Help Your Clients Find the Best Mortgage Lenders

When you sell a home, your client will be paying a mortgage for possibly 10, 15, or 30 years or more. Make sure that they remember you fondly and respectfully for recommending the right way to find a mortgage lender. Especially within the last decade, mortgages have become more complicated, diverse, and highly regulated. You can be a hero by patiently steering your client through this intimidating and often overwhelming process. Consider these tips to share with your clients: Get a head start on the mortgage process Ask your clients how long they plan on living in the home, how much of a ...

Fewer Americans are Foreclosing on Homes

It’s been a long road, but America is finally creeping out of the shadows of the 2008 economic meltdown that sent home prices tumbling and forced millions of Americans into foreclosure. Not only is the economy growing, but more people are buying homes. Just as important, fewer and fewer people are falling behind on their mortgages. Here’s a snapshot of the current state of affairs for foreclosures. 13-year low According to Consumer Affairs, there were 191,824 foreclosed properties in the U.S. in the third quarter of 2017. That total ...

How Tax Reform Could Affect REALTORS®

It’s far from clear that any major reforms to the tax system are coming anytime soon. There is plenty of disagreement in Congress over who should receive tax cuts (individuals, businesses etc.) and how those cuts can be achieved without substantially increasing the federal budget deficit. Tax policy plays an important role in the real estate industry. That’s why the National REALTORS® Association and other groups involved in the housing business are paying close attention to various proposals under consideration. Here are a number of ways that potential changes could affect real estate agents. Mortgage Interest ...

Tips on Hiring the Right Team to Support Your Growth

As you’re assembling a team to help you develop your business into a full-fledged real estate powerhouse, you need to think critically about the type of people you want to surround yourself with. First hire: Assistant The first step to building a strong team is finding somebody to take over much of the administrative work that you take on so that you can focus on generating leads and customer service. The top priority for an administrative assistant is finding somebody who is organized and competent, not necessarily somebody who knows a lot about real estate. In ...

7 Ways Commission Advances Help Agents Grow Their Business

You need thick skin and a tough mind to make it as a real estate agent. The first few years can be a mighty test of your will. You have to constantly hustle to build a network and a reputation that is large enough to provide you a steady stream of clients. Dry spells are unavoidable, particularly as sales slow down in the winter months. During that time, however, you want to keep the momentum going by continuing to invest in your business. Here are a number of ways that commission advances can help. Advertising You know it might be ...

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 ...

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 ...

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 ...