March 2017 - Kim Hughes

You’ve probably heard the old adage when it comes to networking, “It’s not what you know, but who you know” in reference to finding a job. It is also true of business owners and managers as they work to expand their businesses and customer or client base. Networking is so important that it’s a skill that should be honed. Here are seven tips to help you become a more successful networker.

Have a plan – know why you are networking, so you don’t just wander around aimlessly at events. When you know what you want to get out of networking, you’ll know who to talk to.
Broaden your horizons – while you may want to focus on meeting potential clients, you never know when the owner of a construction company, insurance agent, hair stylist or plumber may have a referral for you. Never underestimate the importance of making business contacts. This is called Business 2 Business Networking.
Arrive early – when you arrive before the event gets in full swing, you have more time to talk to people in one-on-one conversations. You’ll be more memorable later on when they are looking for someone with your background.
Leave your sales pitch at home – networking events are supposed to be light and fun without the heavy sell. Instead of trying to convince others why they should work with you, get to know them and let them get to know you. People are more likely to choose a realtor if they like that person’s character and personality.
Be the best you – Be yourself, but the best version you can be. If you’re an extrovert who likes to talk, work on your listening skills. If you have an introverted personality, try to come up with questions so you can be part of the conversation.
Smile – people find others more approachable if they smile. This can be a challenge if the networking event comes at the end of a long day, but the extra effort will be worth it.
Follow up – remember that these events are where relationships are established, but you have to continue to interact with the person if you want their business or to establish a connection with them.

These are just a few tips that can make networking more fun and successful. Give them a try and watch your list of connections grow.

Ready to create the changes that will help you move towards living the life you REALLY want? Now is the time to take control of your personal development by eliminating self-doubt. Give your confidence a boost so you can value the life as well as the business you have dreamed of. Contact Kim Hughes when you are ready to Bring Clarity, Balance, and Confidence to your business. Visit KimHughes.com for details!

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Real Estate Bookkeeping

Just like your birthday, Uncle Sam comes calling every year. For most people, especially real estate agents, filing your taxes every year is not a viewed as a celebration. Taxes are stressful and overwhelming for many real estate agents. It doesn’t have to be that way. Having a good system and the right team of professionals assembled can take the stress away from tax filing season.

Unfortunately, they don’t cover this in your real estate licensing classes so most agents don’t know where to start. At Kim Hughes & Company, we have a bookkeeping system designed specifically for real estate agents that will put you in control of your money with monthly expense tracking and reporting to prepare you for your taxes and help you plan for the future of your business.

Here are some things you must do to be prepared to file your taxes come April 15^th.

Collect income statements from all income sources.
Collect statements of deductions such as mortgage interest, childcare expenses, etc.
Hire an experienced accountant that knows the tax laws relevant to the real estate industry.
Organize your receipts as you go through the year so that you can find what you need quickly at the end of the year and the expenses are organized for you to save them in case you need them down the road.
Total your deductible expenses by category so that you can provide them to your accountant.

The last item is the one that is hardest for most real estate agents and the one that causes most of your stress. Like any part of your business, having a system in place is the best way to be successful. How do you categorize your expenses? Without a solid system for tracking, expenses will slip through the cracks and the more you miss, the more of your money you will have to give away on April 15^th.

Do you have a list of real estate related expenses that you track for tax purposes? Without a list of what to track, it is hard to get started. Once you know what to track, now it’s time to put everything together. Spreadsheets, accounting software, lists of expenses, envelopes for each category of expenses…there are lots of different ways you can put your expenses together.

If you keep up with this on a monthly basis, you can probably accomplish this relatively easy but do you take the time to sit down monthly and review income and expenses so you are prepared for tax time, know where your money is going and can plan for your long term real estate and financial goals?

You may not be doing this because you aren’t sure where to start or maybe because you are selling houses instead. Whatever the reason, it can’t be ignored. This is a critical piece of your business. If you aren’t managing this piece of your business and have no idea where your money goes each month, contact me today.

Kim Hughes and Company offers today’s real estate agent a place where they can come for assistance is all areas of their business. From systems, marketing, social media, websites, bookkeeping or business coaching. Call Kim today at 903-569-6763 or email to schedule a private consultation on how you can take your business to a new level.