Focus on Realtors: 4 Bookkeeping Frustrations and Solutions for Realtors

Log home in the mountains Telluride, ColoradoI am acutely aware of the realtor frustrations in resort towns. Not only am I married to one, but I’ve also worked professionally with some of the top Realtors in my ski town as well as the state. Realtors are my clients and friends. I’ve attended more Real Estate conventions than Accounting conventions. I have a good pulse on running a Real Estate business in today’s world and here is what I see: you are facing challenges from everywhere.

Frustration 1 – You do not have enough time

Let’s be honest – Realtors are not so great at their bookkeeping. It isn’t because you can’t, it is because it is a huge time suck! When you finally have a couple of hours off the last thing that you want to do is accounting. You don’t really want to outsource your bookkeeping either. You feel that paying for bookkeeping is just another expense, like paying someone to clean the house. Who wants another expense? This mindset is costing you money.

Solution 1

Hire a QuickBooks Online Certified Pro-Advisor. You may spend a little more upfront but your ROI is mountains over just getting expense reports for tax returns. A QBO ProAdvisor will automate your bookkeeping. No more scrambling for statements, spreadsheets or guesstimates for the tax man – QBO integrates with your bank eliminating any possible missed deductions. Now you aren’t just paying someone to track expenses, now you have real time information to make better business decisions. 

Beyond that, Advisory “Firms of the Future”  will go the next step to review and analyze your numbers with you. Having historical data on the seasonal behavior of your business allows Advisors to help you plan your cash flow and strategize tax planning.

Partner with someone that can help you grow and keep your money.

Frustration 2 – You need to know where to spend your advertising dollars

EVERYone wants your advertising dollars. They are feeding sharks out there. You are spending so much money in so many directions, it’s scary.

Solution 2

The right accounting partner can provide you with details of where your advertising dollars are going – as they are going! If an angle isn’t working, catch it quickly and reset. Compare what you’ve spent this year vs last with the resulting impact on revenues. QBO ProAdvisors can create workflows that help identify where your customers are finding you.

Remember that hiring someone niche in your industry brings an entire knowledge base of what they have seen work -and what hasn’t. It is invaluable to have an Advisor with experience.

Frustration 3 – You don’t feel like you have control

Your phone rings constantly; you are the glue. You have to stay on top of everyone and everything to get the deal closed. Then you have to make dinner and get the kids to soccer. You do not want someone else paying your bills, they will spend too much of your money or pay for something that should not be paid. They pile up in the mailbox. You pay them late. At some point you’ve got to file all that (but really, you just throw them all into a box).

Solution 3

You can have full control over bill payments without spending hours every weekend. Hire someone who eliminates paper bills. We create Accounts Payable workflows for businesses operating around the World. Trust me, they aren’t processing paper bills! They pay on time and have happy vendors and retain full control while on-the-go. Bills are queued up and delivered to business owners for electronic approval…on their smartphones.

Approve or deny bills in 5 minutes – in between showings, waiting for a client, while blogging.

Frustration 4 – You can’t keep up with technology, but you see the competition doing so

Smart phone taking a photo of mountainsZillow, Redfin, and about a hundred other business are launching industry disruptive technology services. You can’t even keep up your Facebook page. Its overwhelming. You do not even know who to call.

Solution 4

You need access to a strategic network of professionals. This is why you hear Firm of the Future Accountants now calling themselves “Advisors”. They are out there building Teams of in-house and referral partner talent. Virtual Admins are all the rage now due to their low cost and technology capabilities. Your Advisor can tap into vast resources to help.

This is the kind of value that is far beyond the traditional bookkeeper. This is the kind of value that lets you keep more of your money. This is the kind of ROI that is mountains over just getting expense reports to the tax man.

If you are ready to make life easier and hire a professional, contact Singletrack Bookkeeping today at 970.291.1201. We do all the behind-the-scenes work to make your real estate business run smooth. Hiring us means that you will always have the most up to date accounting records.