Although working for yourself gives you freedom, it also “frees” you from the security of a steady paycheck. As a real estate professional, your income relies on how often you close a transaction. Some months may have a record number of closings while other months have one or two. Many transactions go smoothly; however, when there’s a hiccup, it often delays the closing, and subsequently, your commission. While your income may not be predictable, it is possible to achieve your financial dreams if you earn like a pro. Here’s how:
Where is your money going? Money comes in and it goes just as quickly. When you track your expenses, you’ll know where it’s going, which will allow you to create a viable budget.
Pay yourself a salary. By paying yourself a salary, you’ll have more motivation to generate leads and close transactions so you can meet your payroll. Ideally, get three checks ahead to make up for any business ‘dry spells’ that may arise during the year, or if you experience a setback that takes you away from your business temporarily.
Set goals. Goals not only help you stay on track, they also keep you motivated to work hard. Once you’ve reached the goal, set another one slightly more challenging.
Invest in your business. Businesses don’t run on dreams alone; it’s essential to fund it. By reinvesting your earnings back into your business, you’ll keep your business afloat.
Invest in yourself. An investment in learning is also an investment in your business. The sharper your skills, the better you’ll serve your clients. By investing 10% of your income into workshops, seminars and courses, you’ll gain the edge over your competition.
Did you know Referral Maker CRM can help you stay on top of your finances? Use it to set goals, track your income and expenses and stay on top of every aspect of your business. Visit ReferralMaker.com to learn more today.