KELYN MILES (Selling Keys Real Estate)

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Rainmaker
2,969,238
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I wouldn't ever advice anyone on how to structure themselves legally... this is something to discuss with your accountant and financial advisor. The answer is different for everyone. As for how to function with a team and without being a principal broker, what Barbara Todaro said.

Sep 03, 2017 01:04 PM
Rainmaker
4,863,044
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

you're newly licensed.... your feet haven't landed yet.... working uner the re/max umbrella or in a keller office is just like working on your own... you can create a team and run your own business.... and brand your team....

Sep 03, 2017 12:50 PM
Rainmaker
4,307,805
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Congratulations, and your best bet is to consult your CPA and or your tax attorney. .  As far as branding yourself, give yourself some time to develop it and get more experience.  Wishing you continued success.  A

Sep 03, 2017 10:05 PM
Rainmaker
5,257,400
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You do not need to have a separate entity. Instead, cover yourself with an umbrella liability insurance policy.

You will be more productive with an assistant. Yes, build a team of buyer agents who will take your leads and pay a referral fee. 

RE/MAX is set up to handle teams as suggested by Barbara Todaro.  

Sep 03, 2017 12:51 PM
Rainmaker
1,206,037
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Fantastic start.  Our Rain friends have offered several good suggestions. Best of luck.

Sep 03, 2017 06:15 PM
Rainmaker
2,422,639
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

You can rent a broker for so much per fee transaction. Corps are a write-off and LLC limits your exposure. Bank all the money and then take a 2nd look

Sep 03, 2017 05:30 PM
Rainmaker
1,503,965
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

I think you are getting way ahead of yourself .....

Sep 03, 2017 04:53 PM
Rainmaker
2,762,456
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Consult with the right professionals to to give you the guidance you need. 

Sep 03, 2017 04:22 PM
Ambassador
4,048,614
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Wow!  you are really making great start.  Congratulations!

Sep 03, 2017 01:11 PM
Ambassador
3,179,472
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

First of all, congratulations, KELYN MILES - that's a very impressive 90-day start in this crazy business!

As for hiring your own assistant and showing agent, I'm not familiar with your state law but, I would definitly consult a CPA & the real estate commission to see what they recommend.

I have my own LLC, from which I pay my assistants. I do know some agents with assistants who have the brokerage pay so that they don't have to have their own LLC. For me, it makes more sense to do it that way for tax purposes but, again, I'm no CPA, nor am I operating a business in your state.

Good luck and keep duplicating those numbers!!  

Sep 03, 2017 07:49 PM
Ambassador
3,911,933
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Congrats on your success thus far. See what Barbara Todaro has to say. I would talk with your CPA about your legal and financial questions. Don'tmake any hasty decisions without doing your research.

Sep 03, 2017 04:13 PM
Ambassador
1,609,754
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Don't you think you are jumping the gun just a bit after 14 sales?

Sep 03, 2017 03:02 PM
Ambassador
2,343,739
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     Consider creating an LLC, operate it as a sub-S corporation.  That gives you the liabililty shield, and the tax shelter.  Obviously that depends upon the laws of your state; see an Attorney, a CPA, etc.

   See a labor/employment attorney before hiring an assistant (or anybody else).   It may be better to use a service, rather than face the litany of employer/employee issues that will distract you from being a real estate agent.

     How long in Washington State before you can become your own principal broker, your own company?

Sep 03, 2017 12:52 PM
Rainmaker
1,017,742
Valeria Mola
SIB REALTY - Sunny Isles Beach, FL
305-607-0709 SIB Realty

Did you give up on Active Rain? Did not see you here...

Sep 02, 2018 06:01 PM
Rainmaker
691,817
Richard Bazinet /MBA, CRS, ABR
WestUSA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

You have many things going on at the same time here. 

#1. Get yourself a business plan by writing one.

#2. Articulate what needs to be done in a priority order.

# 3. Focus on the priorities.

#4. Identify competent experts in each field, write job descriptions and get recommendations: people (assistant), tax accounting, systems, marketing

Then adapt the plan as business conditions progress.

Sep 04, 2017 08:18 AM
Rainmaker
2,655,879
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Congrats.  You really should consult a CPA and/or tax attorney on type of corp.  And, honestly, you should be doing this regardless.

 

Then, consult them on best way to hire people - as an employee or as an independent contractor...there are guidelines set by the government and if you don't follow them correctly and/or fill out proper forms (e.g. payroll tax, etc), there can be big fines.  People make these mistakes unknowingly all the time. 

 

Sep 04, 2017 07:38 AM
Rainmaker
742,752
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

 The results you have shared indicate your instincts are good.

By your profile, it appears you are running and independent office and for reasons only you know, have elected not to affiliate with a franchise. 

