Hi, I was talking to some of the new REO agents in this network and other blogs, and I also see this in the new agents in my office and some agents that I have folded, sometimes we go commission check to commission check and we don't save anything or even worth we don't re-invest in our business to make it grow and take it to the next level.I know times are hard and some of us are struggling at times and have some bad months or bad quarteres, even bad years, but I think the key is planning. After a year in real estate I decided to become a business owner not just a company employee, I was a new agent in a very good Real Estate company, and I was there in the office all the time, waiting for walk ins and phone calls, giving my broker half of my commission.Back then I read "The Richest Man of Babylon" and one of the important points in the book was to pay our selves 10% of our earnings, but that doesn't mean to go to the mall and purchase the new outfit, take the nice vacation trip, the new fancy car, etc. But intead re-invest that 10% back in the business so the business can grow, there are many ways that some people reinvest in their business like marketing, gifts, salaries, rent, utilities.To me those are just necessary business expenses, and I usually budget 30% to 40% of my gross business into that, to keep my business doors open, but I invest 10% on my personal growth, that is education (classes, books, conferences, etc), networking, boy that is so important, I honestly think that it is more important who you know rather than what you know.I heard somewhere that in this business 7% of the agents make 97% of the money, I want to be in that top 7% and I am on my way, in 4 and half years in the business I have gone from an employee, to franchise owner/manager to be partner partner of Central Realty and be able to adjust to times and have my business doors open through the bad times and preparing to florish in the upcoming good times.But one thing is constant in my business, I always reinvest 10% on growing my business.
In this economy and better ones to come. Realtors and all self-employed people need to remember to save for the future, not just for rainey (slow periods). Not only do you have to save for the future and also promote your business...I find that it is best to do face-to-face busines. I can't tell you how many prospects that turned into clients that came from past clients; If you routinely follow up w/ past clients to see how they are fairing they will remember to tell their friends and family members to call you when they need Real Estate services. Some past clients lost their jobs and when I called them I was able to help them in other ways. Like being there when they need to cotact their mortgage co to explain why they have not made their payments and answer any questions that you can so that they are not left alone to be found by crooks and liars. Professional Realtors are a viable force to be reckoned with and we can be a very positive impact on the community. Take your place in the economy now...now later.
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