Put More Profit in Your Pocket

Dec 21, 2016 12:29:11 PM

Expense Management

Think back to the MREA to learn what actions you can take to increase your profit.

"To me, whenever I got a dollar, instead of upgrading my lifestyle, I reinvested, reinvested, reinvested.” -  Gary Keller

“If you don’t understand numbers, you are going to give money away,” Gary Keller said at Mega   Camp 2016, during the panel discussion entitled “Managing Your Money for Success.” During the panel, Keller along with Jay Papasan, executive editor and vice president, KW Publishing, and Garrett Lenderman, lead researcher and writer, KW Publishing, discussed the importance of expense  management and what agents can do to keep more money in their pocket. It starts with knowing how much money is going out compared to how much is coming in.


­Profit Tracking

The MREA Economic Model is a simplified model that can help agents increase profit. 

First, understand true profit and what to track. Profit starts with leads, which lead to appointments that result in listings sold and commission earned. Along the path there are business expenses and taxes, which when subtracted from commission earned equals true profit.

A Clear Financial Picture

Keller Williams associates can now use their smartphones to track their current and potential gross commission income, as well as estimate taxes and expenditures – giving them a clear picture of their financial status. Use an expense tracking tool that syncs up with the agent to track bank activity, mileage and even time, offering real-time financial reporting. 


 

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