by Amanda Neely | Jun 17, 2025 | Industry, News Feed
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Real estate agents face a harsh financial reality: The median gross earned income of Realtors from real estate activities was $55,800 in 2023. According to an often-cited study published in Forbes and Business Insider, 82 percent of businesses fail due to poor cash flow management or a lack of understanding of cash flow.
Even successful agents often struggle with the feast-or-famine cycle, watching commission checks arrive only to be consumed by business expenses, fees and interest, leaving little for the agent who generated the income.
Enter the Profit First methodology. Profit First is a cash management system that’s transforming how real estate professionals manage their finances. Created by entrepreneur Mike Michalowicz, Profit First is used by hundreds of thousands of companies worldwide to drive profits. The system flips traditional accounting on its head, ensuring agents pay themselves first rather than hoping something’s left over. (It also helps with taxes, so keep reading.)
Why real estate agents need this now
The commission-based nature of real estate creates unique cash flow challenges. Even experienced agents face irregular income streams that make conventional budgeting and accounting nearly impossible. Traditional business accounting follows the formula:
Sales – Expenses = Profit
This leaves profit as an afterthought. Profit becomes whatever remains after covering all business costs, which is often $0 and sometimes even negative.
The Profit First formula takes a different approach, inverting the standard profit calculation. Instead of seeing profit as what’s left over, the Profit First formula allocates revenue to profit and then uses the remaining funds to cover expenses. The Profit First formula is
Sales – Profit = Expenses
The 5-account system that changes everything
The Profit First system requires opening five separate bank accounts and allocating percentages of each commission check as follows:
- Revenue account: Where all commission checks initially land before being distributed.
- Profit account: Your reward for being a business owner. This is never touched except for quarterly distributions to yourself.
- Owner’s pay: Your regular salary, the money you live on. Use the baseline described below to establish a steady income and achieve greater financial stability in your personal life.
- Tax account: Funds set aside for tax payments. Be sure you’re not scrambling at tax time.
- Operating expenses: Money for marketing, technology, transportation, staff and other business costs
For each full-time employee, your company should generate real revenue of $150,000 to $250,000 (ideally more, but this is the minimum). For solo agents, this benchmark helps determine if your business model is sustainable.
Also, don’t let your bookkeeper fool you. The extra time to input five bank accounts is minimal (less than five minutes per month usually), but the time and money saved knowing your numbers easily is priceless.
Implementing profit 1st in your real estate business
Start small, think big: Begin by allocating just 1 percent to your Profit Account.“If you get a $1,000 deposit, transfer $10 into your PROFIT account…You’ll never miss that 1 percent,” Michalowicz writes. Gradually increase percentages as you optimize expenses.
Calculate your baseline: Look at your slowest three months, and average them out. “That is the lowest your revenue will likely ever go,” Michalowicz explains. Once you know this, you can use that as a baseline for calculating your owner’s pay. This becomes your steady paycheck, even during slow periods.
Automate the process: Set up automatic transfers, or block your calendar twice monthly on the 10th and 25th of each month. Transfer the funds in your revenue account to your remaining accounts according to their respective percentages.
The psychology behind the system
The beauty of Profit First lies in its behavioral approach to money management. When you see a smaller balance in your operating expense account, you naturally become more creative and efficient with spending. This constraint forces you to question every expense: Is this marketing campaign essential? Is there a more cost-effective technology solution available?
Sixty percent of SMBs cite ineffective cash flow management as a major challenge, yet many agents have never implemented a systematic approach to managing their finances. The Profit First system provides that framework.
Real-world results
Agents implementing Profit First report several benefits:
- Consistent income: Regular owners’ pay eliminates the stress of irregular commission cycles.
- Tax preparedness: No more scrambling to find tax money at year-end.
- Business growth: Forced efficiency in operating expenses often leads to higher profit margins.
- Peace of mind: Knowing money is allocated for specific purposes reduces financial anxiety.
Common pitfalls to avoid
Don’t rob Peter to pay Paul: Resist the temptation to “borrow” from your Profit or Tax accounts during slow months. This defeats the system’s purpose. One of the beauties of Profit First is its adaptability to unique businesses.
For example, real estate agents could consider seasonal adjustments. Adjust allocations according to your market’s seasonal trends. During the winter, you could have more allocated to owners’ compensation, and during the summer, you could have more allocated to taxes and operating expenses.
Intentionally implementing seasonal adjustments is very different than robbing Peter to pay Paul when you’re in a pinch. The former is a creative solution. The latter shortcuts your creativity.
