- You will learn about cost-cutting strategies in the real estate business.
- Get plenty of DIY ideas that help you to harness your expenses.
A popular saying suggests that you must spend money to make money. Still, it’s easy to let your regular costs and expenses get out of hand by justifying them as investments with the view of greater profits. Managing your budget is crucial when running any business, and real estate is no exception. There are many ins and outs and endless expenses whether you're a homebuyer, a broker, or an agent. Can you make some cutbacks in your daily operations?
Check out these cost-saving strategies to be sure you don’t spend in excess and your business is profitable in the long run.
You shouldn’t feel overwhelmed with all your responsibilities, but adding a few extras to your daily tasks won't hurt in times of the economic downturn. On the contrary - by taking on some of the work yourself, you may save some serious cash and greatly improve your budget.
What can you do?
If your initial reaction was: are you nuts? I am not an IT specialist and don’t know how to code! We hurry with an explanation: you can use a 100% codeless, intuitive website builder, i.e., Placester. The Do It Yourself subscription plan is dedicated to real estate professionals keen on creating their IDX website independently. It doesn’t mean you are left alone: you can contact support anytime, whether you’re troubleshooting issues or looking for marketing advice. There is a 30-day free trial when you can have a go at designing your website. Subscribers get access to over 30 fully customizable templates, researched and designed specifically for the real estate industry.
PRO TIP: A DIY website is a great solution when you are just starting and don’t want to spend too much, as the money is always tight at the beginning. Growing and scaling your business means your DIY website grows with you because you can always reach out to more advanced features in the future, as tools, such as Placester, are scalable.
You don’t always need to hire a professional photographer or videomaker. Watch online tutorials to shoot videos on a budget, take loads of photos, and learn from the best. Be inspired by their work and pay attention to how they show angles and perspective to get clear, bright shoots with catchy details. Sometimes necessity is the mother of invention, so you might discover a new passion and talent.
We all know a picture is worth a hundred words, but marketing content is not limited to videos and photography. There are tens of ways to attract potential buyers, and if you are lost for content ideas, you need to look no further than 107 Outside-the-Box Real Estate Marketing Ideas & Tips (With Examples).
There are tens of different tools you can use for free. Think Canva, Genial.ly, Trello, Starterstory, Lumen5, Animoto, Adobe Creative Cloud Express, HubSpot templates, PlaceIt, Unsplash, Gify, Skitch. The list is not exhaustive. Most paid tools have a free trial or demo version. The "catch" is that you might get access to limited features, but it is better to test them before committing to a subscription.
When something works for you, it is worth considering the annual membership fee or buying in bulk (i.e., using App Sumo). On top of that, most apps offer extra addons or freebies.
The DIY doesn’t mean you work 24/7 doing everything in your business. You don’t want to get burned out, so don’t overwork yourself.
If you are not a one-man army type, consider outsourcing tasks such as bookkeeping, accounting, and marketing services rather than hiring full-time employees. Focus on doing business: saving money and doing everything single-handedly is tempting, but you don’t want to be a Jack of all trades.
PRO TIP: Choose small companies or self-employed freelancers. Many professionals will jump at the chance, especially if you operate locally and want to support your neighborhood community. Cooperation can be mutually beneficial: you share the same group of clients providing services in a set area, so word of mouth is extremely valuable (additional free marketing).
Nowadays, time has a price tag - the more time you save, the more you have to grow your business, which means you can potentially make more money. Outsourcing is not limited to cooperation with freelancers. You are an expert in your field, but connecting with specialists can free up your time. Assess your strengths and choose things you are good at or enjoy. Delegate those you lack skills, knowledge, and time, or simply those least satisfying.
After your website goes live, you can always request content updates and design changes whenever you want. It is also a flexible and scalable choice - when your company grows, your website can grow with you.
Are you always looking forward to the next unveiling of the latest technology, and everybody knows you as tech-savvy? There is a place for technophiles in the real estate market.
Rent can be one of your biggest business expenses, so you must carefully review all the necessary payments to avoid future surprises.
As a realtor, keeping track of your deductions is important to ensure you are not overpaying your taxes. Right knowledge and understanding of tax laws can save you money.
Take a serious look at your budget, especially analyze fixed and recurring costs.
Don't forget about quality when you set off on your cost-cutting quest. In times of slowdown, when you check every penny spent, remember to draw a line where you won’t sacrifice quality. It is one of the biggest mistakes agents can make. Lower your expenses but never standard. The poor value will only repel serious customers, and you will achieve the opposite effect.
Discover new opportunities and save thousands of dollars every year.
Call us at 800-728-8391 for more details or simply leave your phone number, and we’ll reach out to you!
Building Success in RE on a Budget: Cost-Cutting Strategies for Quality-Focused RealtorsRegister