Written by NAEA | Feb 8, 2016 5:00:00 PM
The Financial Department is without a DOUBT one of the most important parts of any business.
Managing finances in the office can seem like a ball of yarn- it can be neat and tidy or more than likely, a ball of mess. You want to make sure your finance department is running neat and tidy to make sure you can tie up any loose ends. This way, you won’t get tripped up. There’s truly no one better to learn from that the brilliant Jay Kinder, CEO and Co-Founder of the National Association of Expert Advisors. As the #2 Agent in the Nation from Coldwell Banker, Jay sold more than 3, 000 homes while capturing 14% market share in Lawton, Oklahoma. Needless to say, Jay is a legend in the world of real estate. Even better… he is one the most generous people around. He has a passion for turning good agents int GREAT ones; his specialty being helping people set in automated systems so that they can step away from their business. His logical and down-to-earth approach to business will give you actionable ideas- while keeping it real. You’ll find he is upfront and honest about things he does in his business and is always ready and willing to share EXACTLY how he achieved his success. Today, Jay’s interview with his finance manager will show you behind the scenes. You'll get to see first how his team functions successfully every day. You’ll also learn what role and function a financial manager plays in a real estate business, and you'll get the inside scoop on what programs he uses so you can use them too.
Quick Take Aways of How Jay Kinder Runs His Finance Department
What function does a financial manager play in the business?
- Manages billing to affiliates
- Maintains all accounts for the company
- Commissions for the Agents
- Paying company bills
- Remodels that Jay works on
How often does Jay meet with his finance manager?
Depending on if Jay is in town, they meet weekly or bi-Weekly
How are those meetings structured?
- Account for closings
- How much income was created
- How much is paid out through bills
- Determine if we can spend more money, or need to stop spending money
- Budget
- Jay signs commission checks or bills
They usually last 30 minutes to an one hour.
What programs are being used?
-
Quickbooks Professional
- Shows what you want to spend & compares it to what we actually spend.
- Used to determine if the company can spend more money or needs to save
-
Excel is used exactly to show…
- What the company has grossed.
- Net income from commissions
- Transaction fees
- Processing fees
- Referrals
- Affiliates income
- Commercial leases
- American home shield income
- Listing release fees
-
Lucero
- Upload contracts and listings daily
- Track awards and royalty fees
Questions or comments about this interview? Please share them in the comments section below and, you never know… you may just get an expert response to get eyes on your business!