January 2011

Pinching Pennies

Everyone’s feeling the pinch in this economy. Here’s how some of your peers are saving money and cutting costs in their business.

With the economy and the way the market is going I sat down and reevaluated everything that I am spending money on. It’s kind of like throwing out old clothes. If it hasn’t generated any business for me in the last year, then I cut it and I’ve kept up with the things that have been working. – Mike Long, Long Realty, Westmont

I’ve shifted my marketing budget from print to the Internet at considerable savings, down-sized office and furnishings to reduce overhead. – John George, Bev George & Associates, Edwardsville

Reduced print advertising but maintain mailings to my best client base. Increased Internet marketing and activities and provide existing clients/database with detailed market information and trends. Have also increased use of scanning and e-mail for great efficiency. – Beata Kolpek, Platinum Partners REALTORS®, Downers Grove

I do more door-to-door marketing now. I used to mail just-listed or just-sold post cards to neighborhoods. Now I create a door hanger and place them on the doors in the area. It has saved me a lot of money on postage as well and I am getting some much needed exercise. - Molly
Sabatino, Baird & Warner, St. Charles

Think green! We use the NAR-approved DocuSign software. Not only do our clients love it, it saves gas money from driving to meet clients. It saves paper, it’s faster than those unreadable faxes (and it’s secure and time-stamped)! I also purchased a Fujitsu Scan Snap scanner several years ago to scan in and e-mail clear readable documents to the office and clients to save unnecessary trips. I make house calls of course and take my portable scanner with me, copy the client’s documents at their kitchen table, and don’t have to make extra trips to return documents. – Barbara Markham, Re/Max Preferred, O’Fallon
• www.realtor.org/realtor_benefits/benefits_partners/docusign

I have found the MLS can be a great resource as a second powerful website promoting me 24 hours a day. It allows me to post a customized resume of my services, it has lead generation and client retention capabilities for past, present, and potential clients! It is filled with all the right stuff to keep them coming back for more. All I need to do is remind myself to spend quality time with it to learn all it can do for me! - Dale Taylor, Re/Max All Properties, New Lenox

I use Lowe’s money-saving coupons, a benefit of my membership with the National Association of REALTORS®. It’s free to participate and sends coupons to my sellers and new homeowners. I’ve had clients come back and say that they really appreciate it.” – Linda Nelson, The Real Estate Group, Springfield
• www.realtor.org/realtor_benefits/benefits_partners/lowe_s

I put out a lot of money over past years and I’ve decided to do Craigslist, PostLists, Facebook, LinkedIn, any social network that is free. I am going to start doing a cable show for real estate in the west Chicago area on CableCom Channel 17 public access Real Estate 101, getting information out to people so that they can continue to buy homes because it is a great market for that.” – Linda Panozzo, Executive Realty Group LLC, Bloomingdale

I’m the broker-owner and I am the guy who is plowing all the snow and doing all the maintenance in the building. Another thing we’re doing which initially may cost more is using Paperless Pipeline to file contracts and listing agreements and to save money. We are not using the copy machines and that paper that’s needed to multiple copies of every contract and listing. – Ron Ewing, Re/Max Horizon, Elgin
• www.paperlesspipeline.com

Go back to the old-fashioned prospecting of visiting your friends and relatives and sphere of influence. They would prefer your contact in person because then they know you care about them and at least they will know that you are still in the business. Walk your block and let everyone know that you are still in business and real estate and offer your services. Door-knocking doesn’t cost you but your time and it’s good exercise, you can benefit from both! - Sylvia Rivera, Coldwell Banker Residential Brokerage, Bolingbrook