How To Cut Costs As A Real Estate Agent
If you have been in the real estate business for any length of time, you know all too well how business costs can spiral out of control quickly. Right now, with agents leaving in droves, we are starting to get more calls, emails, and offers for products and software than ever before. Everyone, agents and vendors alike, are starting to feel the pinch. The struggle is real. What makes it worse as we have more time on our hands is the constant chase after the latest and greatest software that's supposed to be our golden ticket. Many agents have come to call it the 'shiny object syndrome'.
There's always the latest and greatest software, that looks like we just can't run our business without it. We've all been there – thinking this new system will be the game-changer, only to find out it's missing the magic touch we thought it had. And the price tags? One-year contracts, hefty sign-up fees, and those never-ending monthly costs – it's like a real estate tax we didn't sign up for.
Now, whether you're a seasoned pro or just stepping into the ring, everyone seems to think our wallets are bottomless. While we're busy falling for the 'shiny object' trap, vendors are out there, ready to sell us anything and everything at a price.
Remember the 2008 meltdown? Well, that taught me one thing – keep a tight grip on that budget. No matter how good the market seems, stash some cash for the rainy days, my friend.
Here's the lowdown on prepping your budget, just like we'd chat over a coffee:
1. Keep Tabs on Clients: Figure out where your clients are coming from so you can spend your cash wisely.
2. New Systems 101: Hold up before jumping into new systems. If they don't offer a free trial, hit up YouTube, talk to people who've tried it – you know the drill.
3. Tax-Time Reality Check: It's tax season! Perfect time to scan your QuickBooks, spreadsheet or YNAB. Dive into those credit card and bank statements. Spot anything you're paying for but not using or you really don't need? Cancel it.
4. Pick up the phone and have a chat with your vendors: Tell them your game plan, and you might be surprised at what they're willing to do to keep you happy, especially if you've been around the block.
5. Brokerage Savings: Ever thought about a low-cost brokerage? Some smaller ones are gems, offering a lot without breaking the bank. Save that extra dough for marketing – more leads, more cash. Additionally, you won’t need to rely on someone else for your leads.
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Now get out there and sell a house!