PROFIT IN YOUR POCKET Modeled after The Millionaire Real Estate Agent (MREA) and integrated with KW internal systems,
ProfitDash is KW associates’ trusted source for tracking their expenses and profit. “If you don’t understand numbers, you are going to give money away,” Gary Keller said at Mega Camp 2016, during the panel discussion entitled “Managing Your Money for Success.” During the panel, Keller along with Jay Papasan, executive editor and vice president, KW Publishing, and Garrett Lenderman, lead researcher and writer, KW Publishing, discussed the importance of expense management and what agents can do to keep more money in their pocket. It starts with knowing how much money is going out compared to how much is coming in.
Profit Tracking The MREA Economic Model is a simplified model that can help agents increase profit. And now with ProfitDash, there is a mobile app to help with the process of expense management and profit tracking.
“To me, whenever I got a dollar, instead of upgrading my lifestyle, I reinvested, reinvested, reinvested.” - Gary Keller
First, understand true profit and what to track. Profit starts with leads, which lead to appointments that result in listings sold and commission earned. Along the path there are business expenses and taxes, which when subtracted from commission earned equals true profit. In addition to tracking listings profit, ProfitDash offers KW associates a current look at their profit share earnings right on their phone. “To understand our net profitability, usually bookkeeping resources are needed, but now there is an app I can have on my phone,” KW associate Brandon Green of Washington, D.C., says. “It tracks my income, expenses, time, mileage and even pulls my listing data and profit share information from KW systems.”
A Clear Financial Picture Keller Williams associates can now use their smartphones to track their current and potential gross commission income, as well as estimate taxes and expenditures – giving them a clear picture of their financial status. Unlike other expensetracking tools, ProfitDash syncs up with the agent to track bank activity, mileage and even time, offering real-time financial reporting. “I love that it syncs with my car to automatically log my mileage,” KW associate and productivity coach Nick Chaconas of Bethesda, Md., says. “ProfitDash is a great tool for calculating my net profit for each transaction.”
Published on Dec 1, 2016
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