Our world has become increasingly digitized over the past few decades, and the house hunting market has kept pace. Home buyers and sellers expect any and all businesses they interact with to have a digital presence and engage with its customers on multiple channels. To that end, consumers are utilizing the internet on a rapid […]
Crash Course in Finance, Part Two: Savings Tips for Real Estate Agents
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:
- Best for interest rate: CIT Bank, 1.35% APY
- Great for interest rate and rewards program: Synchrony, 1.30% APY
- Great for interest rate, including CDs: Goldman Sachs Bank, 1.30% APY
- Great for interest rate and low fees: Barclays, 1.30% APY
- Best for digital experience and interest rate: Ally, 1.25% APY
- Competitive APY: American Express Savings, 1.25% APY
- Competitive APY: Discover Bank, 1.20% APY
- Top credit union: Alliant Credit Union, 1.16% APY
- Best for tracking savings goals: Capital One, 0.75% APY
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.
If you want to ensure a successful sale of a property, select the right price from the very beginning. This is true whether you are a selling a $100,000 home or a $3 million luxury home. The initial asking price sets the tone for the property: if it is too high, it could turn prospective […]
November 23, 2017
In an unpredictable business like real estate–where sales ebb and flow throughout the year–it can be difficult to predict and control cash flow during the slower periods. Applying for a real estate commission advance can help reduce the stress of ongoing expenses, such as paying bills and overhead fees, compensating your employees, and marketing and […]
July 10, 2017
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 […]