Why is it that the real estate industry has a complete lack of transparency when it comes to our financial results.
We all tout big numbers but never profitability ... or time off with our families ... or the money we are able to actually save ... or the amount of stress we endure because our businesses are not set up to be self managed.
On this episode, I share some advice on economic models and explain the importance of transparency within our industry.
Three Things You'll Learn
- When business owners aren’t transparent about their finances, it’s typically because their economic models have shaky or failed foundations.
- Consider the gross margin your real estate team generates ... you want it to be as close to 70% as possible.
- Make sure you have a sustainable model by ensuring you have as high of a profit as possible. This is not greed, it is common business sense.
To survive in real estate, you need to offer the best possible service to your buyers and sellers. The only way you can do this is by having structure within your company. Be transparent about your profits and the financial systems you have in place. Set up strong foundations today to ensure continued success for years to come.
When growing a team there will be aches and pains, but why sacrifice your time longer than needed and in the wrong areas? REBS is here to help you grow, and grow your team, so you can get the true balance in your life back. Do you want help?