Overspending? How Agents Can Rein It In
A solid budget plan sometimes needs revisiting if income drops. A number of strategies can help agents cut back, with the first step low-hanging fruit: Impulse buys.
NEW YORK – Real estate agents can reduce spending and boost profitability by following a number of strategies.
The first step? Keep track of all expenses and income to avoiding overspending. Agents should keep their personal and business finances separate, and retain receipts and invoices for tax purposes.
Each expense category should have a budget. It helps agents keep impulse buying in check and also identify areas where spending should be increased. Then, each month, they should compare their budget to actual expenses to ensure they’re not overspending.
Agents should also consider working with a financial advisor. They can help develop spending plans tailored specifically to the individual’s requirements.
Other expenses may be dropped in lieu of free or low-cost marketing strategies, like email marketing, blogging and search engine optimization.
When dealing with vendors and service providers, agents should negotiate for discounts or deals.
Software can help make agents more efficient at a lower cost, such as customer relationship management (CRM) software.
Finally, it’s a good time to invest in professional development. It won’t save direct money today, but boosting professionalism promises a benefit that can maximize profit in future economic slowdowns.
Source: Inman (05/10/23) Davis, Darryl
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