Real estate professionals know how important it is to be prepared for anything that comes your way, especially when it comes to finances. Being financially prepared can help you weather unexpected expenses, maintain steady income and ultimately grow your business.
To help you stay financially healthy, here is a checklist of actions you should take to ensure your business is prepared for anything:
- Create a Budget – A budget is the foundation of any financially healthy business. By creating a budget, you can keep track of your income and expenses and make informed financial decisions.
- Build an Emergency Fund – An emergency fund is a buffer that can help you weather unexpected expenses or income fluctuations. Aim to have at least six months of expenses saved in your emergency fund.
- Diversify Your Income Streams – Relying on a single income stream can leave you vulnerable to income fluctuations. Consider diversifying your income streams by offering additional services or investing in rental properties.
- Monitor Your Cash Flow – Cash flow is the lifeblood of any business, and it’s essential to keep a close eye on it. Monitor your cash flow regularly, so you can quickly identify any cash flow issues and address them before they become bigger problems.
One of the most challenging aspects of running a real estate business is keeping healthy and consistent cash flow. This is often caused by the lengthy and inconvenient delays around commission payments.
Once a sale is agreed upon, it can take months for the sale to close and your commission to hit your bank account.
RLTY Capital offers a way to skip those delays and keep your cash flow flowing. We buy your commission from you ahead of time. We’re not a loan, so there is no need to check your credit nor manager approval needed.
And best of all — we can usually get you paid within a day.
If you have any questions or want to discuss further, please don’t hesitate to reach out.