Start where you are: Don’t wait until you’re earning more to implement the system. Small businesses that monitor cash flow monthly have an 80 percent survival rate. Even a 1 percent allocation to profit or taxes can be life-changing.
As you see results, adjust your allocations by 1 percent to 3 percent per quarter until you reach your target. Additionally, implementing Profit First has just become easier with the recent release of the Profit First app.
Your path to financial freedom
The Profit First system isn’t just about managing money; it’s about managing your finances effectively. It’s about changing your relationship with business finances. By paying yourself first, you ensure that your hard work translates into personal wealth, not just business revenue.
Take action today: Open your five accounts this week. Start with conservative allocation percentages, and adjust as you gain experience. Your future self will thank you for taking this crucial step toward financial stability and wealth building.
The real estate industry will always have its ups and downs, but with Profit First, you’ll have a system that ensures you profit regardless of market conditions. Stop leaving your financial future to chance. Implement Profit First and start building the wealth you deserve.
by Amanda Neely | Aug 26, 2024 | Industry, News Feed
A lawsuit filed in New York this month alleges that Copperfield abandoned his penthouse in a state of disrepair, leaving the Galleria’s other residents to deal with flooding apartments and common areas below the unit.
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
One of the biggest names in magic and illusions seems to have pulled off yet another trick — but this time, the stage was his New York City penthouse.
David Copperfield moved into Manhattan’s Galleria building in 1997, purchasing the building’s four-story penthouse. He seemed to slip into residency at the building relatively quietly, with only whisperings at first of his presence. But decades and multiple lawsuits later, Copperfield asserted his presence with a bang in the form of wreaking havoc on the building — and, unceremoniously, seems to have vanished.
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A lawsuit filed in New York this month alleges that Copperfield abandoned his penthouse in a state of disrepair, leaving the Galleria’s other residents to deal with flooding apartments and common areas below Copperfield’s unit, due to a failed valve the magician neglected to repair.
Copperfield lives in Las Vegas now and performs his “An Intimate Evening of Grand Illusion” show more than a dozen times per week. The showman’s attorney in the case told The New York Times that the lawsuit was “nothing but an insurance claim.”
Copperfield reportedly acquired the Galleria penthouse for a bargain, according to a column from The Daily News at the time. The original asking price of the unit was $18 million, which was cut to $11 million. The final sales price was just $7.4 million, according to the lawsuit. After purchasing the apartment, Copperfield transferred ownership to a shell company.
The 16,000-square-foot apartment was originally designed for Stewart R. Mott, the son of a General Motors executive. Mott was a gardening enthusiast and had the penthouse designed with glass walls as well as 10,000 square feet reserved for planting. But as Mott’s ideas for a garden oasis continued to spool out, costs and construction complications also arose, and Mott eventually abandoned the apartment, never having moved in. Another owner occupied the unit for a short period before Copperfield moved in.
Copperfield reportedly filled the expansive space with antique novelties related to magic, as well as old arcade games, according to news reports at the time.
In March 2015, the first major incident took place at the penthouse. A valve in the pump room that helped keep Copperfield’s pool up and running failed, causing severe flooding throughout Copperfield’s apartment as well as more than 30 stories below the unit.
Copperfield’s insurance company sued the company that was in charge of the pool’s upkeep, as did two of Copperfield’s downstairs neighbors. Meanwhile, the pool company sued Copperfield for negligence, while also blaming the valve manufacturer for creating faulty equipment.
Ultimately, the cases were combined and settled confidentially.
During a home tour that Copperfield gave The Wall Street Journal in 2016, all seemed righted — Copperfield showed off all his gadgets and curiosities. But the pool, tellingly, was empty.
That display of fun and games had perhaps been an illusion, however — by 2018, when Copperfield spontaneously appeared at a Galleria board meeting and offered an impromptu tour of his penthouse, the place was a wreck, according to residents.
“It was in disarray, very bad shape,” apartment owner Sholeh Assadi told The NYT. “We all saw. He didn’t care.” In the bathrooms, there was “mildew and mold everywhere,” she added.
According to the new lawsuit, Copperfield ceased to reside in or care for the penthouse shortly after he was seen at that 2018 meeting. Around that time, he terminated employment of a housekeeper, house manager and handyman, all of whom had serviced the unit.
“Rather than moving out in a safe and orderly fashion, Copperfield trashed the unit,” the lawsuit states. “Since then, Copperfield has allowed the unit to devolve into a state of utter disrepair.”
