November has a way of sneaking up on you.
One minute you're settling into the fall routine, and the next you're looking at your calendar wondering how Thanksgiving is already around the corner—and how there are only a few weeks left in the year.
If you're a Realtor, November can be especially busy. You're juggling clients, showings, negotiations, closings, holiday plans, and probably a growing list of things you want to accomplish before December 31.
And somewhere in that list is probably:
"I really need to catch up on my bookkeeping."
If that's you, don't worry. You still have time.
November is actually a great month to take a closer look at your books because you have enough information from the year to make smart decisions—but you're not quite at the finish line yet.
Here are 5 bookkeeping things every Realtor should do in November.
1. Look at Your Year-to-Date Numbers
Before you start thinking about next year, let's see where this year actually stands.
Pull up your year-to-date Profit & Loss and look at your:
Commission income
Business expenses
Net profit
Monthly income trends
Biggest expense categories
Then ask yourself:
Am I on track for the income goal I set at the beginning of the year?
Maybe you crushed your goal.
Maybe you're close.
Maybe you're nowhere near it.
All three answers are useful information.
As a Realtor, your income probably isn't predictable month to month. One or two large closings can make a huge difference in your annual numbers, which is why looking at the entire year is much more helpful than judging your business based on one slow month.
Your bookkeeping should help you understand your business—not make you feel bad about it.
2. Review Your Commissions & Expenses
November is a great time to make sure your income and expenses are being recorded accurately before the year comes to an end.
Start by looking at your recent closings and comparing your bookkeeping to your settlement statements or commission documents.
Make sure you've accounted for things like:
Gross commission income
Brokerage splits
Transaction fees
Referral fees
Commission deposits
Then take a look at where your money has gone this year.
For Realtors, that might include:
Brokerage fees
MLS and association dues
Lead generation
Advertising
Social media
Client gifts
Signs and marketing materials
Continuing education
Licensing
Mileage
Software and subscriptions
Professional services
Now ask yourself:
Are my expenses properly categorized?
Are there subscriptions I'm no longer using?
Are business expenses accidentally being paid from my personal account?
Am I spending money in areas that are actually helping me grow?
This isn't about cutting every expense.
It's about understanding where your money is going.
The IRS recommends keeping records that clearly show business income and expenses, along with supporting documentation. IRS Recordkeeping
And having those records organized throughout the year makes tax preparation much easier.
3. Check Your Tax Savings
If you're self-employed, November is a good time to check your tax savings before the year ends.
By now, you should have a pretty good idea of how your year is shaping up.
But if your bookkeeping isn't current, you may be working with incomplete information.
And you don't want to guess how much you should have saved for taxes.
You want to base that decision on actual business numbers and guidance from your tax professional.
If your income ended up being significantly higher—or lower—than you expected, reach out to your CPA or tax professional to discuss whether your estimated tax payments or year-end planning should be adjusted.
Your bookkeeper can help make sure your financial records are current.
Your CPA can help you understand your tax situation.
Both pieces matter.
4. Look at Your Profit, Not Just Your GCI
This one is a big one for Realtors.
It's easy to celebrate a big GCI number.
And you absolutely should celebrate it!
But GCI isn't the same thing as what you actually take home.
If you're generating $200,000 in commission income but spending $100,000 running your business, your business isn't putting $200,000 in your pocket.
That's why I want you to look at your profit.
How much did your business actually keep after expenses?
Are your expenses growing faster than your income?
Are you spending money to generate more business—and is that spending actually paying off?
Are you working more but keeping the same amount of money?
These are the questions that can help you make better decisions next year.
Because more revenue doesn't automatically mean more profit.
5. Start Planning for Next Year
Okay, Realtor friend.
Here's where November gets exciting.
You have enough information from this year to start thinking about next year.
Maybe you want to increase your GCI.
Maybe you want to close fewer transactions but increase your average commission.
Maybe you want to take more time off.
Maybe you want to hire an assistant.
Maybe you want to invest more in marketing.
Maybe you want to finally start paying yourself consistently.
Whatever your goal is, your bookkeeping can help you create a more realistic plan.
For example, if you want to increase your income next year, look at what actually happened this year.
How many transactions did you close?
What's your average commission?
How much did you spend to generate those transactions?
What was your actual profit?
Those numbers can give you a much clearer starting point for setting next year's goals.
Don't Let December Become a Bookkeeping Emergency
Here's my biggest piece of advice for November:
Don't wait until December to deal with your books.
December is already going to be busy.
You've got holiday events, family commitments, end-of-year client touches, closings, business planning, and everything else that comes with the season.
You don't need to add a bookkeeping emergency to the list.
Use November to get ahead.
Get your accounts reconciled.
Clean up your transactions.
Review your income.
Check your expenses.
Look at your profit.
Review your tax savings.
And start thinking about what you want next year to look like.
You Don't Have to Do Your Own Bookkeeping
If you're reading this and thinking, "This all sounds great, but when am I supposed to find the time?"
That's a fair question.
You're already running a business, serving clients, generating leads, negotiating deals, attending inspections, coordinating closings—and maybe raising a family on top of it all.
You don't have to do every part of your business yourself.
At Numbers By Nikole, I help Realtors keep their books organized and make sense of the numbers behind their businesses.
Because your time is better spent building relationships, serving your clients, and growing your business—not spending your evenings trying to figure out why your bank account doesn't match QuickBooks.
Let's get your books in order before the holiday rush so you can finish the year feeling confident instead of overwhelmed.
Let's chat about what bookkeeping support could look like for your real estate business.
Disclaimer
The content in this blog post is intended for general informational purposes only and does not constitute professional tax, accounting, or legal advice. I am a bookkeeper, not a Certified Public Accountant or licensed legal professional. While I strive to share accurate and helpful information, I make no guarantees regarding the accuracy, completeness, or applicability of this content to your specific situation. Please consult a qualified tax or legal professional before making any financial decisions. I am not liable for any actions taken based on the information provided in this post.
