Real Estate Virtual Assistants, insurance and liability?

Hi all,

I'm new, also considering becoming a REVA. I did a search on my questions, didn't see anything definitive.

Do you have insurance of any sort for your business? Any type of liability issues, I guess ethics-wise?

What form of company is your business? Why did you do it that way?

How long did your business take to grow to an acceptable level? I'm guessing that ramping up slowly is the best way to go, anyhow.

Thanks for any answers you may have!

Hilary

OH! Also,

Would RE agents and brokers be more comfortable hiring me if I had my MD RE license? I certainly don't mind getting it, as I had taken the courses a couple of years ago, and then decided that it wasn't for me at that time, though I had a great interest in it. Other circumstances helped me decide against licensing at the time.

Thanks!

Hilary

[deannatroupe]

Hi Hilary
Right now I don't have any kind of insurance for my business, although I am looking into it for the future.
Currently my company is a sole proprietorship. It's in that form because it is the simplest and least expensive one to run. I plan to form an S-Corporation or an LLC once I have a little more money.

I am still trying to grow my business to an acceptable level. I expect that it will take me about 3 to 4 more years before my business is at an acceptable level because I am taking my time growing it.

I hope this helps.

[SAGreene]

Hi Hilary,

E&O insurance can be very important as a REVA. For example, if you are adding a listing to a Website and accidentally type in the incorrect price, that could cause a big problem. Or if you do transaction management and you fail to monitor a contingency properly -- another problem. You can get E&O insurance from your regular insurance company for approx. $500/year and I think it is a good investment.

I formed my practice as a sole proprietor, just because it was simplest. In the future I may establish an LLC or a corporation.

I'm still working on building my practice to an acceptable level (been in business for a little over a year). It's hard to say how long it will take. Some people hit the ground running and have a full client load in a very short amount of time; for others it takes a considerable amount of time.

I don't think being unlicensed is really an issue. There are many things an unlicensed assistant can do to help a broker/agent.

Hope that helps.

[kimhughes]

Hi everyone,

I have formed an LLC. Check with your CPA as to what protects you by setting this up. The cost in Texas is about $700.00 and worth it.

My husband and I are an LLC and then we have multiple dba's under it.

We are protected personally from lawsuits, etc.
I do not have to receive 1099's for tax return

Those two items right there made is so worth it.

Check with your CPA or attorney on the E&O and LLC.

I think I pay $25.00 per dba to register with the state.