Wanting to make more, save more, and give more in 2021? We’ve got 6 tips to being more profitable that will guide you to financial and career success!
It can be easy to only focus on commissions or revenue, but there is so much more you can do to ensure your business is functioning as profitable as possible. Let’s dive into a few tips from our CORE Coaches so you can have a guide to being more profitable in the new year.
1. Calculate Your Hourly Rate
Do you know your current hourly rate? Knowing your hourly rate will help you to better manage your time, and will lead you to being more profitable in the new year. You can calculate your hourly rate by taking your taxable income from last year divided by 12 months then divided by 160 hours. Now you know what you’re worth per hour! If someone shows up late to a meeting, you might need to reschedule since this is costing you the amount you calculated per hour waiting for them. Time is money! Knowing your hourly rate will help you to better manage your time and set boundaries around your schedule.
2. Utilize A P & L
Are you currently doing a monthly Profit & Loss Statement for your business? If not, now is the time to start! This document will help you on your way to being more profitable in 2021. Your P & L will track the money you bring in monthly and the amount you spend. You will track everything from prospecting activities to closing transactions to building multiple pillars of business so you can become profitable. This will show you areas you are strong in, and areas you need to improve. We offer this document to our students and clients in our coaching program and walk them through a step-by-step guide to completing it.
3. Work Your Database
It is extremely important to make sure you are properly working your database. What do we recommend? First, make sure your database is organized and up-to-date with the most recent client information. Be sure to have client’s birthdays, anniversaries, current phone numbers, emails, and addresses. Once your database is in good shape, it’s time to call those leads!
Are you building personal relationships with your potential clients? If not, be sure to write a letter of heart to those people. (ex: a great family moment, an upcoming vacation, etc.). Send these first class so you can learn if any of your potential clients have switched addresses. Whether they are a past client that you’re checking up on, a referral from a current client, or leads you haven’t gotten to know super well, its important to call, email, and check in with them.
4. Buy In Bulk
Buying in bulk will make me more profitable? Really? Yes! Think about items you use daily for your business, this might include postcards, paper, doorhangers, pens, etc. Buying these in bulk not only saves you money in the long run, but it also saves you the time it would take to purchase online or in a store every few months. Buy in bulk now, save time and money later!
5. Move Some Meetings To Zoom
Now a days, more and more companies are turning to software’s like Zoom and BlueJeans to host meetings, especially during the COVID-19 pandemic. Switching some meetings to a virtual option is actually saving people time, money, and un-needed stress! Think about it, if you moved some meetings that you’d normally drive to to the virtual option, you’re saving on driving time, gas money, and are able to focus more on getting action items done before and after the meeting rather than driving around town. We don’t recommend this for super important meetings that would be more beneficial to have in person, but do recommend this for smaller client meetings.
6. Provide a Great Customer Experience
Conclusion: Being More Profitable In 2021
Who doesn’t want to be more profitable in the new year? Remember to know your hourly rate, utilize a Profit & Loss statement, buy in bulk, move some meetings to a virtual option, call through your database, and provide a great customer experience. We hope these 6 tips to being more profitable will help you to make more, save more, and give more in 2021. For more tips and e-downloads, check out our Free Real Estate Agent and Mortgage Lender Resources.
Who is The CORE Training?
We are a professional Mortgage and Real Estate coaching company that provides mentoring and coaching to mortgage lenders and real estate agents from all over the country. Being in business since 2001, we have developed a 94% success rate with our coaching program. Just last year we created over 200 millionaires out of our coaching program.
Our Real Estate Agent and Mortgage Lender executive trainers have an average income of $1.3M and $2M in savings. If you are serious about building a great business and career and want to stop losing clients and generating more income, let us show you the recipe to success!
Why Should You Choose The CORE? Kellen went from $65,000 to $120,000! Watch his testimonial below.
Are you ready to grow your business and DOUBLE your income like Kellen? Our Real Estate Agent and Mortgage Lender coaching program was rated in Inman’s Top 50 Coaches For Your Needs. Schedule a free consultation with a CORE coach to see how we’ll help you: Get yours scheduled now!