From generating leads; to marketing, networking and branding; and, finally, crushing your commissions -- being a successful real estate agent requires good business sense. Maybe you don’t consider yourself a business owner; you’re just an agent that “works” for a brokerage. However, it’s time for independent real estate agents to start thinking of themselves as true business owners, and that means taking time to understand your finances, taxes and the ins and outs of running a profitable realty business. The following are some tips for how real estate agents can optimize their business processes and become more savvy business owners. 1. Know your margins On the ABC show Shark Tank, the first question that celebrity investors ask is, “What are your margins?” That’s because knowing your margins is essential to understanding your business’s health and informing your decision-making as a real estate CEO. Real estate agents can look at their margins in mul...
- Knowing your margins is essential to understanding your business’s health and informing your decision-making in real estate.
- Your strategic expenses should help grow your business.
- Documenting your systems will save you lots of time down the line.