As a commercial real estate broker, you have a variety of opportunities and challenges for your financial plan. All brokers face this truth, whether you are a retail broker, office broker, industrial broker, multi-family broker, or any other type of commercial real estate broker or related professional. Financial planning for real commercial real estate brokers is critically important.
Lumpy, periodic income challenges you. Early in your career, this is especially true, and it remains true for real estate brokers who are mid-career and beyond. This directly impacts your personal budgeting, cash flow planning, income taxes, and more. It is even tougher when you are confronted with large, fixed payments–like private school tuition or college tuition–while your income varies. Financial planning for commercial real estate brokers is complex!
This is further complicated when you have the opportunity to invest in development deals and partnerships. Partnership income is taxed differently from 1099 or W-2 income. And as you think about planning your legacy, transfer of partnership interests can be a key concern that affects multiple facets of your financial life.
Every decision you make today affects the future. For example, when you choose to be paid as a sole proprietor or individual vs. as a business entity such as an LLC, it alters your cash flow, taxes, and retirement savings opportunities for years to come.
At Dominion Financial Advisors, we can help you plan and manage your entire financial life, from the middle of your career until you pass your wealth on to the next generation. Let us handle the financial details so you can focus on your core business of commercial real estate brokerage.
Schedule a complimentary consultation or contact us to find out how we can help you with financial planning and wealth management, including investment management.