Although he said he was unaware of the situation in the Dominican Republic, he revealed that in the United States, 76% of real estate agents do not have a financial budget, meaning they don't know what comes in and goes out of their house, and the vast majority don't do it because they are afraid.
SANTO DOMINGO – A real estate agent who doesn't understand or manage their finances will never advance. Selling properties is useless to a broker if they don't know how to maintain and grow their money .
This assessment was shared last night by Financial Coach Daniel Cuesta, while speaking at the free Masterclass “Financial Matrix”, before nearly one hundred participants who attended virtually, at the event organized by the AEI, Association of Real Estate Agents and Companies.
He advised real estate agents to set aside at least six months of their budget as a guarantee against possible eventualities, "even more so after the occurrence of COVID-19, which highlighted human vulnerability.".
“Today it was COVID-19, tomorrow it could be something else. The pandemic taught us that we need to be aware, have a financial plan, and save for tomorrow,” noted the expert, who has been working as a financial consultant for 20 years.
Although he said he was unaware of the situation in the Dominican Republic, he revealed that in the United States, 76% of real estate agents do not have a financial budget, meaning they don't know what comes in and goes out of their house, and the vast majority don't do it because they are afraid, "if you don't know your budget income and expenses, you won't move up to another level.".
For two hours, the financial commentator for Telemundo, who resides in Miami, Florida, reviewed the strategies that have proven successful throughout his long career. He repeatedly emphasized one point: it's not the Ferrari or designer clothes that will guarantee a good sale, but rather the agent's knowledge and the skills they demonstrate to their clients.
“We need to be aware that as agents we represent an industry, and to close a deal I don't necessarily need to have a 2021 car. Knowledge gives you an advantage over appearance, which many consider the most important thing.”.
In his analysis, he considered that many financial decisions are made due to social pressure, but the accounts at the end of the month have no emotions; you can do whatever you want, but you have to pay the bills.
He advised agents to take care of their mental health, which is often affected by the overspending that comes with luxuries and superfluous things. “It’s not the same serving a client with financial worries as one who is focused and free from stress. Good service is outdated; today’s clients want to be charmed. Only then will they return, and achieving that requires tranquility and peace.”.
He cited what he calls the three-dimensional sales model, which consists of first selling oneself, then selling the product, and maximizing social networks, taking advantage of their inexhaustible resources.
Being a real estate agent, he explained, is one of the most rewarding professions, but the world has changed, and the agent must change too. COVID-19 has forced us to become more financially savvy. “And that doesn’t mean just reading a finance book isn’t enough; it’s about the consistency required to achieve greater productivity. Many people don’t like to review their numbers, and knowing how to sell is useless if you don’t know how to manage your money.”.
To monitor and evaluate your finances, she suggests comparing them to your monthly bank statement, as this can help identify any leaks. “Think of your budget as your power card. It’s not about restricting yourself; creating a budget will give you the freedom to do more with your money. Start with a weekly meeting until you can manage it every two weeks, or even monthly, and achieve financial freedom.”.
To achieve financial goals, it's essential to have clear, measurable objectives; otherwise, they'll remain just a dream. Financial goals, beyond simply understanding them, need to be focused and have a defined direction. You need to create a projection and measure your progress against your income.
The experienced financial consultant and business administrator, despite the multiple certifications that endorse his work, has understood one thing: discipline is what matters most, and a final reflection: everything depends on the effort and respect you give to what you learn.
