Learn these top 5 finance tips for Realtors to maximize their business income while also creating wealth and preserving their life balance at the same time!
This blog will teach you the top 5 finance tips for Realtors.
In the dynamic world of real estate, managing finances effectively is crucial for long-term success. Brian Icenhower, a renowned name in real estate coaching, shares invaluable insights for realtors striving for financial prosperity. This article delves into the top five financial tips for real estate agents, essential for transforming income into wealth.
Be sure to listen to this episode of The Brian Icenhower Podcast and subscribe to the podcast so you never miss an episode!
VIDEO: Top 5 Finance Tips for Realtors
1. Engage a Full-Service Accountant
The Need for More than Tax Preparation
Many Realtors limit their accountant’s role to tax preparation, a reactive approach focusing only on past financial activities. Brian stresses the importance of having a full-service accountant, akin to a Chief Financial Officer (CFO), who actively participates in financial decision-making throughout the fiscal year.
Proactive Financial Management
A full-service accountant provides continuous oversight of your financial status, guiding decisions to optimize tax liabilities and improve overall financial health. This approach allows realtors to look forward through the windshield rather than just the rearview mirror.
2. Quarterly Tax Payments
Avoiding Year-End Surprises
A key strategy is paying taxes quarterly. Rather than facing a hefty lump sum at year’s end, regular quarterly payments, adjusted based on current earnings and expenses, can prevent financial strain.
The Role of Your Accountant
A competent accountant can accurately calculate these quarterly payments, ensuring you neither overpay nor get unpleasant surprises. This method often leads to refunds, even for those with significant commission income.
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Agent Financials
Online CourseLearn the best practices that all Realtors should implement to effectively manage their financial systems.
Designed for all learning types
Video Training
In-depth professional video training on every module, presented by the author, Brian Icenhower.Written Modules
Detailed and downloadable written modules with detailed graphics, scripts, spreadsheets, forms, and so much more.Audiobook
Since real estate agents are always on the move, your training must be too. This course provides a professional downloadable audiobook.Course curriculum
Enrollment includes access to the following course materials for 2 years
Module 1: Managing Agent Financials- VIDEO: Managing Agent Financials
- AUDIO: Managing Agent Financials
- Workbook: Managing Agent Financials
- Agent Financials Banking Accounts
- VIDEO: Mastering the Realtor Budget
- AUDIO: Mastering the Realtor Budget
- Workbook: Mastering the Realtor Budget
- Real Estate Budget Schedule (example)
- Real Estate Budget Schedule (fillable)
- VIDEO: Grasping the Profit & Loss Statement
- AUDIO: Grasping the Profit & Loss Statement
- Workbook: Grasping the Profit & Loss Statement
- Sample Profit & Loss Statement
- VIDEO: Analyzing Business Financials
- AUDIO: Analyzing Business Financials
- Workbook: Analyzing Business Financials
About this course
- $99.00
- 15 lessons
- 1.5 hours of video content
Immediate Takeaways
Here is what you can expect to gain from taking this online course.
- Learn best accounting practices for your real estate business, and what to look for in an accountant.
- Understand the purpose of the Real Estate Budget Schedule and how you can use it to determine the levels of spending necessary to keep your business growing.
- Learn why you need to look at your Profit & Loss Statement quarterly, and how to use it to see exactly where you're at.
- Once you are able to access your P&L Statement, you will learn what each line item means and how to use it to determine where you fall on the Real Estate Budget Schedule
- Get insight into how you can use your P&L Statement and your Real Estate Budget Schedule to now make the changes needed by diagnosing your own issues and prescribing your own next steps.
- Become empowered and take charge of your financials so that you never feel in the dark again when it comes to your income, your spending, and the growth of your real estate business.
Reviews
"I use ICC systems, the Online Learning Center, and the coaching program to coach and train my team of over 30 agents. I use the ICC dashboard systems to keep my entire team accountable for their activities and set proper expectations."
Jake Rockwell
Over 500 Units Sold Annually I have coached with ICC for over five years. ICC has helped me quadruple my luxury business through marketing strategies so that I receive listings and sales through lead generation and multiple pillars of income.
Dennis Adelpour
Luxury Agent - West Los Angeles When we started coaching with ICC we worked all the time with some degree of success. Now, seven years later, we have grown to have the #1 market share in our area, we more than tripled our income and production, while also improving our work-life balance to enjoy our personal life with family and friends.
Tammi Humphrey
#1 Market Share & 100 Million in Annual Sales Volume Instructor Brian Icenhower.I created Agent Financials because there is simply no other training out their like this specifically for real estate agents.
Most agents have no idea where they are at financially. You are not an "average agent", though, and you are tired of living your life (and running your business) by looking through the rear view mirror. It's time to learn how your P&L Statement and budget can be used to start looking through the windshield as you navigate your way through the process of growing your business. Now is the time to step up your game. This is a high-level course that has been boiled down to the essentials. I'll explain everything from start to finish, and by the end, you'll feel much more comfortable with your financials, and you can immediately begin to put what you learn into action. You will learn the necessary changes that you need to make to get on track to grow the real estate business of your dreams.
"My business is growing, but for some reason, I'm broke."
We hear this all the time. When real estate agents don't truly understand their financials, they always feel in the dark about their numbers. It's time to take control. Empower yourself to understand your financials so you can start making decisions today that will impact your business's future success. Add to CartAgent Financials
More about this real estate training course
Talk to a coach
If you've been considering hiring a coach, now's the time. Book a FREE coaching consultation session with your purchase of this course! Book Your Call
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1×1 Solo Agent Weekly Coaching Program
This 1×1 Solo Agent Weekly Real Estate Coaching Program designed to help you increase your production and your commission income with strategies and systems for sustainable business growth.
3. Utilize Multiple Bank Accounts
Strategic Account Management
Brian recommends using four specific bank accounts: a business operating account, a tax payment account, an investment and savings account, and a personal household account. This system ensures clear separation of business expenses, tax savings, investment funds, and personal spending.
Streamlining Financial Flow
Each account serves a distinct purpose, creating an organized structure for managing finances efficiently. This approach helps in budgeting, saving for taxes, investing wisely, and maintaining personal expenses, thus promoting financial stability and growth.
4. Adhere to a Real Estate Budget
Breaking the Income Rollercoaster
A well-planned budget is crucial for eliminating the common financial ups and downs in real estate. Brian advises on setting budgets based on production levels, which helps in making informed decisions about investments in marketing, personnel, and other business expenses.
Investing in Growth
A budget isn’t just about restraint; it’s about smart allocation of resources. By knowing how much to reinvest in your business, you can break the cycle of simply working harder for more income and instead work smarter.
A well-planned budget is crucial for eliminating the common financial ups and downs in real estate.
Brian Icenhower
5. Maintain an Updated Profit and Loss Statement
Real-Time Financial Health
An up-to-date Profit and Loss (P&L) statement, readily provided by your full-service accountant, is crucial. It offers a clear view of your financial position at any given time, aiding in strategic planning and decision-making.
Seasonal Adjustments and Planning
Understanding the seasonal nature of real estate, a P&L statement helps in planning for leaner months, ensuring a steady financial journey throughout the year.
Top 5 Finance Tips for Realtors
In conclusion, running your real estate business with a keen financial acumen is essential. Implementing these five finance tips for realtors can lead to substantial wealth accumulation and business growth. For those seeking further guidance, coaching services like those offered at Icenhower Coaching & Consulting can provide personalized assistance in implementing these strategies.
FREE DOWNLOAD: Sample P&L Statement
Today’s subscribers will get a free download of the sample P&L statement shown within the video featured on this blog.
