Being a real estate agent is hard. In addition to having to learn how to sell homes (which they don’t teach you in real estate school), you also have to figure out how to actually run a business. Before getting into the space, I didn’t realize that most real estate agents are considered self-employed. And unless you’re savvy about accounting, you’re probably leaving a lot of money on the table.
Enter Collective, the all-in-one financial service that takes the guesswork and stress out of running your own business!
Here are five ways that Collective will help you as a real estate entrepreneur!
1. Money Saving
As a real estate professional, you’re likely clearing at least $60,000 in profit annually, which means you can see significant tax savings by forming an S Corporation. Collective makes it easy by helping you set up your business, as well as providing reasonable salary estimates and support managing payroll and everything in between. With Collective, members save an average of $10,000 in taxes, so at just $299 per month, it pays for itself in just a few months. Plus, it’s 100% tax-deductible.
2. It’s an all-in-one financial solution
CPAs are expensive and their services are a la carte which means that you pay for every single service they provide to you. There are a lot of details that accompany working as a real estate agent and you don’t want added expenses every time you have a question. Collective provides great value year-round by combining the tax savings from an S Corp and the monthly bookkeeping service, as well as personalized 1:1 attention any time you need. And it’s all included in the monthly price!
3. Monthly expense tracking
Collective provides monthly bookkeeping services to help track expenses and figure out what you can deduct from your yearly taxes. Collective points out tax-deductible items you might not even realize can be deducted from your income like commissions paid, desk fees, marketing, auto, staging, and even your state license renewal. These are all accounted for automatically, so you know that you’re maximizing your tax deductions without even thinking about it.
4. Time and accessibility
Collective saves you time by providing all of the services you need in one place to help you keep track of your monthly expenses and income. The platform allows you to upload your receipts and track everything in one place. As a real estate agent, my schedule is subject to change at any time to accommodate clients and showings, so I appreciate that with Collective, I can just send a message or hop on a Zoom with a financial professional whenever I have a quick question. No more waiting to get on the calendar for an accountant!
5. Peace of Mind
If you don’t have anyone running your taxes and bookkeeping, then you know how stressful it is. One of the biggest things that holds people back from following their passion and starting their own business is the anxiety that comes with the logistics of actually running a business. Collective takes the anxiety and the guesswork out of the accounting side of being a real estate agent and lets you get back to what matters: helping your clients find the perfect home.
