Are you a Real Estate Agent or looking to become a Realtor? You may have a lot of question regarding real estate agents. Read our article” Real Estate Agent: 10 Things You Should Know” and learn more by reading the questions and answers below.
Do Real Estate Agent Make Good Money?
Yes. Most real estate agents make good money. The top 5% of the realtors do exceptionally well and make hundreds of thousands of dollars. How much money a realtor makes depends upon his selling ability and relationships.
Many realtors build lifetime relationships that allows them to serve people for decades. Longer a real estate agent is in business, also helps elevate his income due to shear fact that they know more people and more customers know them and refer business their ways.
Can Real Estate Agents work from Home?
Yes. Real Estate Agent can work from their home. More than half the agents work out of their homes as a lot of the time they are meeting clients in the field where they are showing them the homes listed for Sale.
Some real estate agents pay a desk fee to their broker so they can meet client at the office conference room or access printer, scanner or other software services. Despite that majority of the realtors work is still done from their home office.
Can Real Estate Agents Help find Rentals?
Yes. Real estate agents can help you find rentals and also help you review lease and suggest how long or what type of lease you should be signing.
Real Estate Agents have access to MLS that has all properties for sale and lease. They can use this software to help pick the right type of property for rent. They have access to residential and commercial listings.
They can talk to listing agent of the rental property and help you negotiate the rent, term of lease and conditions.
Can A Real Estate Agent be a Property Manager?
Yes. A Real Estate Agent can be a a property manager. This allows them to stay in touch with tenants who may be looking to buy homes and also stay in touch with the landlord so they know when he or she is ready to sell. This way they can make more money by having qualified leads.
Can Real Estate Agents Write off Clothing?
Real Estate Agent can write off clothing if it has company name and logo on it. For example if you realtor has Polo Shirt that has company logo “ABC Real Estate Services” on it then it may be considered marketing and may be a write off.
IRS is specific about clothing and doesn’t allow you to write off clothes such as dress shirts or business suit that can be worn on regular parties or anywhere else.
Can Real Estate Agents Write off Car Payments?
Yes a Real Estate Agent can get Business Vehicle Write off. You can write off Lease payments but if you purchase vehicle then you need to depreciate the vehicle either over 5 years or take section 179 or Bonus depreciation to lower their taxes.
Can a Real Estate agent form an LLC in California?
Yes. Real Estate Agent/Brokers can form an LLC and run their business using a LLC. AB 687 passed the California State Assembly and allowed Real Estate Agents/Broker this option. Previously they could only do C or S Corp. This option allows Real Estate Agents to be a LLC.
Can a Real Estate Agent file for Unemployment?
Yes. You an file for unemployment especially due to Covid 19 there are many federal and state unemployment tax benefits available. But unemployment is mainly paid by the state and some states like California allows Unemployment for Real Estate Agents .
Many states do not allow unemployment of self employed Real Estate Agents. Hence you need to check with your state unemployment department to see if state offers any benefits or not.
Can You Work Part Time as a Real Estate Agent?
Yes. You can work part time as a real estate agent.
Actually many people start real estate agent career as part time and as they establish themselves over time, this becomes their full time career.
Do Real Estate Agents Get 1099 or W2?
Most real estate agent work as independent contractors and receive their Real Estate Commissions on 1099.
There may be very small case where a Realtor is employed on a W2 to manage real estate properties or to work in a real estate office doing different type of work that is required to be W2 under state tax law.