Ways to Save Money in Your Real Estate Business

You know the drill, you sign up for a much-needed business app and next thing you know, you’re paying astronomical monthly subscription fees for 12 apps. The kicker: You don’t even use half of them, yet you’re still paying monthly fees.

It pays to economize wisely. No matter what stage you’re at in your real estate career, it’s never too late or too early to start saving money. Your real estate career is your business. Run it as a business, and if you’re diligent and consistent, you’ll see it grow and thrive.

Here are some savvy strategies to save costs:

Focus on Past Customers

Devote much of your marketing to existing clients - For most successful agents, 70% to 80% of their business comes from past clients and referrals. Past clients are warmer leads with higher conversion rates.

Set up special deals for customers - When you reach out to past customers, you want to add value. To do this, ask local businesses to offer your customers exclusive promos (like a free dessert) in return for the free marketing you’ll give the business.

Build Referrals

Get in with attorneys by offering them value - Probate, divorce and bankruptcy lawyers are real estate gatekeepers. To entice them to refer you, order books from Authorify.com on topics potential real estate buyers and sellers would want, such as home-selling tips.

Join a referral network - Referrals are also zero-cost. Become a member of a referral agency, such as Business Network International (BNI) or join one through the Women’s Council of Realtors.

Manage Expenses

Track ROI on expenses - Take a look at your business on a deeper level and connect expenses to revenue. Question your ROI for each thing. Most agents don’t do that.

Don’t grow too big, too fast - Reality is that most teams are created in a rush, with little to no planning. You don’t always need to hire more help, sometimes you need to increase your efficiency instead.

Outsource

Farm out lower value work - There are a lot of high-quality independent contractors on sites like Fiverr and Upwork. Outsource more and invest time in lead generation and conversion.

Automate your follow-up process - For those of us that are solopreneurs, automation is the bridge to effective follow-up without the financial burden of hiring and supporting staff. Some recommended platforms are: Follow Up Boss, Structurely and The White Box.

September 20, 2022.Florida Realtors. 19 Ways to Save Money in Your Real Estate Business.

Retrieved from: https://www.floridarealtors.org/news-media/news-articles/2022/09/19-ways-save-money-your-real-estate-business

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