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All Top Producer Tips & Secrets

Tip #6 - Cash Is King

 In a rising market, credit is an agent's best friend. In a declining or uncertain market, cash is king.

Let me explain. Most new businesses fail in their first two years for lack of cash. The business may be earning a profit on paper, but if the business lacks the cash to pay its monthly bills, it will soon be out of business.  

In a booming market cash is not the primary concern. You want to grab all the market share you can and so you agressively spend money to increase your visibility and generate leads. 

Today that mentality will bankrupt your real estate business. Is that expensive website going to pay your electric bill? Are those glossy personal promotion ads going to put food on your table? Not in this market! So hold onto your wallet and keep that change jingling in your own pocket.

This is the time to use free listing web sites instead of paying for your own. This is the time to be featured as an expert in local news stories instead of paying for personal promotion ads. This is the time to establish networking relationships with local businesses that will send you leads instead of paying industry poachers to sell you leads.

If you want to thrive in this business you've first got to survive. Be a survivor....hoard your cash...because right now, cash is king.