The apartment flooded yet again in December 2023 due to another bad valve located in a maintenance room dedicated to Copperfield’s apartment. The damage, again, extended to floors below the apartment, impacting elevators and common areas.
Photos included in the lawsuit show peeling paint, mold and mildew in the apartment. Repairs cost roughly $3 million, according to building management. The Galleria’s condo board is asking that Copperfield cough up $7.5 million, as well as still-undetermined punitive damages and legal fees.
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Email Lillian Dickerson
by Amanda Neely | Aug 26, 2024 | Industry, News Feed
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Two weeks ago, Zillow co-founder and co-executive chair Rich Barton surprised the industry when he announced he’d be stepping away from the CEO chair for the second time in 14 years, handing the reins to longtime executive and COO Jeremy Wacksman. He said Wacksman was the perfect choice to lead the company into a new era, focused on accelerating the creation of the industry’s first “one-click nirvana” for consumers and agents.
Jeremy Wacksman
“Zillow’s business is firing on all cylinders and performing well through a challenging real estate macro,” Barton said. “… Lloyd [Frink, Zillow Group’s executive chair] and I could not be more confident in Jeremy as CEO, in the caliber of the broader team and in Zillow’s bright future.”
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A week into his new role, Wacksman sat down with Inman to talk about what it means to be CEO, the value of portals in a post-settlement world, the benefits of artificial intelligence, and the opportunities and challenges that have come with the latest round of movements in the portal wars.
Inman: Thanks for taking the time to talk today. You’ve been with Zillow since 2009, and have cycled through a few key positions. What does it feel like to have Rich [Barton] pass the CEO baton to you? What parts of his approach would you like to continue? And what would you like to do differently?
Wacksman: I’ve been here 15 years this fall so I’ve seen a lot and worn a lot of hats, as you said. I’ve been really grateful and thankful to be able to work with Rich and [Zillow co-founder] Lloyd [Frink] and learn from them. I’m also grateful to have them still engaged in the business and as a resource to support me and the broader leadership team.
With your question on lessons learned, I’ve worked on a lot of parts of business. I came here to work on product and marketing. I worked on the early mobile apps and helping evolve Zillow from a desktop search engine to a mobile-first company. I’ve worn many, many hats since then. I worked for a long time on building the brand and the audience that many of your readers know and love. And even three years ago, as I started to get more involved in operationalizing the business around our housing super app strategy, I’ve been closely involved in connecting our consumer and agent businesses together.
The thing I’ve learned from Rich and the team is just this relentless focus on both the consumer, but also on innovation and innovating for the consumer and the real estate professional. We all have this dream of this housing super app that can get the transaction done more easily. It can be on your phone. It can be done over coffee, as [Inman founder] Brad Inman likes to talk about.
What I’ve learned is that we do the technology and build the technology for consumers, but also for our agents and the industry at large. [It] is a strategy that we’ve seen play out over the last two decades as a company. It’s the culture and DNA around that innovation and around that consumer empowerment that I’ve learned, and I’m excited to help champion and move forward into our next decade as a company.
Rich shared a bit of what Zillow’s next decade will look like during his latest Inman Connect Las Vegas session, and the focus on bringing order to and digitizing the real estate transaction. Then in an interview with Real Estate News, he said the company isn’t in the business of selling leads, which I thought was an interesting comment, especially as much of the conversation about portals this year has been about evaluating the strength of a buy-side model vs a sell-side model in a post-settlement world.
What are your thoughts on that? How does Zillow plan to shift the way agents and consumers think about portals and the value they offer in the marketplace?
You’ve heard us talk about the [Zillow] Housing Super App, right? Our vision is that buyers and sellers can use their phones to tour houses, start financing conversations, get connected with great real estate agents [and] bring all that together in an all-in-one platform to the consumer. They can go take tours with great agents, they can get financing questions answered, they can connect with professionals and learn more about them, and ideally, ultimately, go all the way through to signing, and buy and sell through the app.
To do that — to enable that vision, of course — you have to build great software for consumers. But you [also] have to build great software and tools to empower the real estate agents and the professionals that they’re going to work with. And what Rich talked about at Inman a couple of weeks ago is that doesn’t just mean software for the subset of agents that are Premier Agents or working with Zillow consumers directly. That means great software for the industry at large.
