Six personal finance books for real estate agents

Not many of us were born with the instincts of a Wall Street bond trader. Investing for yourself — either on your own or with the help of a professional — takes time to learn.   But even if you’re not a billionaire like Warren Buffett, you can still learn how to become a better manager of your financial portfolio thanks to many helpful books written on the topic. To help you start figuring out how to grow your own personal wealth, we have included a brief description of six personal finance books: Rich Dad Poor Dad Robert Kiyosaki had two ...

Avoid these five common financial mistakes

FACT: Running a successful real estate business takes fiscal discipline. TRUTH: Becoming a good financial manager of a business is not something we are all cut out for. After all, many in the field of real estate are in sales because they love to sell, not because they love crunching numbers and doing taxes! Nevertheless, there are still some opportunities for even the least financially-gifted among us to keep in mind when trying to grow a real estate business. Here are five common financial mistakes that every agent should keep in mind: Renting expensive digs One ...

Finding the best business checking account for real estate agents

One thing every agent has in common is the need for a flexible checking account to help manage the daily finances with the fewest headaches and fees possible. To help you, we have put together a quick list of items you should be mindful of when looking for the right checking account for your real estate business: Dare to compare! The best way to ensure you end up with the right checking account for your real estate business is to shop around. There’s no need to settle for the first bank to come along. Nor do you even ...

Four questions to ask your accountant in December

The month of December is typically a month in which you look back at what you have achieved over the past year. What went according to plan? Where did you come up short, and what are lessons you learned from that? A very useful and perfectly legitimate question to ask is also whether you are well positioned to NOT pay more taxes than you really have to for the year that is coming to a close. You worked hard for the money, so why not use whatever the tax code makes available to you to keep Uncle Sam on a healthy ...

Tax deductibility of a commission advance, how to use to your benefit.

With tax season fast approaching, we wanted to give you a few reminders about the tax benefits when receiving a commission advance. Suffice it to say, there’s good news, so take advantage. What is tax deductible? Fees: As an independent contractor, the fees you pay to secure a commission advance are a fully deductible business expense. It’s a true cost of doing business and as such will be 100% deductible. For sole proprietors, this means recording the fees as a business expense on  Schedule C of your tax return. Business expenses: Further benefits when ...

Riding the commission roller coaster: four tips for managing your cash flow

Real estate agents, like most good salespeople, tend to be optimistic. You have to be in order to succeed in a profession based 100% on sales commissions. But when your compensation is tied to a sale that may cancel or become delayed due to no fault of your own, it can create financial stress for even the most optimistic real estate professional. Fortunately, there are some tried-and-true steps you can take today to make sure you have steady access to cash between closings. It all starts by taking an honest look at your current ...

How to receive a commission advance in under one hour

At eCommission, we make it easy for agents to apply and receive advance payment of their pending real estate commissions. For the vast majority of customers, the entire process takes less than one hour to complete from application to funding. What could be more gratifying than turning your next commission into cash today instead of waiting weeks or months for a sale to close? If you’ve ever considered using eCommission, here are few things you will need to ensure a smooth transaction: An active real estate license A pending residential or commercial ...

Confessions of a reformed credit card user

The U.S. economy runs on credit. As a real estate agent, you’re more in tune with that fact than most, since the great majority of your business depends on people getting loans from banks to buy houses. When you’re getting started in the business, or when you hit a rough patch in terms of revenue, it makes sense to use a credit card to cover expenses. In fact, it makes sense to a certain extent to use a credit card even when you have money in the bank, since using it can help you build your ...

The pros and cons of buying leads

To buy or not to buy? That is the question that real estate professionals ask themselves everyday as they try to figure out how to generate more leads. There are a number of websites that promise to deliver you profitable leads, and you’d be wise to spend some time considering the pros and cons of taking them up on their offer. PROS Introduces you… If you’re just starting out in the real estate game, buying leads is a good way to introduce yourself to the market. While some of the industry veterans might get by on their name recognition or through a ...

Seven reasons to hire an accountant

Many real estate agents assume that accountants are just for the super-rich and Fortune 500 companies, but nothing could be further from the truth. People of different incomes and businesses of various sizes benefit from regularly consulting with a financial expert about a range of money-related issues. Here are a number of reasons why hiring an accountant may be a good bet for you: Taxes The U.S. tax code is so complex that just about everybody should consider consulting an accountant to ensure they’re paying as little as possible in taxes. No, we’re not talking about investing in offshore corporate tax ...