How much are you going to invest in your business for the remaining year?
Your first consideration is "How much did you invest in your real estate business last year and what was your return on your investment (ROI?) Secondly, what were the dollars that produced "results"! Start making a list of your activities, dollars spent and what were the results!
Here is your measuring stick and rules:
- You must constantly be measuring because you can't manage what you don't measure.
- Look at your past expenses and determine if you received a favourable return on the investments in your business.
- Simply focus dollars in the areas that generate a result.
- A rule of thumb for marketing dollars: You should invest between 10 - 15% of your gross income in marketing dollars. I've seen this number as high as 25%.
- Please focus on what is working and invest in it. Don't get carried away in costly print advertising.
- Have you created a internet marketing strategy? How about Google Ad Words. You will be surprised how inexpensive this may be compared to print ads. Not only are you saving hard earned money but if 87% of the buyers are online, 3% are using newspaper advertising, I would think you want to be focusing on where the buyers are looking and Save Your Money!
If you would like some assistance in creating a budget, give me a call! Let's make it work!
Next tip I will discuss working with Buyers.
I hope you find this information useful. Thanks for stopping by.