By Spencer Lieberson
Whether it’s personal finances or time at work, brokerage requires you to have a high level of self-discipline. It’s a totally different culture from a typical “9 to 5” corporate position, and the payment cycle isn’t something you can easily forecast. Even then, deals have a life of their own, and the forecast can just as easily be thrown out the window. Here are my top three tips on how to budget your time and money as a starting broker.
- Create a schedule
Brokerage isn’t a typical job, which makes it easy to always be working, but also equally easy to get distracted. At Kiser Group there is no requirement to come into the office. As someone that’s a little scattered, the lack of a pre-defined schedule was hard for me to acclimate to when I started. Creating a schedule for myself became essential. For example, from 10-11AM each day, I’m pounding the phones.
- Focus on the highest priority tasks
Brokerage is a sales position so you have to always be selling. It’s easy to get lost in research, industry articles and talking with people in the industry, which is why it’s important to define what the day’s most important tasks are. Those tasks should revolve around sourcing deals, what is going to help close a deal and providing your clients the best service. From my first sales position out of college, I learned to prioritize my tasks and put them into quadrants to break up my day.
- Budget like a poor college kid
As you build a regimented schedule of your time, it’s equally important to build a regimented budget for you to live in. I left a cushy salaried position to become a broker, and my first few months with zero income were brutal. It could have been easier if I had created a budget for myself from day one. For example, I LOVE LOVE LOVE COFFEE – and when you buy it every day, multiple times per day, it adds up. Doing some simple math, I was spending upwards of $30 a week on coffee alone! Whether it was buying k-cups, or brewing a pot, I had to find ways to cut down on costs to ensure I could live within my means. If you are preparing to get into brokerage, make sure you have put aside a nest egg so that you can live without an income for an extended period.
Budgeting time and money is key to being a successful broker. The perks of being your own boss and earning large commission checks are worth it, but it takes following these steps and staying on track to do so.