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If it’s not working, axe it

Make a New Year's resolution to identify money-losing activities

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What are your New Year's resolutions for 2011? If one of your resolutions is to make more money, a great place to begin is by expanding what is working and by dumping any activity that is losing money.

There are two ways to make money: You can earn more or you can spend less. The easiest way to earn more is to expand your existing profit centers. For example, if you have a successful farm area, expand into a neighboring area. If you regularly convert Internet leads, expand the scope of your website or drive more traffic using pay-per-clicks. If you like representing first-time buyers, spend more time prospecting rental housing. The key point is to build on your strengths.

While many agents focus on earning more, few focus on eliminating non-revenue-producing activities. In some cases, market conditions change. What was profitable yesterday may be a money-waster today.

A major part of the challenge is that most agents fail to track where their leads or...