SANTO DOMINGO – “If you want to do big business, you must develop an entrepreneurial mindset, because organized companies do business with organized real estate agents,” said Luz Santana, business strategist and tax consultant.
He called on real estate agents to change their mindset regarding tax matters, stressing that it is very costly for any company to assume the tax of another and that developing an entrepreneurial mindset leads you to see taxes as part of the business.
“If you earn money, you must pay taxes,” he commented while delivering the presentation “Beyond Commissions: Financial and Tax Planning for Real Estate Agents,” at the third edition of the “Master Agent 360,” held this weekend at a hotel in the Dominican capital.
Luz Santana. (Fidel Pérez/El Inmobiliario).
He explained that when he was evaluating and consulting the sector to present the paper, seeking to help strategically, some said they did not see the commission, others expressed discomfort about paying taxes.
In that regard, he considered it time to change the mindset and invited the more than 100 real estate agents in attendance to implement a plan to fulfill their tax responsibilities.
She recommended they adjust their budget based on their monthly income and explore alternative sources of income within their field. “Explore additional services such as consulting, training, and property management; look for other opportunities in the business so you don't focus solely on sales revenue, but on things that depend more on you,” she emphasized.
Santana suggested that real estate agents optimize their financial management by automating savings and investments to build an emergency fund for needs and plans such as travel and vehicles, "so that everything that comes suddenly is covered," he stressed.
“Review and adjust your goals regularly to see if you are achieving them, and if not, take steps to reach them. Avoid unnecessary debt. Use credit only for profitable investments and pay off debts quickly,” he advised.
He called on real estate agents to constantly train themselves in finance "because investing in financial training will improve your management and maximize your income.".
Additionally, set realistic sales goals, even if they aren't regular customers. "Analyze your sales history. Review past revenue and calculate monthly averages.".
He pointed out that it is necessary to define goals at minimum, intermediate and optimal levels, explaining that the minimum is when you work to acquire what you need to live, intermediate is what gives you stability, while the optimal is the point where people feel in control by fulfilling their proposed financial goals.
