Operating Your Business Without Breaking the Bank

There's a tendency, when just starting in real estate, for people to get caught in a trap where they aren't really making any money but they feel a need to spend a good deal of money in order to build up their business. This is especially true when you are a single person or were formally the breadwinner of your family. I really try not to tell personal stories on this blog (other than my building a brokerage segment), but I wanted to give you my real life example. When I started as a Realtor, I left a very comfortable salaried position in the home building industry. I was, by far, the breadwinner of our family. We had one child in day care, house and car notes and everything that goes with that, and, frankly, we had grown accustomed to a lifestyle that was about to drastically change. Oh, and a couple of months into this new venture, we found out we were pregnant with our second child. To say the least, we were pinching pennies. In the meantime, I needed to make money without spending very much.

I don't know if there is an industry other than real estate where there are so many companies and people trying to make a dime off of the practitioners.

Every day we are bombarded with this service or that technology, not to mention education and organizations, marketing, etc. It really is incredible. So, below are a few quick tips to help you grow your business on the cheap:

Get a CRM

If I could go back and do everything over, this would be number one on my to-do list. CRM systems help you build your business by scheduling regular follow-up with your past clients, spheres of influence, and referral bases. They are invaluable.

Evernote and Dropbox

I've talked about Evernote in a previous post and how you can run your business with it by adopting a few templates. Dropbox, for the unaware, is a cloud storage program. Both offer powerful free versions or very low-cost premium versions. If you lack organizational software or a transaction management software, these two will allow you to easily do so in a format that is web-based and available anywhere, anytime.

Less Lead Generation, More SOI

Don't pay for lead generation when you are first starting. Read this post on working through your spheres of influence. We know that 70%+ of your business comes from your spheres. Invest time and money there, not in the 30% allegedly coming to you because you bought a zip code from some jackass syndication site.

Systems, Systems, and Systems

You have time. Set up systems and checklists as though you were already a top producer. Know your value proposition. Practice scripts. It's better to perfect these things early than play catch-up when you really need them.

Coaching

My third year in the business I hired a coach. While pricey, even for me at the time, it was worth every single dollar and paid itself back to me within a couple of months in real, tangible business. If you can't afford a one-on-one coach, opt for some virtual coaching or group coaching. I promise you it is worth it.

The bottom line is this: You are building a business and that takes time. You can't throw money at it and make it happen faster. Take the time that you have now to get organized, put systems in place, and learn and practice. Invest your money and time in farming your spheres of influence or building new ones. Don't get caught up in chasing the newest trends because they will change tomorrow. Tried and true methods are tried and true methods for a reason.