Where Your Money Goes in the Industry
In November, we conducted a survey among our CE Plus members, posing the question, “Which aspect of your real estate business absorbs the highest expenditure?” The outcome revealed that “marketing” emerged as the winner with 39% of the total votes. Continue reading to discover what other elements earned a spot on this list.
In What Area of the Real Estate Business Do You Spend the Most Amount of Money?
Marketing (39%)
More than one-third of survey respondents said that marketing is the most expensive aspect of their real estate business. Specific areas of marketing where agents reported spending the most money include:
- Personal website
- Magazine subscriptions
- Merchandise
- Social media
- Listing photography
- Virtual tours
Other (17%)
Some survey respondents had their own ideas as to the most expensive aspects of real estate. “Other” responses included things like “gas and car-related expenses,” “rent/investments,” and property management expenses—things like “utilities, property insurance, and taxes, mortgages, repairs.” “Lockboxes,” “move-in inspections,” and “move-out inspections” were also mentioned.
Technology subscriptions (11%)
Some agents said that technology tools such as DocuSign, CRM, and MLS make up the biggest portion of their real estate business expenses. If you are looking to save on some of these services, our Membership includes technology subscription discounts including:
- Contactually—the leading intelligent CRM for real estate professionals
- Dotloop—the complete real estate transaction management system
- BombBomb—a video platform that will transform the way you communicate with clients
Association Dues (11%)
Other agents reported national and local association dues are their biggest expense. These may include national, state, and county dues.
Advertising (5.5%)
Advertising expenses may include both web and print advertising, such as paid social media ads, Google ads, magazine ads, mailers, etc. Want to save on signage? Our Members save 10% off all sign products and accessories from Oakley Signs and Graphics.
Office space/supplies (5.5%)
Office expenses may or may not be covered by your managing broker. However, this article outlines some ways that you can save on office supplies.
Health Insurance (5.5%)
If you operate as an independent contractor, the cost of health insurance may be a significant expense. Luckily, as a McKissock Member, you get a 20% discount on Hello Alvin/Telodoc subscription. Learn more about our membership program.
Continuing Education (5.5%)
Only a few survey respondents named continuing education as their biggest business expense. The good news is that this is an area where you can save money—without compromising on quality.
