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I really don't have a budget. There I said it.
John McCormack, CRS
I sort of do, but look at the numbers monthly so I know where I am.
John McCormack, CRS
Without a budget in place, how are you to make informed decisions?
There are expenses that are a part of being in this business regardless of money produced and then the variables that can/do fluctuate.
Of the answers I have read(so far) I like two most:
Alexandra Ron and Alexandra Seigel make an excellent point -- ignore those who laugh at any decision you make.
Barbara Todaro is spot on with her "marketing never stops" approach to this business. I think we all can site examples of how this is a terrible decision(and sometimes from personal experience).
John McCormack, CRS
I do everything on a quarterly basis. Things change too quickly so any time I've done an annaul forecast, budget, or business plan, it would fall apart less than halfway through the year. Working quarterly is much easier, and yes, I have a budget.
I do have a budget, but I'm also of the mindset that if the market has a correction and things slow, marketing must continue...
I have somewhat of a budget but don't always stick to it strictly.
It is silly to laugh at someone's system that works for them. If it works for you, that is great. A
I've set a budget for known/routine expenses, the stuff that goes out regardless of any income. Don't know how I'd budget for income or the variable expenses associated with listing a home, but I at least know how much I'll have to make to cover the "the cost of being an agent and doing business" expenses, and have guesstimates on what to set aside for taxes and keeping the business open when I do make income.
I had a budget ...... but it just went up $582 per month due new marketing efforts.
Will Hamm I don't do a budget, but I do allow a percentage for expenses to cover costs.
Why Laugh? Maybe they are jealous because you are ahead of them.
Yes - will be part of December planning
It is a good idea to do a budget.
As most of the bills coming in remain constant they have to be paid so yes there is a budget, a work plan that is yearly, monthly, weekly and a daily and they are under constant review.
Sure do. Those agents who laugh at you don't treat real estate as a business.
Develop a business plan and then a budget to get it done. You have to be flexible.
Good Wednesday morning Will. I just sat down with my accountant yesterday and developed a spreadsheet so that I can start doing forecasts for next year. Yes, we need to budget personally and professionally.
Budgets are good. Let them laugh and you can laugh all the way to the bank. I personally do not budget. I know how I want to promote my business and I have done this a long time. It works for me. I don't feel I have ever wasted a dime on my business, it seems like it all comes back to me. But budgeting is good.
Will Hamm you are a businessman and they are.....
I have always planned for a percentage to invest in my business and in acquiring new business and in self development. I also save a percentage, put my tax liability aside and give away a portion. Surprisingly there is some left to live on and have some fun.
I should. We all should! I do a general list of stuff I plan to spend money on for marketing but don't get as specific as I should.
Yes I do a budget and try to keep my marketing consistent.
Just ignore those agents. I'm sure, they are not as successful as you.
I do, but it is subject to change if the need arises
Yes, with quarterly adjustments.
I’m betting those who might laugh at you are less successful than you are. Keep showing them how a pro does it.
I am not one of those laughing agents. I have seen my year Vs year sales increase every year I increase my marketing spend. My CPA keeps telling me I need more :)
No, I really don't have a formal budget. Though I keep a tight lid on expenses vs. income.
Will, you will get the last laugh.