Starting with the obvious places in which to save money
Some of the obvious places in which your real estate business can save money have to be mentioned because they can sometimes get hidden in plain view, rendering them not so obvious after all. These include the likes of organising property viewings in a geographically sectional manner for example, so that you can spare some costs on fuel by not having to drive across town each time to get to your next property viewing.
Other “obvious” areas to save on overhead costs in just require the application of common sense and logic, such as not being wasteful of resources like stationery and perhaps switching equipment and hardware off when not in use, etc.
Operating only during market up-cycles
Before you bite my head off and perhaps even go as far as accusing me of trying to clear the field up so that I can enjoy the market all to myself (if we’re real estate agents operating in the same area, that is), hear me out a bit. I’m on your side here and trust me when I say that there’s plenty to go around for everyone in this business.
When I talk about operating only during the market up-cycles, I don’t mean you need to shut down operations completely. Rather, you should down-scale your operation accordingly, which means allocating less resources to overheads such as marketing, etc.
Monetising the inventory you have to work with
This builds on from the previous sub-point discussed and while it makes for a way to make more money as opposed to a way of minimising overheads, the same end-goal of minimising wastage is achieved. The inventory you have to work with exists in the form of the properties listed with your agency which you wish to sell. Why not make use of them to maybe host some events as a means through which to generate some additional revenue – with the consent of the outgoing owners, of course?
Identifying products and services that can be solicited on a contingency basis
The aim is for you to approach this challenge taking into account everything mentioned in this post as a collective, but if you’re going to insist on choosing just one way to cut down on your real estate business overheads over all others, for whatever reason, then you should pick this one – identifying products and services that can be solicited on an on-demand basis instead of having them as fixed costs. If you look hard enough you could probably find a way to solicit products and services in this way in every operational area of your real estate operation, such as how a regional Winder Criminal Defense Attorney can be roped in only if there is a need for one, i.e. if you’re perhaps being sued by someone who wants to hold you personally liable for their suffering of an injury they claim is your fault, having suffered that injury while perhaps viewing properties with you or doing other business with your organisation.
You can extend this view to your IT services, cleaning, etc.