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Smart Ways to Trim Real Estate Business Expenses to Fight the Bite of Inflation

The COVID-19 pandemic continues to affect the country’s economic landscape, as supply chain issues and consumer demand drive inflation to 40-year highs. Maintain your income with these real estate business tips to keep your expenses at manageable levels.

1. Track your spending.

Many financial advisors consider this the cardinal rule of budgeting. It’s far too easy to underestimate the impact of daily lattes, dining out and other miscellaneous purchases. Track every penny you spend, and you’ll be surprised at the painless cuts you can make.

2. Invest in non-disposable products.

The convenience of products such as paper towels, bottled water and coffee pods is outweighed by the strain they put on your budget and the environment. Start using long-lasting alternatives like cloth dish towels, refillable water bottles and mesh coffee filters.

3. Reach a happy medium.

Just as starvation diets are counterproductive, paring your budget to bare bones often backfires. Feelings of deprivation build-up, resulting in overindulgence. Follow the saying, “Everything in moderation,” and look for ways to scale back instead of cutting out.

4. Review your spending habits.

How did the pandemic affect your financial habits? Did you start relying on meal delivery services or reduce contributions to savings and retirement accounts? Re-evaluate your behavior and determine which habits serve the bottom line and which ones are detrimental to your finances.

5. Spend money to make money.

Running a successful real estate business involves expenditures for marketing programs, professional association dues, and other activities that help gain and convert prospects. Make sure you’re crunching the numbers and spending money on items that show the best return on your investment. 73% of homeowners say they are more likely to list with a realtor who offers to do a video of their property.

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