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Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
Whether the current stock market shenanigans have you worried or the past couple of years of high interest rates and low inventory have taken a toll on your production, you may be thinking about cutting costs and working on your fiscal fitness.
If so, it’s probably time to look at both your professional and personal expenses, not to mention the “lifestyle creep” that occurs when you take on subscriptions, perks and other recurring non-essential expenses over time.
So we asked: What tips can you offer on keeping finances in check? Should it start with tech stack, outsourced services or nice-to-have personal expenses? Do people spend too much on lead-gen and not enough on follow-up? Is everyone spending too much on fancy cars and not enough on their businesses? What’s your best financial advice for 2025? Here are your responses:
- Do more digital versus print advertising
- Analyze your past up to 10 years sales. Where did you get each client? Property types, average sale prices. Make sure you have a database with your clients’ info. Start putting your efforts and money to what has been working. Create a regular follow-up for your past clients.
- It is critical to track your cash flow and not overextend yourself. Stop buying leads because they are likely low quality anyway, and they have no allegiance to you. Buy a sensible vehicle that reflects your brand. I can afford any vehicle I want, but I drive a Subaru Outback because it’s highly rated, reliable, reflects my brand, holds all of my Realtor tools, and many of my clients drive a Subaru.
- 24 years in the biz, from Sept. 11 to the Great Recession and COVID to now. Bear in mind that all fluctuations — both highs and lows — are not forever. Keeping your belt tight regardless of the market conditions will be of great benefit to you, whether you are producing $100 million a year or $6 million. Being light on your feet and able to bend in the wind is critical; in the high times, save, pay off debt, and set yourself up for success for the low times because they are coming. Also, refusing to participate in the negative rhetoric and or euphoric optimism of pendulum swings — work your business, your sphere, your client base, etc. Regardless of market conditions, you will be a mainstay because you have built a solid foundation by keeping your client base close to you and having the reserves and the temperament to weather all conditions.
Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.
What did we miss? Please share your thoughts in the comments section below.
