“Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time.”
Those are the words of Johann Wolfgang von Goethe, a German statesman and writer who was born in the 18th century. And how true those words hold today, particularly in the real estate business, where it is so easy to hemorrhage money and time. Here are a few tips:
Don’t pay for listings
There is really no reason to open your wallet to pay for a listing. With loads of websites and companies that serve real estate agents (or sellers who want to do it themselves) out there willing to do it for free, you shouldn’t waste your money on something like that when there are so many other expenses you have to manage.
Do your research
Selling a house at the maximum value (or buying at the lowest price possible) requires that you do your homework. The internet is loaded with information on real estate, and you should be a sponge absorbing whatever you can about the market.
How much are similar houses in the neighborhood selling for? What impact do certain amenities have on the home’s value? What kind of mortgage rates are available right now? This information is important to buyers, sellers, and real estate agents alike.
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Time your listing
The timing of when you list a home does matter—as it does when you’re in the market for a home. Zillow says that the best time to list a home is in the spring as the weather warms up and people try to get a deal on a house before a new school year starts. Homes sell the fastest and at the highest price during this time.
Take advantage of real estate tax deductions
There are tons of tax deductions you can take as a real estate agent. For example, if you drive between properties and appointments, you can deduct that from your expenses. Marketing and advertising, a home office, office supplies, and even desk fees can also be deducted on your taxes.
Of course, most businesses can deduct those types of expenses. But in the real estate business, you can also get deductions for paying for fees and licenses that are necessary to operate, or even your dues for the National Association of Realtors.
Use good real estate management software
We have many real estate management software options listed in our directory—a total of 252 as of this writing. Real estate management software can help you manage your business more effectively and efficiently, which will save you money in the long run.
Using our directory, you can compare software products by their features, how many users would need to use it, and even whether you want a web-based or installed option.