17d ago in Mastermind Call Recaps
Financials
As we wrap up the year here are some important things to think of on the financial side.
Basics
-Cash management system.
-Clear economic model. Average is 30% expense model
-RE specific chart of accounts. Income, cost of sale, gross profit, operating expense, Net income.
-Separate direct vs indirect expenses. Example, Car for work vs a car for personal use for tax purposes.
What are margins on.
1 Net Profit - 5% to 15% net profit are most teams. 15%+ is solid.
2 Cost of Sales
3 Operating Expenses.
** Top teams are master marketers. **
- Not growing their business with 3rd party referrals. Zillow, HomeLight etc.
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Financials
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