Everyone is chasing the freedom that transformative building wealth brings. Yet, real estate agents know first-hand that financial literacy among consumers is suffering, which is why educational conversations about topics like interest rates and inflation with clients are the norm.
As an agent, you are not only tasked with overseeing your clients’ financial readiness when it comes to real estate transactions but may struggle with your own income fluctuations and debts on the path toward financial freedom.
While agents should never act as financial advisors, they can, and should, have more vulnerable conversations about wealth building with their clients. Reflecting on your relationship with money and using the right resources will help you develop a stronger relationship with your sphere as you both work toward this shared goal.
Tell your money story
Sometimes you have to look back through time and piles of receipts to find out why you believe, feel, and spend the way you do. This is known as your “money story.” Research shows our early experiences with money imprint on our brains as beliefs, and then, good or bad, they manifest in our financial decisions.
The way you think about money can hinder you or empower you. Agents who want to have genuine conversations about personal finance with clients and prospective clients should first reflect on their attitude toward finances.
Take PLACE Partner Bethany Nelson, the owner and operator of Bethany Nelson Real Estate Group, who started her career in real estate when she was 22 years old. Within a few years, she was earning over six figures, and the overwhelming feelings about money she remembered from childhood made her unwise with finances. Instead of seeking advice and systems, she got rid of money as fast as she earned it.
One day it hit her — none of her business or investment goals would become a reality if she didn’t get a financial plan under control and start building wealth purposefully. In 2016, she decided to take control of the situation, pay off her looming debt, and work to build wealth. The way she changed her financial behavior became something she could soon transform into a client experience.
Build an empowering community
Nelson created the Facebook group Financial Reign for other women working toward their own version of financial freedom. In the group, over 200 women explore investment strategies together, tracking their net worth, holding each other accountable, and sharing ideas about how to cut spending.
Lives have changed. One of the members paid off nearly $100,000 in debt while in the group. This space allowed women to talk, feel, and work through their spending strategies and finances without feeling stigmatized or judged.
Nelson was closing in on being completely debt-free when PLACE Co-Founder Ben Kinney launched the Wealth Series, a collection of “Win Make Give” podcast episodes that guide listeners through maximizing income, common investment vehicles, retirement planning, financial habits, and more. The series is for people at any point of their wealth journey, so Nelson jumped into the content and gained tools that helped her squash the last $30,000 of her debt.
Set accountability systems for building wealth
In the winter of 2023, Wealth Series 2.0 launched, offering twice as much content as the original series, so Nelson took her wealth-building habits to the next level. She created the BNG Wealth Series, branded to her real estate team. She hosts the series a couple of times a year for her clients to make informed decisions about their finances so they can learn how to get out of debt and build their wealth.
Around 200 friends, clients, and social media acquaintances of Nelson have enrolled in Nelson’s BNG Wealth Series. Participants follow along with podcast episodes, and every week Nelson hosts a Zoom to talk through:
- What they learned that week
- Questions
- Workbook exercises
- Financial goals and challenges
The response from Nelson’s network has been amazing. A client couple worked through the series twice with her, attacking $200,000 in debt. Within 13 months of learning to save and invest, they were real estate investors, managing five properties and actively building wealth.
By offering a space for people to grow their wealth-building knowledge, agents like Nelson can foster deep connections and trust within their sphere.
By breaking the money stigma, choosing valuable resources, and learning with others, you can build wealth more intentionally and create a supportive space for others to do the same. In return, you’ll have more meaningful relationships with people who join you: clients, prospective clients, family, friends, and other agents. You’ll grow closer and when they’re ready to buy and sell real estate with their hard-earned wealth, they will know which agent to call.
Explore how PLACE helps you build wealth
PLACE is designed to help real estate business owners and their teams diversify their incomes to achieve financial independence. Watch our partners discuss their financial success with PLACE here. To inquire about a partnership with PLACE, fill out this form to tell us about your business.
