- Strategies to be more profitable in 2021
- Work smarter and cut expenses
Here are some focused, “small-stuff” strategies that may help you become more profitable in 2021. Remember that “small-stuff” adds up to “big-stuff” over time as long as you’re consistently disciplined.
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- Know how much you earn per hour.
- Take you NET income (what you report to the IRS) and divide it by 2,000 (40 hours/week X 50 weeks)
- Like your hourly wage? Keep doing what you’re doing.
- Don’t like your hourly wage? STOP doing anything that doesn’t produce revenue
- Reduce your non-income producing costs
- Track the activities that CONSISTENTLY generate leads
- Forget the activities that do NOT consistently generate leads
- The less your non-income producing costs, the more profit you’ll have
- Strengthen your referral database that comes from your sphere of influence
- Most top/elite producers report that their business comes from referrals, past clients, their spheres of influence
- Spend your marketing money and your time here
- Remember…profit is ALWAYS temporary
- Be on top of identifying and shifting patterns and trends
- Invest in learning new skills and ideas
- Act, make mistakes, learn and adapt
- Be your own lead generator via your phone, email, social media, video and Zoom
- Paying for “outside” lead generator programs only buys leads that are being sold to everyone else
- Save your time and money
- Buy what you use, not what you think you need, in bulk and/or on sale
- Post-pandemic, consider hybrid working do reduce drive times and expenses
- Know what your buyers and sellers REALLY need in order to make a transaction work
- Help your clients know what they need by interviewing them, asking the right questions and listening to them
- Wanting and needing are two different things
- Regularly check-in with your clients throughout the transaction
- Be proactive about identifying potential problems during the home buying/selling process so you can solve those problems before they become obstacles
- Being consistently proactive takes less time and effort
- Ask your clients what you can do better so you can improve your customer service while your clients are still your clients – they’ll likely become more loyal to you since you’re asking them to invest in you
Thanks to a variety of sources published in InmanNews, HousingWire and Harris Rules.
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