Texas REALTORS® 2018 Winter Meeting | Feb. 9-13 | Austin, Texas

5 ways your business loses money

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A toy house on top of a stack of $100 bills

05/20/2015 | Author: Editorial Staff

You may not be dropping cash on the street, but losing a few dollars here and there in forgotten, unnecessary, or recurring expenses can be just as bad for your real estate business.

  • Ignoring your monthly statements. Do you pay a monthly fee for subscriptions, apps, or digital services that you no longer use? Review your credit card statements—online or on paper—to ensure a free trial period hasn’t turned into a recurring charge.
  • Not taking deductions. You may be eligible to deduct business-related expenses like meals, mileage, and your home office from your income tax. Consult a tax professional to see if you’re missing out on potential savings.  
  • Doing someone else’s job. Would you rather be addressing envelopes or following up on leads? Consider delegating or outsourcing tasks that aren’t the best use your time.
  • Using ineffective marketing. The next time you pass a property with someone else’s for sale sign, ask yourself, “Why didn’t I get that listing?” You could be missing out on leads by paying to advertise your business in places that potential clients don’t see.
  • Not charging what you’re worth. You might be tempted to discount your fee to attract business, especially if you are early in your career. But it may be better to explain to prospects why your market knowledge and professional resources make you worth the price. 

Categories: Business tips
Tags: business tips, marketing, tax deductions

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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