We have invested billions of dollars building and acquiring technology, products and software solutions that we offer to the community at large, to brokers, to MLSs, and to all agents, because the goal is to help professionalize and modernize the transactions across the industry. That’s things like ShowingTime, a reservation management system for home showings, making it more delightful for sellers and seller’s agents to organize and schedule showings and making it more delightful for buyers to click a button and book a tour to go meet a great buyer’s agent.
That’s software like Zillow Showcase, which is this new 3D-powered, AI-powered virtual home tour that buyers love, engage with more deeply, spend more time with — and it helps seller’s agents and sellers showcase the home better and get the home sold more quickly and for more money. So those types of things are all required.
We have to get more software and more technology out there in the hands of all the great agents to help the buyers and sellers sell their homes in the more modern ecosystem that’s coming. That’s what Rich talked about. That’s a key to our strategy. When we talk about the housing super app, we all think about it as the consumer, the buyer and the seller, but what’s behind the glass, what’s behind the scenes is all this fantastic software powering the real estate professionals.
Zillow has removed friction from the home search, touring and listing process. But what are those remaining pain points you’d like to solve for agents and consumers?
The biggest opportunity that remains for all of us is helping consumers get more educated and empowered and helping professionals get more efficient. When we talk to our great agent partners, we constantly are reminded of how much time they spend not doing the work they love to do, right? Not consulting, not advising, not negotiating, but paperwork and lead management and routing and all the things that are back office tasks.
We recently acquired Follow Up Boss, an industry-leading CRM for agent teams, and we’ve been investing with them to help provide more ability for teams to organize and become more efficient so that they can spend more time with clients, and less time on the busy work. I give that example because when I think about what the next frontier of technology is, it’s generative [artificial intelligence].
And when I think about what generative AI is going to bring to our industry, I think it’s going to help agents, loan officers, practitioners [and] be a great co-pilot to help elevate them to do what they do best and take away the busy work, the data collection, the things that they have to do to get done in the transaction that you don’t want to be doing as a great professional. You want the software to do it for you.
I think that’s still one of the big untapped pieces of potential to make this digital transaction happen, and I think technology has been moving us in that direction for a while. Now generative AI really has the potential to help get us even more elevated as an industry.
AI has been a huge theme this year, and the rise of generative AI has been met with, I think, equal parts excitement and fear. What do you think Zillow’s role is in raising the industry’s IQ about generative AI and learning how to use it to their benefit?
Any time new technology or a new platform comes, it is very natural to get scared. And I’m here to say — and I think Zillow’s strong belief is — AI has the potential to elevate professionals and is not to be feared. It’s to be used.
And just think about the dawn of the internet and then the smartphone revolution. Every time, technology has been something that you could fear and be scared of, but if you turn around and look in the rearview mirror, all it’s done is help inform and empower users and start to make people’s jobs easier and start to help elevate the professional. And I think that’s what you’re going to see with generative AI.
Our role at Zillow is to help pioneer and innovate and experiment with that software on behalf of agents, and we’re doing that right now. We have great AI teams innovating and experimenting on ways to help turn agents into super agents and find ways to delight consumers by empowering agents to be smarter, faster and better at how they respond with and work with customers.
So, I think it is a natural reaction to be fearful of what’s coming. And especially with AI, there’s a lot of, “will AI be good or will AI be evil,” right? There’s “will AI take over the world?” We don’t believe that. We’ve seen so many technology revolutions and the ability for it to empower and make our lives better tends to win out over time.
So, I think it’s exactly the right question to ask. And agents who lean in and use these new AI power tools, they’re going to find it’s going to help them do what they do best. They’re going to find it’s going to help solve problems for them in ways that they hadn’t even thought it could.
What about consumers? How are they experiencing the tech revolution in real estate? What is it going to take to help them stay on the cutting edge of what’s happening in the industry, especially with the commission changes?
We have been focused on consumers since our founding, and what we found is technology will make a consumer more empowered. It will raise the bar for what a consumer expects software to be able to do. That typically makes the consumer a smarter shopper, and a smarter shopper is typically a more transaction-ready shopper, right? I think you should hope and expect [AI] means consumers are even more ready to work with you when they raise their hand or press the button to connect with you.
We’ve published our kind of beliefs for consumers that we’ve had for a long time around making sure consumers and professionals have access to real estate information [and] making sure consumers can choose independent representation.
We firmly believe that the majority of buyers and sellers will choose and need independent representation to help them get this transaction done, and the buyers and sellers should have transparency regarding agent fees and their right to negotiate them.
