If you’re a real estate agent, you are an entrepreneur. You wear many hats and this ends up causing stress to build up. One of the first things you need to do as a real estate agent is find yourself a great accountant to do your taxes because this will help reduce that stress you carry. If real estate is going to be a lifelong career for you then the relationship you have with your accountant will be an important one for your career.
Why Real Estate Agents Need an Accountant
Becoming a real estate agent is easy but being a real estate agent is hard. One of the many things that makes it hard is the financial side. Real estate agents are commission only based pay, there are A LOT of expense write offs, and their income can come in waves which makes it difficult to budget. However, a great accountant can help ease the burden on this side. Here’s what a great accountant will help with:
- Accurately prepare and file your taxes
- Organize financial records
- Keep you compliant
- Strategize on ways to be more efficient
- Handle Payroll if you elect to be an S-corp
How to Find A Great Accountant
Like most professionals, accountants range from bad to good to great. The key is finding a great accountant who will make things easier for you and save you money. Here are some tips that should help:
- Ask the top agents in your brokerage who they use.
- Ask if they are paid by the hour or a flat rate.
- Ask if they charge for simple questions via email or text.
- Ask how many agents they work with.
- Ask if they help with audits should the time come.
