By Jesse McCarl
Real estate can be a very lucrative career, but it can also cost a lot of money. While you are planning out how to budget your marketing expenses, this infographic will help you appropriate the right figures.
We’re going to start with traditional marketing expenses and work our way towards all the miscellaneous costs you can acquire in order to be the best Realtor in the biz.
Farming includes expenses like business cards, direct mail, and more. Obviously you can choose to cut different marketing tactics in this department, but never underestimate the power of traditional farming promotion. You can expect these types of items to cost you a little over a thousand dollars a year.
Branding is a more general sense of advertising – anything that builds your name as a brand. One of the simplest ways to do this is with social media. One of the most effective ways to do this is with a Customer Relationship Management (CRM) solution. You can expect branding expenses to total just shy of a grand per year.
When you’re not promoting yourself, you’ll promote the houses you represent. This will include everything from broker previews, open houses, customized brochures, and signage for the front yards. This stuff will cost you around $900; more depending on how extravagant you tend to get with your marketing.
Digital marketing is all the advertising that gains you new clientele from the world wide web. This includes a lot of the high-dollar times such as lead generation and paid advertising. You may not use all these services, but you are garaunteed to get out of digitial marketing what you put into it. If you take your digital marketing seriously, you can expect this to cost around $10,000 a year.
A website is pivotal for any real estate professional. After an initial set-up fee that’ll cost you a few hundred dollars, this section is actually pretty cheap to maintain. Between your domain hosting, site maintainence, and IDX, you can expect site upkeep to cost around $500 annually.
The truth is, the “other expenses” category could go on forever. However, there are few things that no real estate agent can escape. The big expenses include – first and foremost – your car. This is the most expensive aspect of a Realtor’s career. With all the gas and maintenance, this will cost you around $1,770 per year. The next big item is technology. Where would agents be without their technology toys? They’d be about $700 richer per year, that’s where! And lastly, no (certified) agent can avoid their association fees. Luckily this should only cost around $120 a year. Total for miscellaneous expenses will be around $2,400.