This April, one of Inman’s most popular recurring theme months returns: Back to Basics. All month, real estate professionals from across the country share what’s working for them, how they’ve evolved their systems and tools, and where they’re investing personally and professionally to drive growth in 2022. It’s always smart to go Back to Basics with Inman.
Some business professionals say, “You have to spend money to make money,” but that’s not always the case.
In real estate, the market can turn on a dime, which is why agents need to be smart about saving money where they can in their business.
Agents recently told Inman that saving money can be as simple as tapping into your brokerage’s in-house services or tracking your expenses more closely. However, it can also be as elaborate as partnering with a local university to develop a real estate marketing internship program.
From not spending money at all to investing some strategically, here’s how industry experts say agents can save their pennies.
Grow your knowledge base first
Instead of turning to products or technology to fix a problem in one’s business, Lindsay Reishman of Pareto in Washington, D.C., says that agents should first consider working on their knowledge base in their field. Having a deeper understanding of the market is typically what helps set an agent apart, Reishman argued.
“It’s about being able to answer the question of ‘how can you uniquely provide the services that any specific type of buyer or seller needs?’” Reishman said. “Usually when I think about that question, I don’t solve for it with money — I solve for it with time and effort. So I’ll say, Okay, I really want to work on condominiums in downtown D.C. — what do I need? To know about X or, if I’m buying a property in the condo, what’s relevant right now?”
With condos, for instance, Reishman knows that older condo buildings aren’t currently being approved as…