BrokerageIndustry News

8 ways to trim real estate business costs

Do away with the fancy lunches, ineffective marketing

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You can increase your profitability by working harder, but have you ever thought of "spending smarter?" One of the greatest challenges any business faces is how to create and sustain profitability. As an agent, you can increase the number of hours you work or attempt to increase the average sales price of properties you represent. A completely different approach, however, is to rein in your spending. To make more profits from your business, incorporate the tips below. 1. Monitor advertising and results Agents pour millions of dollars each year into ineffective newspaper, magazine and Web advertising. Does it work? Unless you have a method for tracking results, you will be unable to answer this question. Even when your advertising does work, most offices lose more than 90 percent of the incoming leads because the floor broker is unable to obtain the caller's contact information. The solution to both problems is an 800 call-capture system. First, you always receive a valid callback n...