Income Slowdown? Bootstrap Your Business
It’s okay for others to say you “really know how to stretch a dollar.” Bootstrapping means finding tools that maximize your services while minimizing costs.
NEW YORK – To “bootstrap” a business means moving it forward without spending a major amount of money – or no money at all.
That savings can apply to new marketing efforts or transaction management processes. The aim is to do more with less, but only where it makes sense to do so.
For instance, people can curb costs by developing their own professional website – but only if they have the requisite technology skills to pull that off and the necessary writing skills to make it sound professional.
Agents can also do all their own video content marketing or launch a podcast with someone if they have the skills, though they can also ask for help from an affiliated industry, such as a staging professional.
A platform like Canva features a wide array of templates and pre-existing designs that can facilitate content creation for social media or a blog. And a tool called PosterMyWall lets users create professional-looking flyers for new listings. Agents can also turn to a transaction management platform or financial management apps to bootstrap the company’s bookkeeping and tax preparation. Agents should also regularly explore rapidly changing tech options to see what they can leverage without significant added cost.
In some cases, bootstrapping may take a little work. A little training to learn a particular skill, for example, could save lots of money over time. For example, agents uncover all the tools within their broker’s CRM (Customer Relationship Management) to enhance lead generation.
Training may comprise online webinars, training sessions at the brokerage or offerings from Florida Realtors®, the National Association of Realtors® or a local association.
While bootstrapping may be an ideal choice in a slowing real estate market, it’s important to note that business operations can and should evolve based on market conditions.
Source: Inman (03/01/23) Murdock, Christy
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