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It may vary by state but, keep in mind and refrain from paying hourly or any other method which may be interpreted as salary. Reason being is that if you provide a salary, you then have to be responsible for witholdings, and more importantly must pay and provide workman's compensation etc. Its not worth rolling the dice with Dept. of Labor. I've heard of a few agents who have unintentionally been in hot water. It is wise to pay per transaction by means of % or flat rate and give the person a 1099, ie subcontract the assistant.
It may vary by state but, keep in mind and refrain from paying hourly or any other method which may be interpreted as salary. Reason being is that if you provide a salary, you then have to be responsible for witholdings, and more importantly must pay and provide workman's compensation etc. Its not worth rolling the dice with Dept. of Labor. I've heard of a few agents who have unintentionally been in hot water. It is wise to pay per transaction by means of % or flat rate and give the person a 1099, ie subcontract the assistant.
There is a list of qualifications differing employees from subcontractors.
Many agents walk all over the IRS guidelines, and could easily find themselves subject to significant penalties if ever audited, or if a "Dependent Contractor" ever makes a claim of employment.
There is a list of qualifications differing employees from subcontractors.
Many agents walk all over the IRS guidelines, and could easily find themselves subject to significant penalties if ever audited, or if a "Dependent Contractor" ever makes a claim of employment.
Then quite possibly you'll have DoL and IRS having a latex gloved chat with you!
An agent's assistant, in a prior office, sued because they got injured on the job, whole mess opened up esp when their 'arrangement' was examined. Point being, to hire an assistant without doing diligence with written outlines and agreement and appropriate correlating pay structure can open a can of worms and consequence.
I have two assistants that are paid $11 an hour. Both are part time. One is back office type work doing advertising and keeping my books. The other is customers service setting up appointments, getting and providing feedback, setting up inspections and processing paperwork through closing. The thing I like most is that she catches all of the calls from other agents to see my listings. They can sit a broker open house but that is it in Florida because they are not trying to sell anything. I am arranging for both of them to get their license. Having more leads than time, I have recently been passing leads to six newer agents in my office on a 50/50 split. I provide the lead, the agent gets it to contract and my assistants get the sale through closing. I have been doing this two weeks and have three buyers under contract. I expect to hire an additional assistant to help. I thought it would be a great idea if there were to be a free-lance assistant to help agents in the office as needed which is why I found this post. I wanted to see if I were on track as far as my thoughts on compensation. If an agent handed their sale off to an assistant at time of contract then they could be paid a transaction fee and no need for keeping up with hours. My goal is not to be the number one agent around or to sell over $20M in a year. My goal is to have more free time while making a comfortable living and provide a good service to my customers. Can someone give me an idea what a 'free lance' assistant should charge to process contract/sale through closing would be including arranging inspections, etc? I have someone in mind that I am thinking of suggesting this type of employment scenario too but the pay is the only piece if the puzzle missing before having that conversation.
I have two assistants that are paid $11 an hour. Both are part time. One is back office type work doing advertising and keeping my books. The other is customers service setting up appointments, getting and providing feedback, setting up inspections and processing paperwork through closing. The thing I like most is that she catches all of the calls from other agents to see my listings. They can sit a broker open house but that is it in Florida because they are not trying to sell anything. I am arranging for both of them to get their license. Having more leads than time, I have recently been passing leads to six newer agents in my office on a 50/50 split. I provide the lead, the agent gets it to contract and my assistants get the sale through closing. I have been doing this two weeks and have three buyers under contract. I expect to hire an additional assistant to help. I thought it would be a great idea if there were to be a free-lance assistant to help agents in the office as needed which is why I found this post. I wanted to see if I were on track as far as my thoughts on compensation. If an agent handed their sale off to an assistant at time of contract then they could be paid a transaction fee and no need for keeping up with hours. My goal is not to be the number one agent around or to sell over $20M in a year. My goal is to have more free time while making a comfortable living and provide a good service to my customers. Can someone give me an idea what a 'free lance' assistant should charge to process contract/sale through closing would be including arranging inspections, etc? I have someone in mind that I am thinking of suggesting this type of employment scenario too but the pay is the only piece if the puzzle missing before having that conversation.
Darn! Too bad you're so far away! I've been looking for an RE assistant job, and I'm licensed. Admin experience just not in RE. Ah well.
I'm an assistant for a realtor, and we agreed to $75 dollars a day, but I only work on my 2 off days for about 5 hours. I also work a full time 40 hour a week job. Just recently I was asked to work Monday through Friday 9-3 for $1000.00 every two weeks because she is getting more business, and has a few contract with the City. I would have to stop working my current full time job which pays me $17 an hour with full benefits; medical, dental, 401k, vacation, and sick leave. I don't know what to do?????
I'm an assistant for a realtor, and we agreed to $75 dollars a day, but I only work on my 2 off days for about 5 hours. I also work a full time 40 hour a week job. Just recently I was asked to work Monday through Friday 9-3 for $1000.00 every two weeks because she is getting more business, and has a few contract with the City. I would have to stop working my current full time job which pays me $17 an hour with full benefits; medical, dental, 401k, vacation, and sick leave. I don't know what to do?????
You make a business decision. First of all determine the cash cost value of your benefits. Secondly, what are the odds that you will receive merit pay raises where you are. Will $17 become 17.25, 17.50 etc.
Then, while I am sorry to sound less than respectful of your Realtor, he/she is moving you to a salary instead of a wage. Most small business owners (Realtors are small biz owners) do not understand the ocean of employment laws and principles.
I don't think you have much of a decision to make in this case.
I'm an assistant for a realtor, and we agreed to $75 dollars a day, but I only work on my 2 off days for about 5 hours. I also work a full time 40 hour a week job. Just recently I was asked to work Monday through Friday 9-3 for $1000.00 every two weeks because she is getting more business, and has a few contract with the City. I would have to stop working my current full time job which pays me $17 an hour with full benefits; medical, dental, 401k, vacation, and sick leave. I don't know what to do?????
Remember, he/she asked you to assist more because business is going well. This market is ever-changing so what's good today may be different tomorrow. I would focus on what is best in the long run. Benefits are valuable. Also to be considered... Will the realtor replace you with someone who can provide the hours that they need and let you go if you don't agree to the extended hours?
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