Ep. 61 The 1st Steps to Take After Deciding to Become a Self Employed REALTOR®

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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Host - Adam Kruse https://hermannlondon.com/realtor/adam-kruse/

Shannon St. Pierre https://hermannlondon.com/realtor/shannon-st-pierre/

Producer - Joey Vosevich

Theme Song by Trastornobeats

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?

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?

1:00:00 Shannon has a very interesting listing coming up in Soulard that has solar, a greenroom, is automated, and has emergency lighting throughout. Call Shannon at 314-583-0070