Most of the real estate agents I know have had a cash flow problem or two during their career, and I’m including myself in the group. This blog “Solutions for Real Estate Agents Dealing with Cash Flow Problems” is one I’ve been asked to write many times, as economic ups and downs and the seasonal nature of the real estate market provide the ideal climate for creating cash flow issues. The one certainty about solving a cash flow problem is that there are no quick fixes, but this blog contains some solutions I hope you’ll find helpful. The material is divided into Cures and Solutions: Cures are planning or management ideas and Solutions are “of the moment” ideas, as in how to get a sale NOW!
Cash Flow Cures
1. Recognize and admit that you have the problem. For some people this is like an admission of guilt or failure. It’s not. Sweeping this problem under the rug or ignoring it just makes it worse, so be the good business person you are and admit there’s a problem that needs to be solved. Most cash flow issues get worse with time rather than better, so until you come face to face with the situation, it won’t be resolved. So admit it and do something about it!
2. Determine how much cash you need per month to pay your bills and live your life. This is the first step in business planning, but even though you might already know it, don’t be shy about reminding yourself of it.
3. Calculate how many sales you need to close each month to meet your financial obligations; this is called a Read the rest of this entry »
Finally, this painfully long Winter is coming to an end (we hope) and the Spring real estate market is here. There’s little we’ve been able to do to make the weather better, but there’s a lot we can do to make the market better! This blog “8 Things Every Real Estate Agent Should Do in April” is about important tasks that can make a year, even if your first three months have been in the pits. Just because you had a bad first quarter does NOT mean you’ll have a bad year…so don’t even think about it!
Money-Making, Career-Boosting Ideas!
Image courtesy of freedigitalphotos.net
1. Revisit Your Business Plan. If you haven’t looked at your business plan in months—or even if you have—you need to look at it again. The chance of a person being right “on goal” is rather low, as most people are either over or under, and too many who are under just abandon the goal, which accomplishes nothing. My thought: revisit the plan even if you had a horrible first quarter! You can still have a great year by creating a plan for these next nine months and leaving the first quarter in the past. Forget it. The future is not tied to the past, so just forget it.
2. Review Your Sources! This is the time to evaluate where your leads are coming from as compared to Read the rest of this entry »
Selling real estate in 2014 is much different than it was in 2004, and one of the most notable changes has been the number of potential homebuyers (in excess of 90%) who shop for a home online and find a home to buy without the services of an agent. Saying an online shopper can find a potential home without a real estate agent is an understatement, and it’s illogical to think an online shopper is going to eventually work with an agent who doesn’t have a website.
Image courtesy of freedigitalphotos.net
Sure, there are real estate agents who’ve never had a website who are in the top 10% of real estate agents. There are also agents who have websites and are still in the bottom 10% of real estate agents. The key is conversion. This blog “How to Turn Your Website into a Money-Making Machine” outlines how you can help your website produce leads, bring shoppers back, and convert casual visitors into legitimate prospects. Your website needs to become a primary source of information for the online shopper, which in turn may cause them to pass a link along to another person.
Creating the Money Machine
1. Build the traffic. It takes contacts to get a prospect, and it takes website traffic to Read the rest of this entry »