The Nest

NestApple's Real Estate Blog

Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.

5 Recordkeeping And Organization Tips For Realtors

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Realtors need to learn to keep accurate records to protect their transactions. They need to manage tax collection and compliance activities, and they must organize legal agreements. Hence, as a realtor, you must rely on an effective accounting system that will assist you in making sound decisions. With this kind of system, you can monitor the performance of your real estate investments and avoid unnecessary stressors and penalties caused by miscategorized expenses. We will provide our best organizing tips.

Keep reading to learn about surefire strategies to organize your real estate records.

  1. Speed Up Online Transactions is the #1 Organization Tips For Realtors

Real estate agents need to sign, collect, and create countless documents throughout each transaction. These files are just some of the requirements you’ll have to keep for every transaction. Without developing customized lists, you’ll face difficulties ensuring you have everything you need for specific transactions.

You’ll be dealing with many records to sustain your finances and clients. Therefore, you’ll need to keep up with your growing network significantly when expanding your real estate business. So, it’ll be wise to consider getting the appropriate tools that will help you speed up your transactions.

Rather than relying on preset checklists, establish specific lists for each type of transaction. Incorporating custom real estate checklists is an effective way to update your files as you go through extended property closing processes. As a result of using these checklists, you’ll be able to enhance your organization skills and create schedules within a single system.

Another essential tool for real estate agents is online faxing, which directly organizes digital documents from your email. Using a technological tool like eFax can quickly archive your real estate information. In addition, digital faxing eliminates the need to manage physical documents, which are vulnerable to damage.

Aside from organizing documents, online faxing reduces the inconvenience of traditional bookkeeping systems. All incoming documents are immediately accessible in your inbox, and you can send a single fax to multiple users in just a few clicks. In short, this technology is quicker and more convenient than the manual way of sending documents.

  1. Implement A Bookkeeping Platform Or Outsource The Financial Work 

As you get more real estate clients, you might find that accounting has become a challenging task. In that case, you must look for practical real estate

Organization Tips

real estate agent holding a house key to his client after signing the contract, concept for real estate, moving home, or renting property

accounting options that will save you time and effort in managing your finances. This way, you can focus on finding ways to sell new properties without worrying about your accounting records quickly.

For instance, you can implement a bookkeeping platform to streamline your accounting procedures. What’s great about this platform is that you can bring your financial records wherever you go and access the files 24/7. Alternatively, hire a financial manager who regularly organizes your accounts payable and receivable.

  1. Open A Separate Bank Account

Lumping your commissions and income sources into a single bank account isn’t advisable, as it’ll keep you from organizing your financial assets well. Instead, you can separate personal and professional finances by opening a professional account in that you can monitor each real estate transaction. You can then share your records with your accountant.

Separating your professional and personal accounts will allow you to organize the necessary deduction and tax fees at year-end. Moreover, this strategy will provide you with a clear overview of your expenses and help you manage your budgets better.

  1. Secure Receipt Duplicates

Regularly keeping copies of the receipts from your real estate transactions may sound easy, but it can be challenging. The last thing you want to experience is to scramble over your files in the event of an audit if you’re able to recall where you put them. Thus, it’ll be helpful to utilize accounting software for linking specific receipts with your credit card transactions.

You must take a photo or scan your receipts to keep track of your expenses. To categorize your real estate transactions, add details about which property each receipt is for and the purpose of every expense.

  1. Last Organization Tips: Use Tools That Match Your Workflow

Most real estate agents are so busy that they struggle with organizing their files. On top of heading out to meet prospective buyers, they’ll have to take care of a lot of paperwork when they get back. So, it’s not surprising that facing heavy paperwork leads to procrastination.

However, you can do something to prevent a backlog: incorporating a transaction management system. This tool allows you to attach and upload files, and it offers you the convenience you need to strike a balance between dealing with paperwork at any time and meeting new prospects.

Key Takeaway and organizing tips

As a realtor, you need to guide property sellers and buyers to earn sufficient commissions. Therefore, you must invest in the right tools that will help you speed up each real estate transaction with your prospective clients, manage your finances, and successfully close deals.



Written By: Georges Benoliel

Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.

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