The use of an assistant agreement is vital when hiring a real estate assistant. You must describe the employment relationship between you and the assistant. The first thing to consider is whether he or she is an employee or works as an independent contractor. If you choose to have an employee, you must deduct taxes, social security, and unemployment insurance from their salary. This involves a lot of record keeping on your part, plus the extra expenses you incur by having an employee…
So after consideration, most agents who hire assistants choose independent contractor status. You don’t have to do any withholding. You just have to provide a 1099 form. There is no salary just a commission or fee as payment or payment for services rendered. This fee will also be tax deductible as an expense. It would be wise to check with your accountant to see how to handle the payment schedule.
You should hire an assistant who has an active real estate license because if they don’t, they will be limited to doing only what an unlicensed person can do. This will make a big difference because there are many tasks that need a licensed agent to perform them. Some of the requirements to consider when interviewing an assistant would be computer skills in programs such as Microsoft Word, Excel or similar programs. If they don’t have a laptop, you may need to provide one. Although it is an expense, the investment will be worth it.
Let’s talk about what else a deal should do.
- Define working hours
- Define commissions or payment services
- Explain what duties you expect from an assistant
- help with shows
- Assist with market value reports.
- Go to market value reporting quotes with you
- set appointments
- do open houses
- Registry mantenance
- hand out flyers
- Put up signs for open houses.
- Make phone calls on your behalf
- New business prospecting
- Check daily MLS updates
- Preview of new listings
- Meet all your customers and clients
- A team player attitude
You need to determine a payment schedule of how much, when, and how often the assistant should expect payment. The growth of your business should have a direct effect on the commission increases for the attendee. It is important to have a confidentiality clause in your contract. The assistant needs to know that what happens between the two of you is kept confidential. Having all of this on paper will set the tone. Your assistant will know your job description and duties. A real estate assistant agreement should protect both parties.