Some where along the way I apparently lost track of how much money I was spending on my marketing campaigns. I forgot about the dollars and only focused on the number of mailers I wanted to send out. On average I was sending out about 750 letters per month which out paced my plan by about 250 per month.
It’s good to get out more mailers for sure, but by deviating from my plan it has handcuffed me a little bit now that we are at the end of the year. It also is drawing a little heat from the wifey, which is warranted The reason this is coming up is because in order to set my budget for next year I wanted to analyze how much and where I spent last years money.
$7000 is too much for me to handle as I need to be more around the $5000 range for my yearly budget. My partner and I are going to have some trimming to do at our meeting this Friday.
One big expense I didn’t include in this budget was all the fees I have to pay in order to be an active Real Estate Agent. That adds on another $1500, making my total spent almost $8,500!
We have to get smarter and more effective with our marketing in order to bring in better leads so I can make more money.
Scott Costello
Latest posts by Scott Costello (see all)
- Podio Thoughts After 3 Years - May 22, 2018
- Who Wants My Steve Cook Courses? - January 12, 2017
- REIFlow for Podio – Looking for 20 more beta users - November 11, 2016
Comments 5
Marketing can be hard to keep track of, especially when using systems that only deduct a few dollars per day. All of those dollars can add up to a large amount for sure. Good luck trimming the edges!
Daniel’s last blog post ..Weekend Vacation Package Auctions
Author
Agree completely and Thanks Daniel.
One of the ways we can trim the edges I think is to narrow our targeted areas and possibly do more internet marketing
Pingback: Meeting Minutes: Budgeting (And VOTE FOR ME!)
I hear you Scott. Direct mail definitely works well in this business but it is really easy to lose money it in a hurry – I’ve been there myself. I get most of my leads online these days. They’re FREE and the quality of the leads is usually just as good… hard to beat that!
Author
Hey Seth,
Got any tips on getting internet leads?