We checked in with Worth Clark Realty’s newest super-star in Kansas City, Nita Pridgen to get her pulse on a few things real estate. Read below for some great insight on maintaining a level of
15 Ways to Spend Your Extra Commission Earned from Worth Clark Realty
Let's cut to the chase, most brokers charge you a lot for their support, technology, marketing department, and the most recent..equity in the company. But, have you ever considered the thought that you might be overpaying for yard signs, or over paying for flyers, or for average technology, or for "support" that can't be reached on evenings or weekends? What about paying a split of your commission for stock in a specific company only? What if you could take that money and invest in whatever stock you wanted? If these questions have you thinking, consider joining Worth Clark Realty and keep reading.
1. Buy a Moving Trailer
"But I'm not moving right now." No, not for you! It's for your clients! Sure, there are some logistics to work out..insurance, storage, maintenance, etc, but what a great service to provide to your clients.
There isn’t a more fulfilling way to spend your money than donating your money towards a great cause. There probably isn’t a more appreciative way to spend your money either. With all the bad that comes with this world, there are NUMEROUS individuals and organizations that focus and contribute to causes that are greater than themselves.
3. Throw a House Warming Party for Your New Clients
Now isn’t this a great idea! A good friend of mine was raving about this agent that his brother used to sell his property. What is all the fuss about? His brother’s agent was throwing him a house warming party, complete with invite flyers made, yard sign, balloons, snacks, and beverages. My friend absolutely loved how the agent went the extra mile to arrange all of this for one client. Do you think that agent gained a new client in my friend, or maybe others in attendance of the party? You betcha (yes..it was in Minnesota!).
4. Throw a Client Appreciation Day Party
As if throwing a house warming party for the individual client isn’t enough, get all your clients and vendors together for a client appreciate day that turns into a local blockbuster event with time. Complete with catered food, adult beverages, kid beverages, blow-up-jumping-castles (check your insurance), yard games, music, etc. Now how many clients will speak of your services to others that they know? Client appreciation will soon be synonymous with your name!
5. Pay Off Bills and Debt
To get anywhere in life or business, priorities must be set. I’m a firm believer that bad debt will only hinder your ability to reach your goals. So, make it a priority and use the extra cash you’ve earned to pay off high interest credit cards and loans. The less bills you have, the better.
6. Invest It
Now that you have your expenses under control, use that extra cashflow to invest. Start with something you are knowledgeable on. If you’re reading this blog, chances are you are in real estate somehow. So, do some research on cap rates in good locations and buy some rental properties. Other great ways to invest include IRA’s, tax liens, and commodities like gold and silver. Don't let splits-to-quity (or recruit-for-quity) in a company fool you into thinking you have retirement plan, because it's not. Don't set those imaginative restrictions on yourself. Consult a tax or financial advisor and make the best choice for yourself.
7. Expand Your Advertising Budget
Get your name or brand out there. The more people that hear your name, the better. Figure out who your target market is. Buyers? Sellers? How about your target area? Is this this county, that zip code? Sit down and write out what message you’d like to relay and to what potential client base. There are plenty of methods for this as well.
8. Hire an Assistant
Let’s face it, you just spent all this money advertising your brand and your services, that now you need 37 hours in a day. Since there are only 24 hours, let me recommend hiring an assistant. Is it worth the cost? Certainly. Have the assistant perform the small, time consuming tasks, such as posting to craigslist, arranging your calendar, updating your personal website, stuffing envelopes and mailers, etc. Then you spend your time at what you’re good at: networking, prospecting, and meeting with clients to buy and sell property.
9. Take a Vacation
Your debt is under control, your business is doing well, and your investments are solid. Now you’re a little exhausted. Take some time off to celebrate your accomplishments or to relax and recoup. Go big or small, it’s your vacation. Enjoy a weekend at a bed and breakfast in the rolling hills of the Missouri River Valley. Plan a hiking trip in Rocky Mountain National Park. Or, spend a sunny week in the Dominican napping under a grass hut with the sounds of the ocean waves rolling by. My tip? Use a travel agent to save you time and get insider information for your trip.
10. Upgrade Your Technology
The world is getting faster, and your tools should keep up. Is your smartphone really smart enough? Maybe it’s finally time to get a laptop that doesn’t have a short in the screen or battery charger cable. Is your mobility behind? Check out new iPad’s and iPad apps. Or maybe your mobility is really compromised and you need a better car with built-in hands free to answer those important client calls while on the go.
11. Spend the Money Where You Spend Your Time
I once heard that you should spend more money on the things that you use the most often. Buy a better car if you find yourself driving 4000 miles a month. If you like to cook, buy good cooking pots and utensils. Maybe you’re a little dorky and like to read books. Now you can expand your library. Other things you might use a lot: desk chair, computer, phone, athletic shoes or clothing, etc.
12. Buy That Silly gift for Yourself
Has there always been something you wanted to buy but you keep talking yourself out of it? Maybe you wanted a guitar, an antique clock, a boat, a tailgating tent that you use twice a year, or even an Apple Watch. If it makes you happy, there isn’t any shame in it. I bet this website can help you find that special something.
13. Start a College Fund for Your Child
Let’s face it, college tuition is going up every day. So, now is the best time to start a college fund for your children (or future children). There are plenty of ways to invest, from just opening a new savings account to buying an investment property. Take action today to make sure you set your family up for success tomorrow.
14. Start a Rainy Day Fund
Don't get caught out in the rain. Make sure you carry an umbrella. You can afford that umbrella by saving a small percentage of each pay check you receive. Having a savings account is a requirement. I'm sure we all knew that person that didn't have a savings account until they were 30 years old!
15. Invest in Your Education
I once took a $7,000 real estate seminar and had to borrow $5,000 of it to get a ticket to class. And it was worth it. This example is a little extreme, and in fact I’ve attended several free seminars that have given me great information and education. However, you shouldn’t be afraid to spend money for knowledge. There are several seminars, speaker events, online courses, etc, that are all designed to help you expand your business, so take advantage of them.
Now go forth and prosper!
Steven Barks is the President & CEO of Worth Clark Realty. He began his real estate career in 2009 as an agent for a small startup property management company in Minneapolis, MN. A natural self-starte....
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