While commission advances are often thought of as a means to cover the essentials while you wait to get paid, another crucial part of the equation is being able to continue investing in your business, particularly as you get started. Here are some of the smart investments that will help fuel your continuing success as a real estate agent.
Staging equipment
If you’ve already cut some deals without staging materials, good for you! But sooner or later you’re going to want to be able to stage an open house. Doing so can be a key part in selling a home to a prospective buyer. A resourceful agent can stage a home very cheaply, but everybody can benefit from a few essential purchases that can make a home look more attractive.
Improve your workspace
If you’ve been spending a lot of time working on the couch, you might want to get serious and create a dedicated home office. Buying a decent desk and chair and setting up a space where you feel comfortable and focused can help boost your productivity. It also creates another good spot where you can meet clients. Finally, if you’re able to dedicate a room to work, you will likely be able to deduct part of your rent or mortgage payment on your taxes.
A car
A vehicle is definitely imperative to have for your job. If you’re tight on money, then don’t splurge on a super nice car just to make a statement. But if your current ride is starting to become unreliable, then a big injection of money is as good a time as any to get a car before your current one breaks down or starts costing you big on repairs.
Digital advertising
You’ve just earned your first commission. Don’t let up! Keep marketing. Consider investing some marketing dollars into Facebook, Google and other platforms that can target potential clients in your area.
Website
While word-of-mouth and business cards still remains a potent force in the real estate game, if you’re website is lacking, now is the time to spruce it up. The vast majority of people looking to sell or buy these days are going to Google before anything else. Without a decent website, you don’t have much hope winning many of those people.
Continuing education
Boosting your real estate education is always a good idea. Learning about new parts of the real estate business or gaining certificates or credentials that will broaden the services you can offer would be a worthy use of your time and money.
What are some other smart investments that you have made as a REALTOR® in your business? What advice would you give to people who are just starting out as agents? Share your thoughts in the comments section or on Facebook or Twitter!
