Starting a new career in real estate can be a challenge, but it also requires getting your financials in order. You're essentially starting your own business, which comes with its own share of troubles. Fortunately, this is why Homesale Realty is the most successful in getting new real estate agents started in their careers. 

Here are our suggestions for setting yourself up for financial success as a new agent.

• Establish Some Savings
  Depending on whether you're starting with your own business or if you're working for an experienced agent, you'll want to have some savings set aside while you get your new career started. Most financial advisors would recommend that anyone have at least 2-6 months of living expenses saved up in case they run into a financial bind.
  
  For a real estate agent, especially starting out, your first paycheck might be two or three months after your first sale. Real estate isn't exactly like selling a car, and you may not realize your commissions until well after the paperwork has been signed, and the mortgage process has begun in earnest.
  
  
• Separate Personal and Business Finances
  A bit of Business 101 for you: Keep business finances and personal finances completely separate. Most new agents and new business owners understand that their business endeavor ultimately pays for their livelihood, but what some fail to understand is that those finances should be never cross over.
  
  While it may seem that, as a self-employed person, your work should pay for your lifestyle (and it does), from the perspective of the IRS, your business is a separate entity entirely from you as a person. Maintain separate accounts, books, expenses, and keep track of everything for both your business and personal accounts.
  
  
• Know What You Need and Set Goals
  One of the biggest challenges to any commission-based career is that business comes and goes throughout the year. We know, by and large, that the spring and summer bring lots of home sales, but there are seasons where sales and business are slow. When you rely on those funds to pay for your home, things get a little challenging if you come into the offseason unprepared.
  
  Know what you need to pay for your business expenses and personal living expenses and set some goals and expectations for meeting those needs through sales. Additionally, plan for the slow seasons and sock away plenty of cash for times where sales are slow, or market conditions are unfavorable for real estate. Make sure, just as you started, that you have several months of savings available for an inevitable slow season.

To learn more about a career in real estate or to get started with all of the tools you'll need, contact BHHS Homesale Realty to get started!