5 ways your business loses money
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.
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