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Leaping from a steady full-time job to running your own real estate business is a big step. If you’re feeling unsure about where to start, you’re not alone. I had the chance to talk with coach Katherine Loucaidou, who shared some great advice for new agents.
1. Setting the stage
The first thing you need is a solid plan. Loucaidou emphasizes that having a business plan with clear goals is key. Know your market, lay out your marketing strategy, and set realistic income expectations.
2. Structuring your business
Consider setting up an LLC for protection and potential tax benefits. Loucaidou points out, “It’s crucial to get legal guidance here so everything is set up right from the start.”
3. Building a winning team
To thrive, you’ll need to surround yourself with the right people. Here’s who to have on your side:
- Mentor or coach: A mentor can make a huge difference by steering you away from costly mistakes.
- Tax advisor: Taxes get more complicated as an independent contractor. An accountant will help you navigate quarterly payments and maximize your deductions.
- Marketing expert: Your brand matters. Invest in someone who can help you grow your presence online and get leads flowing.
4. Handling taxes like a pro
You’ll need a new approach to taxes. Loucaidou suggests setting aside 30% of every commission check. Track your expenses meticulously — think meals, marketing, and mileage. Tools like accounting software can keep things simple.
5. Networking for success
You’re now running a business, and networking is essential. Build strong relationships with key players like lenders and inspectors. Loucaidou shares, “The stronger your network, the more doors will open for you.”
Wrapping it up
Moving into independent real estate work isn’t easy, but with the right plan and support, it’s worth it. Loucaidou’s story shows that preparation and good advice can make all the difference. Check out our full video for more tips from our conversation.
Rick Guerrero is the Director of Branch Sales and Strategic Partnerships at US Mortgage Corp. You can follow him on Instagram or connect with him on LinkedIn.
