Financial Planning: Help Agents Stay on Track

Financial Planning: Help Agents Stay on Track

Winston Churchill famously stated, “He who fails to plan is planning to fail.” Too often, real estate agents don’t treat their business like a business. They work hard during peak seasons but may neglect other tasks vital to building a successful small business. Paying attention to finances is especially important. Income and expenses come in peaks and valleys. A solid financial plan ensures available cash flow to keep business churning.

Agents should always have the big picture (aka goals) in mind. Being goal-oriented ensures all aspects of their business are constantly and consistently working hand in hand to produce desired results. Prospecting, transaction management, time management, and market strategies and systems should be in place. A financial plan makes it possible to execute these systems and achieve goals. During November, Spark & Logic helps subscribers prepare their agents to manage finances better and keep their businesses on track.

You could present a wide range of financial strategy topics to your agents. The following suggestions are great topics for sales meetings and are the focus of Spark & Logic’s November learning sprints.

1. Budget Creation: Real estate agents have unique financial planning needs. Our industry is cyclical. Agents should prepare for these cycles, budget expenses, and learn to avoid making costly mistakes. Brokerages can help agents prepare a budget forecast for the coming year, including setting production goals that support the agents’ desired earnings.
2. Succession Planning: The goal for any small business should be to leverage the value built up through past clients and referrals when it comes time to move on to the next chapter in their story. Succession planning is prevalent in other industries, but real estate agents often overlook this source of income. Developing a succession plan can help agents plan for short-term financial security when they are ready to retire or move away from real estate.
3. Vision Boards: Vision boards provide clear direction and allow agents to visualize their goals. Getting started, however, can be a challenge. Brokerages can get the ball rolling by assisting agents with creating a visual tool that keeps goals top of mind.

When your agents succeed, you succeed. Don’t leave creating solid financial strategies to chance. Help your agents make a financial strategy based on their unique needs and objectives. Supporting your agents’ growth and development leads to loyalty and profitable businesses.

Spark & Logic subscribers appreciate having sales meeting creation done for them. We provide agendas, PowerPoint presentations, learning activities, and more. Learn more about how Spark & Logic can elevate your sales meetings and ignite your company learning culture.

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