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7 Simples Strategies to Reconfigure Your Budget to Save

With rising mortgage rates, 2022 might not be as hot as 2021 when it comes to home sales, so it doesn't hurt to have a plan.

With rising mortgage rates, 2022 might not be as hot as 2021 when it comes to home sales. The housing market is not going to bottom out, but it doesn’t hurt to have a plan. Here are a few tools that can be used to help reduce some of the costs associated with having your own real estate business and leave more for you to save.

  1. Utilize your brokerage’s tools - This is one of the easiest ways to cut costs. From marketing to education, your brokerage has vetted these tools to be the cost-effective and the best. There is no need to go and buy items that your broker can offer at a lesser cost.

  2. Door knocking, phone calls, and handwritten cards - with all the tech that is available to help boost your marketing, sometimes, it is the simplest tools that are still the most effective. Going through a neighborhood that you see is having a lot of activity is a good way to get your name out and it’s free. Take some business cards to leave, and if you get to talk to a homeowners, get their email address so that you can keep them updated on market stats. Phone calls are a good way to keep in touch with past clients and potential clients. It doesn’t have to be about only real estate; you can call about a recent job promotion they received or how their vacation went. Finally, a hand-written card is the perfect way to keep you in their mind.

  3. Make the most of organic social media and geo-focused hashtags - Adding a mix of personal and business content into your social media. Always use hashtags that are for your particular area. It is also important to make sure your contact is well thought out to get the most views and engagement. Make sure your business content adds value to the viewer, such as tips and what is going on in the market.

  4. In-person connections - While social media is a way to market yourself with little money, it is always a good idea to go to in-person meetups or volunteer events. Join local professional groups. Network so that when someone has a referral, you’re the one that they think about.

  5. Get the most out of open houses - If it is your open house, consider hiring someone to do a deep clean so the house looks its best, even if it is not staged. Bring in some bottle water, some snacks, and a pamphlet with information on the listing. For other agents' open houses, offer to host for them. This is a great way to get new leads, and offers the other agent coverage in the case of an unexpected event.

  6. Building relationships with vendors - This is a perfect relationship to build. With vendor relationships you can offer free or discounted services, merchants, events, and other needs. This can be helpful in creating a closing bag for your clients or offering an event. Having a list of trusted vendors is also useful when your client needs to have a repair done. This way you’re offering your client a quality job, and also providing business for others and they may refer you when someone needs Realtor®.

  7. A Certified Tax Professional - Working with a certified tax professional is the best way to maximize write-offs and other tax savings. It can definitely help you in the long run to save some money!

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