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Ambassador
1,517,119
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

I really don't have a budget.  There I said it. 

Dec 01, 2015 10:12 PM
Rainmaker
4,262,329
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I sort of do, but look at the numbers monthly so I know where I am. 

Dec 01, 2015 05:11 AM
Rainer
60,591
Renee Paray
Coldwell Banker Preferred - Blue Bell, PA
REALTOR

Without a budget in place, how are you to make informed decisions? 

Dec 01, 2015 03:15 AM
Rainmaker
3,546,198
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

There are expenses that are a part of being in this business regardless of money produced and then the variables that can/do fluctuate.

Of the answers I have read(so far) I like two most:

Alexandra Ron and Alexandra Seigel make an excellent point -- ignore those who laugh at any decision you make.

Barbara Todaro is spot on with her "marketing never stops" approach to this business.  I think we all can site examples of how this is a terrible decision(and sometimes from personal experience).   

Dec 01, 2015 03:44 AM
Ambassador
915,012
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

I do everything on a quarterly basis.  Things change too quickly so any time I've done an annaul forecast, budget, or business plan, it would fall apart less than halfway through the year.  Working quarterly is much easier, and yes, I have a budget.

Dec 01, 2015 03:23 AM
Rainmaker
5,263,740
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I do have a budget, but I'm also of the mindset that if the market has a correction and things slow, marketing must continue...

Dec 01, 2015 03:14 AM
Rainmaker
1,523,755
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

I have somewhat of a budget but don't always stick to it strictly.

Dec 01, 2015 02:31 AM
Rainmaker
4,730,262
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Will,

It is silly to laugh at someone's system that works for them.  If it works for you, that is great.  A

Dec 01, 2015 02:17 AM
Rainer
98,623
Becca Rasmussen
HomeSmart Cherry Creek - Highlands Ranch, CO

I've set a budget for known/routine expenses, the stuff that goes out regardless of any income. Don't know how I'd budget for income or the variable expenses associated with listing a home, but I at least know how much I'll have to make to cover the "the cost of being an agent and doing business" expenses, and have guesstimates on what to set aside for taxes and keeping the business open when I do make income. 

Dec 01, 2015 02:00 AM
Rainer
140,210
Richard L. McKinney P.A.
Atlantic Shores Realty Expertise - Port St Lucie, FL
For Results that MOVE you on the Treasure Coast!

I had a budget ...... but it just went up $582 per month due new marketing efforts.

Dec 01, 2015 01:57 AM
Rainmaker
1,395,277
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Will Hamm I don't do a budget, but I do allow a percentage for expenses to cover costs.

Dec 01, 2015 01:45 AM
Ambassador
4,544,933
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Why Laugh?  Maybe they are jealous because you are ahead of them.

Dec 02, 2015 01:25 PM
Rainmaker
3,062,378
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Yes - will be part of December planning

Dec 01, 2015 11:18 PM
Rainmaker
4,432,589
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

It is a good idea to do a budget.

Dec 01, 2015 10:06 PM
Rainmaker
1,295,226
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

As most of the bills coming in remain constant they have to be paid so yes there is a budget, a work plan that is yearly, monthly, weekly and a daily and they are under constant review.

Dec 01, 2015 10:06 PM
Rainmaker
3,281,524
Richard Weeks
Dallas, TX
REALTOR®, Broker

Sure do.  Those agents who laugh at you don't treat real estate as a business.

Dec 01, 2015 09:42 PM
Rainmaker
3,481,881
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Develop a business plan and then a budget to get it done. You have to be flexible.

Dec 01, 2015 09:29 PM
Ambassador
2,758,931
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good Wednesday morning Will. I just sat down with my accountant yesterday and developed a spreadsheet so that I can start doing forecasts for next year. Yes, we need to budget personally and professionally.

Dec 01, 2015 05:27 PM
Rainmaker
80,053
Linda Guess
Keller Williams Tri-Lakes Branson, MO - Branson, MO
Branson area real estate sales.

Budgets are good.  Let them laugh and you can laugh all the way to the bank.  I personally do not budget.  I know how I want to promote my business and I have done this a long time.  It works for me.  I don't feel I have ever wasted a dime on my business, it seems like it all comes back to me.  But budgeting is good.

 

Dec 01, 2015 03:00 PM
Ambassador
4,304,722
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Will Hamm you are a businessman and they are.....

Dec 01, 2015 01:59 PM
Ambassador
3,984,686
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I have always planned for a percentage to invest in my business and in acquiring new business and in self development. I also save a percentage, put my tax liability aside and give away a portion. Surprisingly there is some left to live on and have some fun.

Dec 01, 2015 11:52 AM
Ambassador
3,688,290
Patricia Kennedy
Redfin - Washington, DC
Home in the Capital

I should.  We all should!  I do a general list of stuff I plan to spend money on for marketing but don't get as specific as I should.

Dec 01, 2015 11:06 AM
Rainmaker
1,772,738
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

yes

Dec 01, 2015 10:42 AM
Rainmaker
1,154,328
Joyce Marsh
Regal | Christie's International Real Estate - Ormond Beach, FL
Regal Christie's International Real Estate

Yes I do a budget and try to keep my marketing consistent. 

Dec 01, 2015 09:36 AM
Rainmaker
1,505,143
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Just ignore those agents. I'm sure, they are not as successful as you. 

Dec 01, 2015 07:13 AM
Rainmaker
3,985,224
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I do, but it is subject to change if the need arises

Dec 01, 2015 06:40 AM
Rainmaker
634,116
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Yes, with quarterly adjustments.

Dec 01, 2015 05:17 AM
Rainmaker
549,994
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Will,
I’m betting those who might laugh at you are less successful than you are. Keep showing them how a pro does it.

Dec 01, 2015 05:13 AM
Rainmaker
175,314
Spirit Messingham
Tierra Antigua Realty - Tucson, AZ
Third Generation Full-Time Realtor® 520 471-6900

I am not one of those laughing agents.  I have seen my year Vs year sales increase every year I increase my marketing spend.  My CPA keeps telling me I need more :)

Dec 01, 2015 04:32 AM
Rainmaker
4,798,170
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

No, I really don't have a formal budget.  Though I keep a tight lid on expenses vs. income.

Dec 01, 2015 04:26 AM
Ambassador
1,701,955
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Will, you will get the last laugh.

Dec 01, 2015 04:22 AM
Rainer
90,455
Val Evans
Scottsdale, AZ

A smart agent always knows his/her numbers. The not so smart ones usually end up using services like this.

Dec 01, 2015 02:22 AM