Episode 14 - Part 1: Spring Clean Your Real Estate Business - Manage Your Money
Spring isn’t just for decluttering your closet—it’s the perfect time to get your business finances in check, too. If you’ve ever felt like money is just flowing in and out of your bank account without any real strategy, you’re not alone. Too many agents treat their commissions like a free-for-all, only looking at their numbers when tax time rolls around. But here’s the truth: if you don’t have control over your finances, your business controls you.
In the latest podcast episode, I’m breaking down the five steps to spring clean your financials, so you can finally start building wealth instead of just earning commissions.
Step 1: Know Your Numbers
If you don’t know how much money is actually coming in and going out, you’re flying blind. And that’s a scary place to be as a business owner.
Here’s what you need to do:
Pull up the last 12 months of bank and credit card statements.
Categorize every transaction related to your business.
Look at your total income, total expenses, and what’s actually left over—aka your profit.
Calculate your profit margin: (Profit ÷ Gross Income) × 100.
One of my coaching clients thought she was making six figures, but after breaking everything down, she realized her take-home pay was way lower than she expected. It was a wake-up call that changed how she ran her business.
Step 2: Cut the Dead Weight
Subscriptions, tools, and shiny objects—oh my! We’ve all signed up for things we swore we’d use, only to forget about them completely. Now’s the time to clean house.
Go through your statements and highlight every subscription, software, and tool you’re paying for.
Ask yourself: Is this actually helping me grow my business?
If not, cancel it. Right now.
One of my clients was spending $800 a month on three different CRMs because she kept jumping to the next best thing. After auditing her expenses, she cut it down to one system and saved thousands.
Also, if you do love a tool, check if switching to an annual plan will save you money. Just make sure it’s something you’ll actually use long-term.
Step 3: Pay Yourself Like a CEO
If you’re treating your commission checks like lottery winnings, that’s a problem. The feast-or-famine cycle is real, and the only way to break it is to pay yourself a consistent salary.
Set up a separate business account.
Determine a fixed amount to transfer to your personal account each month.
Base this on your average earnings from the past year, not your best month ever.
This one shift changed everything for me. When I stopped riding the commission rollercoaster and paid myself on a set schedule, I finally felt in control of my money—not the other way around.
Step 4: Prep for Taxes Before Tax Season
Nothing ruins your day faster than a surprise tax bill. But you can avoid that stress by planning ahead.
Open a separate tax savings account.
Set aside 25-30% of every commission check for taxes.
Automate it if possible, so you don’t even have to think about it.
And if you don’t have a CPA? Get one. They will save you way more money than they cost. I’ve seen agents get hit with $50,000 tax bills because they didn’t plan ahead—don’t let that be you.
Step 5: Set Your Wealth Goals
Are you just earning income, or are you actually building wealth? Because there’s a big difference.
The best way to create long-term financial security is to:
Invest in real estate (you already know the industry—why wouldn’t you own property?)
Put money in the market (stocks, retirement accounts, etc.)
Set aside a percentage of every commission for long-term savings
This is exactly how I built a net worth of over $2 million—by making my money work for me, not just spending what I earned. I know too many agents who have made multiple six figures for 10, 20 years… and have nothing to show for it. I don’t want that to be you.
Your Action Plan
If you do one thing today, let it be this: Pull up your last three months of bank statements and start cutting the waste.
Your business should be making you money—not draining it. Take control, make smart financial decisions, and start building wealth the right way.
And if you need a little more guidance, tune into the full podcast episode where I dive deeper into each of these steps. Trust me—your future self will thank you.
🎧 Listen to the episode now!
