The Profit First Money Management System and Why Every Real Estate Agent Needs It

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I'm Jennifer Myers, Founder of Agent Grad School and host of Confessions of a Top Producing Real Estate Agent, The Agent Grad School Podcast.  My goal for each episode is to give you actionable steps you can implement today to grow your real estate business.

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>Transcript

When you sell a house as a real estate agent, it is so exciting when you deposit that big commission check into your bank account.

Whether it’s $5,000 or $50,000, all of a sudden your bank account looks fabulous and you feel like you finally have money to spend.

But, do you know HOW to spend that money to not only pay yourself, but also grow your business?

Most agents don’t have a cash flow system in place that tells them what to spend money on and how much money to spend.

Managing your money as a real estate agent can be a big guessing game:

How much should I pay myself to do whatever I want with?

Can I take that vacation?

Can I hire someone to help me in my business?

Will I have enough money to pay my taxes when they come due next year?

How much can I spend on marketing myself?

That’s why today, our last podcast during Money May here at Agent Grad School, we’re going to dive headfirst into a very important topic:

Cash flow.

And, even more fun–how managing your cash flow correctly can lead to a profitable real estate business for YOU.

No one tells us real estate agents how to manage our money, especially when our selling seasons are naturally cyclical.

How are we supposed to know how much to spend in our business to grow our business and how much we should be paying ourselves, both of which are crucially important to understand?

On today’s podcast I’m talking to Entrepreneurial Coach, Financial Consultant and the Agent Grad School Profit First Coach Jennifer Dawn about a cash flow system for business owners (that’s us real estate agents!) called Profit First.

It’s a simple yet genius way to navigate the natural ebb and flow of the real estate market — and the cash flow challenges it presents.

Here’s what you’ll learn in today’s episode:

  • How many accounts you need for effective cash flow management (hint: just one business account is not enough!);
  • How to decide how much you are going to spend on things like marketing and paying yourself – even if you don’t have any idea how much money you are going to make this year!;
  • How to prevent surprise tax bills at the end of the year;
  • How to steady out your business cash flow;
  • How to pay off any debt you have;
  • How to be profitable;
  • And so much more.

Whether you are just starting your real estate business and haven’t sold a house yet or you are a seasoned real estate agent selling all the houses, Profit First helps streamline your finances and empowers you to make better financial decisions.

Listen in to this episode to learn about Profit First and get it set up in your real estate business.

To your success,
Jennifer

Resources Mentioned In This Episode:

The first 5 chapters of Profit First, the book free!

Jennifer Dawn Financial Coaching

Become an Agent Grad School Student

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