attention and post them for maximum exposure.

Want to earn more commission? How to increase average home sale price

There are two ways to increase your income: sell more homes or increase your average sales price, says Jimmy Burgess. Here’s his strategic approach to raising your averages.

Budgeting

Don’t let inflation break your budget! Fix your spending now

Between inflation and fewer transactions anticipated this year, you may be getting concerned about your finances. The good news is that when you start looking at your expenses, you’ll probably find that there are plenty of places where you can cut enough costs to make up for some of the higher prices you’re seeing.

‘Million Dollar Listing LA’ stars on 5 expenses to budget for right away

As independent contractors, real estate agents must keep on top of expenses. Here are some budget-savvy tips for newbies from “Million Dollar Listing LA” stars James Harris and David Parnes.

14 insightful tips for agents looking to save money in their business

From resisting shiny objects (so to speak) to taking advantage of local intern pools, here’s how industry experts say agents can save their pennies in an ever-shifting market.

On a dime: Bootstrap your business with these 8 simple strategies

Although sales aren’t expected to bottom out, it doesn’t hurt to reconfigure the budget to build a more robust nest egg that’ll help you expertly navigate whatever the market may throw your way. If you’re trimming back, brand new, or need to shore up a little cash, here’s how to throw a (nice) open house, host a client appreciation event, stage that listing and more on a budget.

Financial health

5 financial podcasts you may have missed

You may have listened to Ramsey, Rich Dad, and Suzie but if you need to bring your financial education into the 2020s here are five podcasts that are fresh, practical, packed with current economic advice and brimming with fresh perspectives that will open your mind and your wallet to new possibilities. 

7 steps for recession-proofing your business

Whether you are a single agent or a broker-owner, your response to the COVID-19 shutdown right now will have ramifications for months and years to come. Here are seven things you need to do right now to take charge of your finances and prepare for what’s next.

4 hidden expenses you should revisit today

As an agent, it’s critical that you take a deep dive into your finances and look at every little thing you’re spending money on. This includes your single biggest expense — your broker split.

Dollars and Sense: 3 rules to keep your financial health in check

Welcome to our new recurring column about all things finance for agents and brokers. In this inaugural column, Warburg Realty broker Bill Kowalczuk talks through setting yourself up financially for a strong career.

10 apps to make keeping your finances in check a breeze

Mobile apps can be game-changers, making your business finances streamlined, organized and even a little fun. Millions Dollar Listing LA stars James Harris and David Parnes share their favorite apps for handling both your personal and business finances.

12 steps for thriving through a market shift

As the market shifts, the question becomes: What are you going to do to make sure your business will continue to grow? Here, Jimmy Burgess will take you through his 12-step plan for thriving through a market transition.

Financial planning

Is it a write-off? See which of these 14 expenses agents can deduct at tax time

A quick reference guide for common real estate agent expenses to help you determine whether or not they are tax-deductible.

5 tax-planning moves for money-savvy real estate agents

If you had a blockbuster year in your real estate business, you need to ensure that you have a financial plan in place. CFP Jordan Curnutt offers some key tax planning strategies to consider.

7 ways to thrive (not just survive) in a shifting market

No matter what the market does, there are always agents who have growing businesses. Jimmy Burgess shares seven steps you can take in this shifting market to ensure that you thrive.

Master your money: 6 steps to achieving longevity

Money mastery is a skill set that all business owners can, and need to, learn to achieve long-term business success and longevity. According to CEO Chris Pollinger, it’s at the heart of creating a true legacy in real estate.

Is it a write-off? 14 expenses agents can — and can’t — deduct at tax time

A quick reference guide for common real estate agent expenses to help you determine whether or not they are tax-deductible.

Investing

7 tax-advantaged accounts every real estate agent needs to consider

You have myriad options to be saving for your future financial success. Certified Financial Planner Jordan Curnutt tells you how to maximize the potential of your investments.

The retirement plan agents ignore (and how brokers can help)

Because of their superior understanding and experience with market trends, real estate offers agents a retirement investment that allows them to benefit from their own expertise, with minimal risk, says broker-owner Anthony Askowitz.

How to recession-proof your investment portfolio with rentals

Recessions can be nerve-wracking for real estate investors. But several factors make rentals a smart investment in uncertain times.

How to future-proof your real estate business in 2022

The real estate market is changing all the time, and you have to change with it. MZ Capital Partners’ Michael Zaransky offers strategies for meeting the challenges of tomorrow head-on.

5 key takeaways for real estate investors from Inman Connect

From the steps to take in order to find success to how to meet changes in the housing market, speakers at Inman Connect shared their secrets.

You’re an agent who wants to be an investor: 4 ways to get in the game

Some of the most successful agents practice what they preach by investing in real estate. Inman Connect Las Vegas speakers shared four key tips for how agents can get started.

Is this the one? 4 factors to consider when buying an investment property

No two investment properties are the same. The history of repairs, market conditions and the long-term growth potential of the area — as well as your own risk preferences — all factor into whether a property is the right fit for your portfolio. Here’s what to consider.


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