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Belt Tightening? Six Cost-Cutting Tips

When sales decline, agents look for ways to trim pennies – but it’s not always a smart move to cut back on some expenses. Consider how it could impact business.

NEW YORK – In market slowdowns, real estate agents need ways to save money without negatively impacting business growth.

Suggestions?

  • Buy a coffeemaker to cut back on the time and expense of going out for coffee.
  • Invest in a reliable document management system. It will eliminate paper and printing costs – and it’s good for the environment.
  • Use creative promotions, like a “free seminar for first-time homebuyers (or sellers).” Also look for co-marketing partnerships working with other local businesses.
  • Negotiate necessary expenses, such as brokerage fees, multiple listing service fees and marketing costs. Shop around, compare prices and negotiate with all vendors to get the best possible terms.
  • Take advantage of free and inexpensive online resources, like apps and tools.
  • Network strategically. Attend the events most likely to lead to potential clients and business partners.

Source: Inman (03/22/23) Davis, Darryl

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