Thanks for taking the time to explain that, and I guess all this — the Zillow super app, building and acquiring tech, creating a more integrated transaction experience — all feeds into the portal wars. Zillow is at the head of the pack, and with that position, you guys haven’t really jumped into the drama that’s unfolded over the past year.
CoStar has certainly gained attention with ‘Your Listing, Your Lead,” and Redfin and Realtor.com are upping their value propositions with new products. What are your thoughts on this new wave of competition? What are the opportunities and challenges in battling for the attention and loyalty of agents and consumers alike?
The great thing about our strategy at Zillow is that it’s ours to control. And it’s unique to what we’re trying to do. We’re really the only ones working on modernizing the real estate industry digitally for consumers and for agents.
We’re very fortunate that we built this great brand over 20 years. Consumers trust us. We have two-thirds of all homebuyers on Zillow, and the majority of those folks come to us organically. They come to us because we build great products and services that engage them and cause them to want to use us and come back.
Now our opportunity is how can we help more of them start to take that transaction step, you know, get a financing question answered, schedule a tour, spend time on a virtual tour, make the right decision for picking the right agent, connect with a great professional to start a conversation about buying a home. That’s a really hard, complex problem that requires a lot of software, a lot of innovation, and it requires a great partner network.
There’s so much innovation left to do in the industry, to deliver on that vision that we’ve talked about. We’re techies. That’s what we get excited about — building this amazing software and these experiences for customers and for partners. And we know if we do that, we will grow the number of transactions we help those consumers do, and we’ll grow the number of transactions that our great agent partners do from the customers that they meet on Zillow.
We’re heading toward the end of 2024. What’s on your mind for Zillow in 2025? Where would you like the company to be in terms of your major goals?
We’re focused on bringing the housing super app to more consumers and more agents. That’s our focus. That requires our software, the consumers on Zillow, and great agent partners using our software.
We’re still very early in delivering that integrated vision we all know can be done through the phone. We have years and years of innovation left ahead. And so you should expect to see more innovation from us on behalf of the consumer and more great software that, hopefully, agents and teams and brokers and MLSs are excited to get in their hands and start using.
Email Marian McPherson
by Amanda Neely | Aug 22, 2024 | Industry, News Feed
Inside Real Estate (IRE) and RE/MAX, LLC., have agreed to expand an enterprise software deal that will entrench BoldTrail in its network offices throughout the United States and Canada.
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Inside Real Estate (IRE) and RE/MAX, LLC., have agreed to expand an enterprise software deal that will entrench BoldTrail in its network offices throughout the United States and Canada, an Aug. 21 press release stated.
The new deal will see BoldTrail’s front-office suite fully up and running, “by the fall,” the release stated.
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BoldTrail is IRE’s flagship agency solution, offering a wide range of customer relationship management, web marketing, presentation and other digital business systems, all integrated to create an omnichannel real estate management experience.
Specifically, the update includes BoldTrail BackOffice, BoldTrail Recruit, Folio and CORE Home.
In a nod to the rebrand, Alissa Harper, head of strategic sales for Inside Real Estate, called RE/MAX’s decision “a bold step.”
“These combined solutions will help elevate their consumer experience, unlock opportunities for greater agent productivity, and drive more efficiency for their franchisees,” Harper said in the release. “We couldn’t be more proud to partner with RE/MAX, LLC and their talented team to help fuel their growth now and in the future.”
The partnership started in 2021, when the companies deployed MAX/Tech powered by kvCORE, BoldTrail’s previous brand name.
“MAX/Tech will provide RE/MAX affiliates with an array of options for finding and servicing new business, starting with lead-generating IDX websites linked to a multi-faceted CRM solution with automated smart email campaign and listing marketing functionality. Each office, as well as individual teams, can manage its own local brand, listings, contacts and deals while operating from a common user interface,” a January 2023 Inman report stated.
BoldTrail will advance those existing features with its array of updated features, artificial intelligence power-ups and a sharper user interface. Additionally, there’s more than a year of user feedback, market input and RE/MAX, LLC, data now powering it.
Specifically, the update includes BoldTrail BackOffice, BoldTrail Recruit, Folio and CORE Home.
The back office experience helps brokers and financial teams connect deals to performance, oversee transaction management, ensure compliance and manage all payments, bookkeeping and financial operations while the eponymous Recruit module gives brokerages a multi-layered view into hiring and talent retention, turning it strategic from reactive.
CORE Home was reviewed by Inman upon its launch in 2022, earning four stars for its ability to monitor up-to-the-minute market activity alongside the daily intricacies of home ownership, all to ensure agents and clients stay tethered until the next sale.