Now, you find yourself under the burden of great success without the infrastructure to grow in a well managed progression.

I suggest, for many reasons, that you consult your attorney. In most states attorneys can play the role of  principle broker.  Based on your business model and exposure to risk, the attorney will prove invaluable today and in the inevitable consultations that will arise. 

LLC's tend to be the most prevalent structure with lowest cost and ease of creation however, your situation may require a different solution.

So, call a suit and get some legal advise.

You are aware of the programs presented by KW, BH and CB to newbies and the sweet words attached.

You are aware of the motivation of agents who choose RX or RE or those companies with high productivity averages.

Spend time to create your transformation story that will attract highly motivated, committed agents.  

Sep 04, 2017 06:56 AM
Rainmaker
557,116
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

I'm sure we'd all love to hear what you're doing to garner so much business. That's very impressive for a new agent. Congratulations!

Sep 04, 2017 06:03 AM
Rainmaker
3,049,771
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Nina Hollander and Barbara Todaro  nailed this one!

Sep 04, 2017 03:57 AM
Rainmaker
3,237,186
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Congratulations on your success, Kelyn - this is a great opportunity to stop, reflect and review with the appropriate qualified professionals.  Good luck. You're off to a great start.  

Sep 03, 2017 10:21 PM
Rainmaker
1,520,356
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

As Roy Kelley already wrote. And consult with a CPA on the most advantageous entity for you and the State you live.

Sep 03, 2017 01:42 PM
Rainmaker
3,162,488
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Congrats on a fast start. Consider talking with ReMax or Keller and you will get loads of help. Also, speak with an attorney about the best way to have assistants. Mught be better to use a service, at least at first!

Sep 03, 2017 01:34 PM
Rainmaker
1,477,056
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Congratulations Kelyn! 

I just wanted to wish you all the best in your new business. 

Sep 03, 2017 01:28 PM
Ambassador
2,664,777
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Congratulations KELYN MILES That is amazing for a new agent! Keep up the good work! Remember that one of the realities of this business is the feast and famine cycle you can fall into. Learn to delegate as much as is possible. After that, work on income producing tasks. We now own a virtual assistant company who we started using ( before I owned it) back in 2008. Many of my vas have been with us that long too! Feel free to reach out to me to find out more about what we can do. Listing marketing is a great way for you to establish your brand to position yourself to get more listings. Text me anytime at 561-502-1577, Katerina. 

Sep 05, 2017 08:56 PM
Rainmaker
863,526
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Congratulations on your huge success. I would advise that you consult with your tax attorney or CPA

Sep 04, 2017 12:40 PM
Rainmaker
910,227
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Congratulations. First of all enjoy and document what you are doing to create this success.

How are you creating these deals? Are they pre-set up, new construction, family & friends, leads, strangers? How are you closing them? All this needs to be systematized for when you hire or it's not scalable.

My point is before you hire an assistant, long before you incorporate, you need a track record to establish what is a trend vs. a predictable result to base these decisions on. 90 days is too soon to make these decisions; enjoy the bounty, use it to train you better so you know what you really want, need and how to train an assistant because you've done everything you're training them to do.

Sep 04, 2017 09:14 AM
Rainmaker
1,401,064
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

14 transactions in three months is wonderful! You might want to just keep doing what you're doing since it's obviously working well.

Sep 04, 2017 03:55 AM
Rainmaker
3,977,511
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

If it were me, I would step back and look at what you have and what looks good and what needs improvement

Sep 03, 2017 07:17 PM
Ambassador
3,981,932
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It depends on your state requirements. My suggestion is to consult with a good tax attorney or accountant about the best way to shelter your income and protect your liability 

Sep 03, 2017 07:06 PM
Rainmaker
4,431,972
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Sep 03, 2017 04:49 PM
Rainmaker
4,018,036
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Consult a CPA and an attorney to see how you want to structure your business.  Congrats on the immediate success!  

Sep 06, 2017 05:42 AM
Rainmaker
723,664
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Best to consult with your professional team i.e. attorney and accountant as there may be legal and tax implications.

Sep 05, 2017 09:59 AM
Rainmaker
3,062,861
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Will have to see what otheres have to say!

Sep 04, 2017 11:45 AM
Rainmaker
1,209,644
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

For branding Ron and Alexandra Seigel are the experts.  When it comes to structure, I'd talk to a lawyer and CPA.

Sep 04, 2017 09:21 AM
Rainmaker
4,796,451
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Wow, congrats on your success.  I would speak with some local successful Realtors/Brokers for advice.

Sep 04, 2017 05:48 AM
Ambassador
4,298,221
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

KELYN MILES - I'd suggest, hire a coach. I recommend one from Buffini & Company.

Good luck.

Sep 03, 2017 10:58 PM