Takeaways:
- Your bills don’t change depending on market conditions — so why should your income?
- The “magic number formula” can help you smooth out income unpredictability so you’re not left scrambling at the end of the month.
- Your real estate magic number is the number of listings that you need to have at all times to maintain a stable, consistent level of income.
Tired of the uncertainty that comes with selling real estate? Sick of living the “feast or famine” lifestyle? If so, you’re not alone — a common agent complaint is the unpredictability of selling in most markets.
Your bills don’t change depending on market conditions — so why should your income? Wouldn’t it be nice to have a way to “smooth out” that unpredictability a bit, and maybe a way to calculate what you should be doing in order to reach your monthly goals?
This is where the “Magic Number Formula” comes into play. This is something that Julie and I developed to help you meet your monthly income goals in a stable, predictable way, so that you’re not left scrambling at the end of the month trying to make ends meet.
Instead of basing your future income on guesswork, we created this simple tool to help you calculate where you’re at, where you’ll be and what you should be doing to get there.
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Simply put, your real estate magic number is the number of listings that you need to have at all times to maintain a stable, consistent level of income. The idea itself is pretty basic — you build up a pool of active listings, and once that’s done, you only have to work to replace them as they sell.
The complex part is determining what your “magic number” of listings needs to be — and that’s what we’re discussing in today’s show.
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Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or schedule a free coaching call with them at freecoachingcallsforagents.com.