Tough economic times lead to cost cutting for a lot of organizations. Real estate agents are no different. As small business owners, real estate agents make difficult budgeting decisions everyday. When deals aren’t closing, agents must rely on savings or loans to fund operations, or find ways to cut costs. In order of easiest to hardest, here are five ways real estate agents can save hundreds of dollars every month, other than becoming a referral agent:
Closely review credit card statements. Did you forget about a service that you signed up for a few years? Those monthly and annual charges can add up.
Temporarily pause your MLS renewals. Cancelling or pausing your MLS membership(s) can save you thousands alone. If you’re not working with sellers, only with buyers or renters, the value of an MLS is already questionable. Most of the information they offer is available on Zillow or Redfin. One potential pitfall is the requirement of some MLS’ to limit property access to those with Supra key or other smart key subscriptions, so be aware.
Ask your broker for a deferment on company fees. Brokers charge desk, technology & other various fees to their agents to cover costs, plus a small profit. If your broker values you and can afford it, requesting a deferment until your next deal closes shouldn’t be asking too much. It might also be possible for your broker to pause a software license or two if you aren’t using the tools provided.
Join a team. This could be a big change if you’re used to working on your own, but many teams cover costs as part of the compensation package for their members.
Ask your broker if they have admin work they can offer you. A great way to replace lost income or off-set your office fees is helping your broker with something they would be hiring for anyway. It could be a win-win if opportunity arises.
Becoming a referral agent might feel like a big change, but it’s easier than people think. If I had to rank it in this list, I’d probably have it tied with number two. At $99 per year, joining General Referral lets you keep your license for a fraction of what it costs to be a full service agent.
Are there other ways you’ve successfully saved money as a real estate agent? If so, drop us note and we’ll add it here.
