Rick Guerrero talks to coach Katherine Loukaidou about making the leap from a stable full-time job to running a real estate business.
Whether you’re refining your business model, mastering new technology, or finding a strategy to take advantage of the next market boom, Inman Connect New York prepares you to take a bold step. The next chapter is about to begin. Please join us. Join us and thousands of other real estate leaders from January 22-24, 2025.
Running your own real estate business from a stable full-time job is a big step. If you don’t know where to start, you’re not alone. I had a chance to speak with coach Katherine Loukaidou. He had some great advice for new agents.
1. Setting the stage
The first thing you need is a solid plan. Loukaidou emphasizes the importance of having a business plan with clear goals. Know your market, develop a marketing strategy, and set realistic income expectations.
2. Structuring your business
Consider forming an LLC for protection and potential tax benefits. “It’s important to get legal guidance here so that everything is set up correctly from the beginning,” points out Loukaidou.
3. Build a winning team
To be successful, you need to surround yourself with the right people. Here are some people who can be your allies:
Mentor or Coach: A mentor can make a big difference by steering you away from costly mistakes. Tax advisor: Taxes become more complex when you become an independent contractor. Your accountant can help you navigate your quarterly payments and maximize your deductions. Marketing expert: Brand matters. Invest in someone who can help you grow your online presence and generate leads.
4. Handle your taxes like a pro
A new approach to tax is required. Rukaidu suggests setting aside 30% of your fee check. Track your spending carefully. Consider things like diet, marketing, and mileage. Tools like accounting software can help keep things simple.
5. Network for success
You are currently running a business and networking is essential. Build strong relationships with key stakeholders such as lenders and inspectors. “The stronger your network, the more doors open to you,” says Loukaidou.
put it together
Working independently in real estate is not easy, but with the right planning and support, it’s worth it. Loukaidou’s story shows that preparation and good advice can make a big difference. For more tips from our conversation, watch the full video.
Rick Guerrero is Director of Branch Sales and Strategic Partnerships for US Mortgage Corp. You can follow him on Instagram or connect with him on LinkedIn.
