Truth No. 7 – You must have a business plan. One page is enough. This is important. You need to know where you’re going so you can track your progress. No one else is going to tell you what to do. Most agents start out saying “I want to make $100,000”. That is not a bad start but then you get down to the ‘how’ of doing that and it gets fuzzy.
You’ll also need to know your ‘why’ to keep you motivated when things get tough. (from yesterdays post)
The ‘what’ and the ‘how’ can be tracked on something as simple as a 1-3-5. From the book The One Thing and The Millionaire Real Estate Agent, you can find tools and ideas to help you create this plan. Check out this link to get started from the blog of the One Thing.
Figuring out your ‘Why’ can be a little tougher but I’d recommend checking out Simon Sinek on TED Talk and then get the book he wrote on Starting with Why. That link will open up a sample to get you started.
Truth No. 8 – You must track your finances. Having money in your account is not enough. I’d recommend Quickbooks but there are lots of other choices to investigate. Have a simple Chart of Accounts to track income, expenses and cost of sales will help you maintain a clear picture of where you are and the path you’re on.
I like Quickbooks because it links to all my bank accounts, downloads transactions and helps me with simple Profit and Loss reports. That P&L is something to check on frequently so you know where your money is going. I don’t sell QB or get anything from them but I use it in my own business.
Whether you use QB or something else, track ruthlessly, every expense to make sure you’re getting your money’s worth. It will keep you on track for that $100,000 goal (or whatever your goal is).
Truth No. 9 – Lead with revenue. Cash is king, credit is an anchor. I know, I know, business advisors talk about using credit, managing cash flow and all but that but this business is pretty simple when you start out. If you start using credit to make it through the month, through the lean times, it’s like having an employee who does no work. You have to pay them no matter what and it can kill your business.
If you lead with revenue and spend wisely, this business is a great way to make money. The focus has to be on profit however, not just replacing your wages and using credit will slow down most new agents or worse, leave them with debt when the business fails. If you don’t have the money to pay for ads or tools, then find another way. You can buy the best laptop for thousands of dollars or you can buy a chromebook for a couple of hundred and get along until you have more money.
That’s enough for today. Check back for the next post tomorrow. We’ll keep going but I want to offer something extra to you in this ‘interesting’ time.
If you’re struggling and need to talk to someone, I’m here and I’ll talk with you.
I mean it.
If you want to schedule a 30-minute call you can click on this link. It will take you to a calendar where you can request a 30-minute time block. I’ll accept and we’ll get on zoom to talk face to face.
It’s free and it might just help if you’re stuck. No strings, no pitch, just someone to listen and maybe get you unstuck.
I’m here if you want to reach out.
I hope you will.
Thanks for listening,
678-616-1578 Direct Line
- 21 Truths for New Agents – Day 2
- 21 TRUTHS FOR NEW AGENTS – DAY 4