Real Estate can be a very expensive business. Most people looking to get into the business don't realize how much money it takes to get your business going. Getting licensed is not cheap, letting people know you are in the business is usually not cheap, and everyday marketing is not cheap. I didn't have much money when I got into the business, and when my business was slow I didn't have much money, so I found ways to market myself that didn't cost much. There is some truth that it takes money to make money, but how much money do you really need to spend?

I am not going to say that you shouldn't spend money in this business, but you really should be smart with your money and make sure you know where it is going. When I got into the business my company picked up the cost of my first 3 mailers to my sphere of influence. At the time I had about 300 people on my mailing list, and I was looking to get some business from them. Most companies however don't pay for the first 3 mailings, but I believe it is important to let your sphere of influence know that you are in the business. Before you start sending out mailers make sure you have a plan and a theme to the mailers. You want people to remember you, so sending out mailers on a consistent schedule is important. I send out mailers every month, and I believe that it is money well spent.

Asking for referrals is the cheapest way to make money. After you send out a couple mailers to your sphere of influence, make sure that you call all of them. Who is the next person you know who is going to be buying or selling real estate? I don't know how many times I have asked that question, but it really works. I just recently made it a goal to ask all my clients for business. When I get a listing I let them know that not only do I want to help you, but I want you to be so happy that you refer your friends, family and co-workers to me. By the way, who is the next person you know who is going to be buying or selling real estate? I also let them know that when I call to give feedback, I will be asking for referrals. The other day I had a showing and gave them feedback after it was done, and again asked for a referral. I used to just ask for referrals at the time of closing. Now they come to expect me to ask for business and are more prepared to give me a lead at closing.

Working For sale by owners, and expireds is another source of business that can be fairly inexpensive. Every morning I check the MLS for homes that just expired off the market. I look up their numbers and call them. If they have any interest in listing again, I will bring a packet of information about myself and drop it off at their door. The calling is free, and the packet of information I have about my self is very inexpensive. But believe me it works. For sale by owners has been a challenge of mine throughout my career. I recently came up with the idea of creating home fliers for them, in exchange for buyer leads, and the hope that they will work with me when they purchase a home. My hope is that when they see my willingness to help them, they will be inclined to work with me if their home doesn't sell. The fliers are not very expensive to create; it's stopping at their door that is the hard part.

Getting known in the community does not mean you need to buy a Billboard, but it does mean that you should be active in the community. There are a number of volunteer opportunities that will allow others to get to know you. Do you have any hobbies? If you like basketball, find a place where people play pick-up games and make some new friends. I have heard about scrap booking clubs in my area, so there must be things in your area.

Going door to door in a neighborhood is fairly inexpensive. The hard part is getting out there and knowing what to say. Once you are out there and have a script, it is a great source of business. Make sure that you leave them a business card, and ask for their name before you go. You will be surprised with the amount of business that is out there.

I believe that spending some money on a website is money well spent. However, I want to caution you on spending too much. If you are going to spend $10,000 creating a website that no one is going to find, then you are wasting a lot of money. What is most important is that your website can be found on the search engines. My first website was created for free, and I spent $30 a month, yet I still managed to make it to the first page of Google for my keywords. Since then I spent some money on a better website, but only after I knew that people would actually visit it.

I needed to spend money to get my name out there, but I also believe that there is business out there that doesn't cost much. Asking for referrals is a great place to begin, working for sale by owners, and working expired listings is another inexpensive way to get business. Becoming well known in the community can pay dividends, and going door to door in local neighborhoods is another good source of business. Be careful with how much you spend creating a website. First get on the search engines, and then create a better website.

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