Crash Course in Finance, Part Two: Savings Tips for Real Estate Agents

Dollar bill hanging from laundry line.

As we discussed in Part One of the Crash Course in Finance, managing cash flow is essential to a successful real estate career. In a business where incoming dollars can ebb and flow depending on the season, market conditions, and region, agents and brokers must be ready to make necessary changes throughout the year to save money and protect their bottom line.

Fortunately, there are several ways that agents and brokers can not only cut back on unnecessary expenses but also invest wisely–with minimal effort. In this post we’ll discuss tips for real estate agents and brokers to save money throughout the year.

Open a High-Yield Online Savings Account

If you have money sitting in a savings account at a traditional bank, chances are you’re earning somewhere around 0.06% interest annually, which is the national average. Make that money work for you by investing it in a high-yield online savings account, which can yield up to 1.35% interest annually. Nerdwallet explains:

Because online banks don’t have the expense of maintaining branches like traditional banks do, they can offer annual percentage yields of 1% or more — about 17 times higher than the current national average of 0.06%. Though 1% may not sound like much, it adds up.”

Nerdwallet rated these as the best high-yield online savings accounts:

Invest Through Acorns

Acorns is an app that automatically invests your spare change. Once you’ve connected the app to your credit card, it rounds up every purchase you make to the nearest dollar and invests that amount automatically across a diverse array of 7,000 stocks and bonds. This “micro investing” doesn’t feel like much at the time, but as your spare change adds up, so will the returns on your investments.

Consider a Commission Advance

Sometimes, no matter how much you’ve planned ahead and saved, you just don’t have the money to cover your expenses, and you can’t afford to wait for a deal to close. A real estate commission advance can help you stay on top of your bills and other expenses to keep your business growing. Accel Commission Advance can offer you up to $30,000 in pending commissions in as little as 24 hours. To learn more about this cash flow solution, please read our comprehensive guide on real estate commission advances.

The Accel Commission Advance Difference

Accel’s friendly staff guides each client from filling out the application all the way through funding the advance. If you think their real estate commission advance solution could be the right fit for you, please call one of their advance specialists at 267-534-7611. Or to apply online, simply click here to submit an application.