I hope you managers and owners already have your business plans done. If so, check them against the list below. If not, it's time to get that business plan thought through and finished for a more focused, goal-oriented 2005.
Here are 10 strategies to reduce your costs without hurting your productivity.
1. Co-op expenses with a title company, escrow company, or other company that wants business from the same source as you (or wants your business).
2. Quit advertising in mass media, (like your local, expensive newspaper), and teach your agents to "relationship market".
3. Advertise in targeted media, and teach your agents to do the same. It costs less, and gets a much greater return.
4. Focus on listings selling, not listings taken (a training issue). Your long-held listings are costing you too much money. Do you know how much? How much ill will, and lack of return customers, is it costing you to have a listing that doesn't sell? Quit wasting your money on overpriced listings!
5. Stop chasing new customers. Focus on keeping the customer, not snagging new ones. Put your advertising dollars there.
6. Decrease your costs by firing non-productive agents. Then, increase the number of productive agents through a recruiting program.
7. Reduce the square footage of your office, by offering agents incentives for in-home offices.
8. Reduce your secretarial costs by routing your phone calls directly to agents as much as possible.
9. Stop buying experienced agents. Hire new agents and train them with a great high accountability, get started fast, business start-up plan and training/coaching program.
10. Reduce the time you spend in non-productive activities. Systematize and delegate many of your duties to staff, so you can do what you do best – recruit, train, and lead your agents.
