In this episode,
Realtor Adam Kruse and
Realtor Shannon St. Pierre talk about the very first steps you will take when deciding to quit your W-2 job and become a self-employed Realtor. Find out the best ways to keep track of your expenses and how long it will take to start making money as a Realtor.
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1:41 Adam introduces Realtor Shannon St. Pierre
2:21 This year’s Hermann London theme is “Someday is Today”. Quit putting off those things you've been dying to do.
3:08 So you've decided to become self-employed
3:44 How are escalation clauses used when there are multiple offers and how do different Realtors handle them?
6:22 Why do home-buyers send letters to sellers when trying to convince them to sell the house to them?
9:08 Shannon and Adam are Realtors not CPA's or attorneys. Make sure you consult with your CPA and attorney first.
10:08 Contact Hermann London before deciding to quit your job and become a Realtor and ask any questions you have
10:56 What special things do I need to do to become self-employed?
11:11 What will a self-employed person need to do to have health insurance?
12:30 What should I ask my accountant and lawyer before becoming self-employed?
14:30 Do I need business insurance when becoming self-employed?
14:57 What is the very first thing I should do when starting a business?
15:50 What is my new business classified as to the government? Sole proprietor? S-corp? C-corp?
17:08 Should I file my LLC in Delaware or Nevada?
18:11 How is a W-2 employee different from an independent contractor?
19:34 Do I need an employee identification number (EIN) when becoming self-employed and to open a bank account?
20:24 What kind of checking account should I open when starting a business and how do I avoid bank fees?
22:44 When should I get an operating agreement when starting a business? What is an operating agreement?
25:34 Is it better to have a credit union or online checking account when starting a business?
26:58 What kind of credit card should I open when starting a business? Is there a difference between a personal credit card and a business credit card?
28:46 What kinds of perks do business credit cards offer?
29:59 How do I keep track of my business expenses and should I pay for a Quickbooks subscription?
31:51 Do I need to keep a lawyer or accountant on retainer to run my own business?
32:30 How does Hermann London Real Estate Group help agents with all their legal forms?
35:19 When do I have to pay quarterly taxes when I become self employed?
36:57 Do you have to pay off tax liens before you can buy property?
38:05 How does becoming self-employed affect my ability to buy a house or get financing? Should I buy a house before I quit my full time job?
40:30 How much are the required classes to become a Realtor and are there discounts if you contact Hermann London first?
42:48 Agents often interview the brokerage to see if they want to work there
45:02 Hermann London focuses on retention of the agents they already have over recruiting
46:08 What will all of my expenses be to get started as a Realtor?
47:25 What are the three big things you get access to as a Realtor? What is the MLS? What is Supra?
49:29 How much do I have to pay for continued education fees as a Realtor?
50:00 Is becoming a Realtor one of the cheapest businesses you can start?
50:48 How long does it take before I start making money as a Realtor?
52:20 Hermann London has a big property management department so it’s easier to take a new agent and feed them leasing leads
54:05 How much money does the average Realtor make?
55:10 Should I keep my job while starting my real estate career? When should I quit my day job?
59:38 Realtors at Hermann London are walked through their first sale and Adam will come to meetings and help with paperwork
1:00:00 Shannon has a very interesting listing coming up in S(continued)