“The software’s onboard home search experience, under ‘Next Home and Search’ gives homeowners an ever-present reminder of what else is out there; it’s not home search, it’s ‘next home search.’ Using IRE’s connection to more than 250,000 IDX websites, there’s little it can’t share about the market with homeowners. They can sign up for alerts, save homes and chat whenever they want with their agent, and vice versa,” the review stated.
Folio, the result of an early 2024 acquisition, is a dynamic in-browser email management solution built to power lead cultivation, organize communications and incite evergreen connections.
“Folio automatically detects real estate transactions and creates a beautiful timeline for consumers, resulting in greater agent productivity and an elevated consumer experience,” IRE said.
“We are dedicated to equipping brokers and agents with the most advanced technology, enabling them to better serve consumers,” said Erik Carlson, CEO of RE/MAX Holdings, in the release. “Our expanded partnership allows us to continue building a platform that not only modernizes operations but also drives productivity and growth across our network, ensuring that our agents are always at the forefront of the industry.”
Email Craig Rowe
by Amanda Neely | Aug 14, 2024 | Industry, News Feed
Learn how NYC agent Maggie Kent leverages her sense of professionalism to develop a higher level of client trust and how she has developed resilience to navigate the ever-changing world of real estate.
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Top producer and star negotiator Maggie Kent has made a name for herself as a featured agent on HGTV’s hit Selling New York for seven seasons and a featured real estate expert in publications including The Wall Street Journal and The New York Times.
Kent’s family real estate firm won numerous awards in Canada, offering boots-up market insight, experience and client service expertise, combined with her own background in the arts, her creative sensibility and her marketing savvy.
Learn how she leverages her sense of professionalism to develop a higher level of client trust and how she has developed resilience to navigate the ever-changing world of real estate.
Name: Maggie Kent
Title: Associate broker at CORE, sales team at Eastlight Condominiums
Experience: 20 years
Location: New York
Brokerage: CORE Group Marketing
Sales volume: $850 million career sales
What would you tell a new agent before they start out in the business?
Real estate can be a very emotionally rewarding and lucrative career, but too many people enter into it thinking it doesn’t take much work to get started. The days of real estate existing as a side hustle are long gone, and it’s important for new agents to recognize that real estate is a full-time job and that these first years are crucial.
From building your clientele to getting listings to working with sellers, these things take time, energy, effort and strategy.
Find a great mentor who can guide you through as you build your career, stay up to date on market trends and pricing, and never be afraid to ask questions.
What do clients need to know before they begin a real estate transaction?
Being realistic about the financial requirements is paramount. For buyers, obtaining pre-approval for a mortgage is a crucial first step. This not only provides a clear picture of what they can afford but also strengthens their position when making offers.
It’s important for clients to account for additional costs beyond the purchase price of the property. This includes closing costs, property taxes, insurance, maintenance and any potential renovation expenses. Buyers should also consider the costs associated with moving and setting up their new home.
Perhaps most importantly, buyers and sellers need to know that while it’s important to be prepared financially, it’s equally important to be prepared mentally. Real estate transactions can be emotionally charged and stressful — there may be challenges and delays, so maintain a level-headed approach throughout the process.
Having a support system, whether it’s friends, family or, of course, a great real estate agent, can help manage the emotional aspects of the transaction.
What do too few agents know that would make their lives easier?
Realistic pricing — and remaining confident in your pricing — is key to a successful business. I was working on a new development in NYC in 2019; we priced everything according to market comps and felt confident in our choice.
Then COVID hit and the market went haywire. While other projects were offering extreme concessions for property, we remained steadfast in our pricing, offering no concessions, and were still able to sell the building out during COVID.
The same is true for my current project at Eastlight in Manhattan’s Kips Bay. We’ve seen significant success with the project, and realistic pricing based on market projections is core to that success.
What is the one thing everyone should be doing to make their life and business better?
Work-life balance. Our work tends to take over since we are independent contractors — you eat what you kill. As such, burnout is common in our industry, so planning and blocking out time to rest, recharge, and spend time with family and friends will help you maintain your sanity. As a result, you’ll be more efficient and build a longer-lasting, sustainable business.
If you could do anything other than real estate, what would it be?
I would be a doctor, specifically with Doctors Without Borders. It becomes clearer and clearer to me as I progress through my life that health is the most important aspect of every living thing. If I really had the capacity to be a doctor, I would love to help someone heal. I can’t think of anything more noble or important than that.
Email Christy Murdock
