A great REALTOR® has the ability to help guide clients through the strenuous and often confusing process of buying or selling a home. What needs to be stressed is that these aren’t just dealings related to a person’s living situation, but also major financial transactions that can shape a client’s future. This is why agents need to be up to date on current financial trends and practices to help clients make decisions that will impact their wallets moving forward. You may be great with the numbers, but there’s always room for improvement. Here are a few ways to brush up on your own financial literacy to help yourself and your clients.
Read as much as you can
Financial literacy comes down to just that—diving into as much literature on the subject as you can. Whether you’re already proficient financially or just learning the ropes, there are options galore. Many financial gurus have their own books to help people understand the world of finance, but newspapers and magazines are also great options as they provide a wide array of opinions. Publications like The Wall Street Journal, the Financial Times and The Kiplinger Letter (the longest continually published newsletter in the United States, dating back to 1947) all provide insights into how to better manage your own personal finances, and in turn, help clients with these same decisions.
Use government resources
The federal government is a great resource for improving your financial literacy. Financial Literacy Month takes place every April, and the government and associated organizations take time to produce programs and events to help people learn more about how to handle money. The Financial Literacy and Education Commission, an arm of the U.S. Treasury Department, helps coordinate these public-private partnerships. You can also go to MyMoney.gov to learn about a variety of personal financial topics, including buying a home, investing in a 401(k) or even balancing your checkbook.
Take classes
For some people, taking a class or watching a webinar is the best way to absorb information—especially for matters as important as dealing with finances. While most agents need at least a basic understanding of the financial aspects of the buying and selling process, some of details can get complex and convoluted. There are several financial literacy courses offered by online education groups like edX and Alison. RRC also has a wide variety of online resources for you to learn how to not only keep your business financially viable and thriving, but also how to best advise your clients on some tricky or obscure financial issues.
Visit CRS.com/catalogsearch to access the full suite of education courses from RRC and learn more about the financial side of being a REALTOR® today!
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