By Mark Lemmons I March 16, 2022
A lot of real estate agents keep close tabs on their income, calculating exactly when they are going to get paid on a closing. But many agents neglect carefully thinking through expenses, which creates unnecessary stress and unknown factors.
Be sure you consider all of your expenses, including personal, business, and unexpected expenses. As real estate agents, last minute business expenses are part of the territory, and we need to factor those in.
Common business expenses for real estate agents include:
Unexpected business expenses could include:
Take time to really consider all of your expenses. It may be overwhelming, but looking at reality is the only place to start when planning for the future.
Anyone who has been in real estate for a little bit knows that some months will bring in a lot of money and other months won’t. Diversifying your income streams can help you weather some of the bad months. Now, I’m not talking about starting up an unrelated side business. There are ways to make money in the real estate industry that don’t include managing real estate transactions.
Here are a few other options:
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