An Easy, Early Structure for Your Real Estate Success - METROPOLIST

An Easy, Early Structure for Your Real Estate Success

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The learning curve for the real estate industry is high. As a new or newish broker, you learn, apply and scale multiple sources of knowledge at a rapid rate. You may often feel your brain is going to explode from trying to put so much into it.

Living on a commission is one of the above mentioned learning curves. And sadly, without a plan or structure, it becomes part of a painful reason why so many brokers don’t last for the long game in our business.

So, let’s address it and make sure you stay in business by getting the education needed to run it well… and live your life in abundance.

“Are they going to use the B-word?”
Yes. We heard that.

Got nerves and anxiety about the term budget? You’re not alone. And before you put your head in the sand…

This topic and the suggested use of a money structure is not about scrimping or living in denial. Not at all.

It’s actually about living, and working in, abundance, freedom and the satisfaction of achievement.

So what does that take?

The not-so-secret secret is…

Just two components: honesty and clarity.

Honesty about what you (and your family) need to live comfortably and what’s coming in from transactions.

And clarity about what you’re currently spending.

Any uncomfortable reactions to this last suggestion?

Don’t let them stop you, block you or make you think you can simply handle a year’s worth of income and spending activity in your head. Just don’t.

Healthy businesses take inventory

Impartial, nonjudgemental inventory. If the term “budget” sounds unappealing, call it something else:

  • Spending plan
  • Financial scope
  • Monthly activity
  • Freedom blueprint

You could choose to have some fun with the name: Plan-o-rama, Cash calendar. The name isn’t as important as the action, the regular activity of tracking.

What’s critical is the activity of tracking.

If it’s worth doing, it’s worth tracking. Make this your mantra.

So, what are you spending? Where? And how are you tracking?

This is the easiest time of year for a fresh start with a new system to add to your business arsenal. You could keep it as simple as a spreadsheet, accessible by your phone. Or you could choose and utilize one of the hundreds of money tracker applications.

We’ve narrowed the field a bit on the app-front & suggest you review the following three as a start:

  • Everydollar: A free tool from the Dave Ramsey company. Consider this more of a spending plan app. Helpful in terms of tracking income as well as expenses and then “showing the math”, so you’ll quickly see what’s available in each category for the month, even as you spend.
  • Mint (from Intuit): Also free. You must connect your bank accounts to this tool so it will download the activity into the application. Once the accounts are connected, according to the Mint.com site, “Mint does the rest.”
  • You Need a Budget (YNAB): A trial period, followed by a (relatively) small annual fee. Includes classes, goal tracking, debt pay-down function. This tool touts a strong focus on reducing and eradicating debt.

Use whichever tool you like, be it spreadsheet or application. If you have time, choose a method with a higher learning curve, but don’t let that learning overtake your need to get out and create your income.

We suggest you simply find a tool that will easily get incorporated into your schedule, one that you’ll use regularly, and that it not be a big, painstaking process. Pick a tool, incorporate it and get going.

The juicy part… the exciting part… of clarity comes when you’re actually working with your numbers. It’s got very little, if anything to do with the selected platform, application or tool.

Final suggestions for activation

  • pick a tracking tool
  • set it up
  • plan how and when you’re going to use it
  • add that plan to your regular schedule
  • and get back to the work of cultivating and developing your income

Many brokers in this business (of high turnover), simply don’t have a system for tracking and end up leaving the business. Not because they lack talent, skill or passion, but because of the financials and lack of structure to support clarity, honesty …and success in this profession.

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