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Becoming a Better Financial Manager

By Alan Bigelow, ABR, CRB, CRS, Real Estate Business Magazine, June/July 2006

Alan Bigelow

The real estate industry is faced with challenges and a variety of business models. When all is said and done, the mainstay truth is that the customer still requires service. However, before you can provide outstanding service that will translate into profit, you must get your financial house in order.

To become a better financial manager, one must begin by having a thorough understanding of the three fundamental financial statements that monitor the management success or failure of your team, office or company. These three statements — the income statement, balance sheet and cash flow statement — are daily, weekly, monthly and quarterly report cards. These indicators will help you evaluate your ability to manage and make decisions.

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Strategic Business Management really forced me to examine what we do as REALTORS® and how I manage. This course is the difference between growing and increasing marketshare or going out of business.

Elizabeth Worrall Daily, CRB Candidate, Mary Worrall Associates