You’ve taken the biggest step and gone out on your own. Freed yourself from working for the man!

Now the buck stops with you!

Up until this point, there may have been a lot of champagne bottles being cracked and joyous vibes.

Which is great. Don’t get us wrong.

We are here representing as the (not so Debbie-Downer) to remind you of those important bits and pieces that may not be front of mind just yet.

But they need to be.

But, before we get to these tidbits, take a few minutes and read 3 of our previous blogs on setting up your own agency.

If you haven’t worked your way through these steps yet, then now is the time to start!

  1. Setting up a New Agency – Part A
  2. Setting up a New Agency – Part B
  3. 10 Steps To Setting Up Your Agency

There are some great pearls of wisdom in there.

Now we want to delve a little deeper into software, Trust Accounts and audits.

The good stuff!

7 essential tips for new Real Estate Agents

  1. Batch payments

    Does the bank you are looking at enable batch payments such as Batch Bpay? Does it allow different users to have different settings & approvals?

    If the answer is no, move to another bank that allows for this.

    You’ll understand why when you have issues with levels of access for your future staff.

  2. Registering your Trust Account with the relevant State body

    Ensure you register the opening and closing of the Trust Account in your state with the relevant body.

  3. Know your Trust Account!

    Ensure you know what you can and can’t do with a Trust Account. Not sure what we are talking about?

    Here are some references from our Trust Accounting archives for some essential reading.

  4. Choose the right Trust Accounting software

    For the love of god don’t use Xero!

    If only I had a penny for the number of times I have to admonish people for this one.

    Xero is for general accounting – not Trust Accounting. If in doubt, again, delve into our software archives for a wealth of info on choosing the right Trust Accounting software.

  5. Outsource

    When in doubt outsource. Don’t try and save costs. I guarantee you, it will cost more in the long run.

    Every. Damn. Time.

  6. Find a good Auditor

    Before you even start out and make a single penny, find yourself a good Auditor. They can help you with the basics so you are running fancy-free every audit.

  7. Don’t be a sheep

    Do your own research. About anything and everything.

    Be as informed as humanly possible about your business.

    Just because Sam from Smith Real Estate says you don’t need to do something, doesn’t mean they are right! Be your own best advice.

Tracy Hayden is the General Manager & Licenced BAS Agent of End of Month Angels, a consultancy firm specialising in Trust Accounting & Bookkeeping for Real Estate Agencies Australia-wide. Tracy knows the legislative requirements of running a successful Real Estate Agencies & SME’s through her 25 years’ industry experience in accounting. Don’t trust just anyone with your Trust Accounting or bookkeeping. Book an appointment with an End of Month Angel today.