With everything costing more within an inflationary environment, here are some tips about saving your money while pursuing sales amid tight inventories.
Money-Saving Tips from Been-There-Done-That Industry Experts
Here are some money-saving tips from experts who don’t always believe you have to spend money to make money. During this time of shifting markets and 40-year high inflation, now may be the time to make money by not spending money.
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Here are 14 money-saving tips from industry experts who have maintained their business dollars and their success rates by saving money and by being creative and strategic with their business efforts.
- Grow you market knowledge base – Lindsay Reishman with Pareto in Washington DC believes that agents set themselves apart by having a deeper understanding of their market. Reishman told Inman, ” It’s about being able to answer the question of ‘how can you uniquely provide the services that any specific type of buyer or seller needs?'” Answer this question by putting in the time and effort to know you specific market. If, for example, a buyer wants a condo, find out which entity is financing older and newer condos.
- Plan purposefully – Reishman also believes in learning and knowing how you get to where you want to be from where you are.
- Examine your P&L statements – You may be paying for/subscribing to something that you no longer use or is outdated. Even small expenses add up…declutter.
- Utilize and leverage your brokerage’s services – Minette Schwartz with The Schwartz Team at Compass in Miami and Krystal Acosta of Compass in Denver believe in using your brokerage’s in-house services. You’re already paying for those services via your commission split so why pay extra for marketing if/when your firm provides in-house marketing?
- Forget shiny objects and online traps – John Cunningham with eXp Realty in Phoenix encourages agents to see “beyond the glitter.” Cunningham tells Inman, “We get hit up…all the time…It’s very tempting, but I don’t do that anymore.”
- Work with a coach and/or mentor – Elena Licari with Coldwell Banker in Los Gatos CA believes there is no need “to reinvent the wheel.” Work with a coach who knows the wheel.
- Maintain a flexible mindset – Licari encourages agents to shift, pivot and constantly reevaluate their systems.
- Outsource tasks- Dennis Bowers of The Bowers Group with Compass in Naples FL encourages agents to cover more ground by adding an assistant and/or creating a team to grow your business, when it’s appropriate to do so.
- Focus on your sphere – Bowers believes that being visibly present within your sphere is much more profitable than buying leads. “Buying leads is a big trap that people fall into.” Potential clients hire people with whom they are aligned in some aspect of their lives.
- Take care of yourself – Plan and take vacations to rejuvenate your body and mind.
- Lean into digital and virtual – Digital marketing is much more affordable and effective than print marketing. According to Frances Katzen of The Katzen Team with Douglas Elliman in NYC, digital marketing is consistent with “…the instant gratification culture we’re in.” Likewise, a virtual assistant costs a fraction of a “real” assistant.
- Switch to an EV when your current auto lease expires.
- Hire an intern – Liz Hogan with Compass in Miami looks to a nearby college to hire an unpaid intern for a semester to help with social media, photo shoots, etc. Hogan encourages agents to do the same as those interns receive college credits for their work in lieu of your money.
- Build your relationship with your accountant – your accountant is more up to date on current tax-saving options than you are, according to Hogan.
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Thanks to Inman.