When you become a real estate agent, no one sits you down to tell you how to run the numbers side of your business.
We usually start out not keeping track of any of our numbers. We focus on getting clients and just selling enough houses to pay for the basics of running our business.
Some of us might hire a bookkeeper or a CPA at this point and figure we’re good.
Others of us forget that the IRS wants their part too and when they come knocking, we don’t have enough.
Or we realize we also need to pay ourselves during one of the naturally slower months in our market, buy something for the business, or invest in marketing to get more clients and we are left wondering how much to spend, how much to save and how much to even pay ourselves.
It can be daunting to understand the money part of being a real estate agent, no matter how much or how little money is coming in and out of your business.
This is why I asked Andy Mulholland to be a guest on the podcast. He’s found a way to make tracking your numbers as a real estate agent simple.
So simple, in fact, that he says all we need to do is keep track of 5 simple numbers.
5 Simple Numbers
Andy ran one of the top real estate teams in Minnesota for over a decade, so he knows how to run a successful business. And, of course, knowing your numbers is a huge part of that.
Now, he and his wife specialize in being an outsourced CFO for real estate agents and also provide bookkeeping services.
He says even if you have a bookkeeper or a CPA, most don’t break the numbers down to just the 5 simple numbers we need to know on a monthly basis, making our books more complicated than they need to be.
Today, he’s sharing:
- The 5 simple numbers that real estate agents need to understand and track;
- Why knowing these 5 numbers can help you make decisions about what to spend and on what;
- How to plan for the future using these numbers;
- Common mistakes that agents make when it comes to these 5 simple numbers and how to avoid them;
- How to plan financially for the ups and downs in the market; and
- How to know what to save and spend no matter how much you are making.
Financials don’t have to be complicated.
And, regardless of who does your financials, you need to understand 5 key numbers so that you can make the smartest financial decisions.
Listen in to this episode to learn how.
To your success,
Agent Grad School is the best online business school for modern real estate agents. We teach a proven system to have a successful real estate career using smart, unconventional strategies and modern marketing methods to attract clients.
about your instructor
Hi, I'm Jennifer!
I'm a real estate agent, creator of Agent Grad School and host of the podcast Confessions of A Top Producing Real Estate Agent. I teach real estate agents the exact steps I used to become one of the top 1% of agents in the US using online marketing and modern, out-of-the-box business strategies.
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