How Profitable Is Your Work Setup?
Perception and credibility aside, as a real estate investor, agent or other related professional, where you work matters a lot when it comes to productivity and net profits.
Have you ever sat down and done the math? Could your working arrangements actually be costing you big time?
Being an independent real estate professional offers the freedom to choose where you work; Anywhere from working at home, taking on your own storefront, forking out for high profile Class A office space, or even a shared office arrangement. However, if you aren’t hitting all of your goals, you might be in need of a new work setup to boost your productivity.
Here are three questions to ask yourself to evaluate your current work setup:
1. Is This Your Ideal Work Environment?
Is your current setting optimal for getting your best work done, and lots of it? If you are making too many sacrifices in this respect you could be sabotaging your own creativity, ability to innovate, focus and productivity. This will continue to grind on you, not to mention cause you to take a lot longer to reap the rewards from your business than it would in a more productive environment.
If you aren’t in your zone; how can you tweak it, or is it time to set up shop somewhere else?
2. What Are The Real Costs?
Despite being in a business that involves finances all day long, it is amazing how far off many Realtors, real estate investors and other related business owners are when it comes to calculating the true cost of their office space.
If choosing to commute to a glitzier address or renting an office, don’t forget to calculate in the added costs of gas, lunches out, and other daily expenses.
Make sure you know all the real costs so that you can truly figure out the total price your paying for your work setup.
3. Is It Profitable?
We have all been trained to save and look for ways to reduce overhead, especially in the past few years, but don’t let this sabotage your real estate business by being too short sighted. A really great office choice should not just yield a good ROI but should actually be making you money.
What are the networking, lead generation and promotional opportunities does your work setup offer? And how much money are you bringing in every month from the building you are working out of?
Depending on your answers to these questions, it might be time for a change of scenery.