How a Seattle Real Estate Broker Saved $60,000 and Reclaimed Time with Formations
- Client: Nina Zerbo, Real Estate Broker
- Location: Seattle, WA
- Business: Windermere Real Estate, Capitol Hill
The Challenge: Juggling Business Growth with Financial Management
As a successful real estate broker in Seattle's competitive market, Nina faced the common challenge of balancing business growth with the time-consuming intricacies of financial management. As her real estate business grew, she became increasingly bogged down by the administrative burden of managing both personal and business finances.
Here’s where the friction arose:
- Time constraints: Hours that could be spent growing her business were instead consumed by bookkeeping, payroll, and tax management.
- Fragmented services: Managing multiple providers for different financial needs created inefficiency and complexity.
- Missed opportunities: Without expert guidance, she was unaware of potential tax-saving strategies that could significantly impact her bottom line.
The Solution: Comprehensive Financial Management Under One Roof
Nina partnered with Formations to consolidate all her financial needs into a single, streamlined solution. Formations provided:
- Integrated bookkeeping and payroll services
- Personal and business tax preparation and filing
- Proactive tax planning and strategy consultation
- Responsive expert support
The Results: Dramatic Time Savings and Substantial Tax Benefits
$60,000 in Additional Tax Savings
The most significant impact came through a cost segregation study that Nina didn't even know existed. When she purchased an investment property, Formations proactively identified this opportunity during their regular check-ins.
“Whenever I have a big life moment — buying an investment property, getting a large paycheck, or even going through a divorce — I reach out to Formations to make sure I'm thinking ahead,” Nina explains. “When I bought the second property, they immediately suggested a cost segregation study and showed me how I could deduct more from my taxes upfront.”
While traditional CPAs may recommend a cost segregation study, the burden typically falls on the individual to find a provider and take action themselves.
Here's how the process was different with Formations:
- Expert connection: Formations connected Nina with a qualified cost segregation specialist.
- Streamlined knowledge transfer: Formations shared all the relevant tax documents with the specialist, so no time was lost on the intake process.
- Detailed property analysis: The specialist conducted a thorough review, asking detailed questions about aspects of the property like window coverings, landscaping, or cabinet and closet construction.
- Final study delivered: A detailed study was provided to both Formations and Nina, allowing the Formations team to update the necessary schedules and forms without additional back and forth.
- The result: An additional $60,000 in tax savings that year.
"They broke everything down so it was easy to understand and digestible," Nina notes about the team's ability to explain complex tax strategies in approachable terms.
Reclaimed Time for Business Growth
Beyond the substantial tax savings, Nina gained something equally valuable: time.
"The amount of time I get back and the convenience of having everything in one place — the bookkeeping, the payroll, and taxes, personal and business — gives me back the time to spend on actually running my business," she explains.
Proactive Tax Management
Nina describes the greatest value as having a trusted advisor always available: "It's like having a mentor available whenever you need them about the things that you don't know or don't understand."
With a team dedicated to her success, she can focus on her clients and rest easy knowing that any financial opportunities will be proactively presented and addressed by expert professionals.
Why Nina Recommends Formations
Nina has recommended Formations to several colleagues, citing the comprehensive nature of the service:
"I don't know any other accounting firms that offer personal taxes, business taxes, payroll, and bookkeeping all under one umbrella. Usually, you have to go to different places to have all of that done, and then tax season comes and you're trying to get all the information together."
The convenience factor is crucial for busy real estate professionals: "Having one place for everything to be managed is so incredibly powerful when you're trying to sell real estate. I don't want to have to deal with bookkeeping or making sure payroll was running and that the correct amount of taxes was taken out. I'm grateful to have a team of experts do that and make it as easy as possible."
The Bottom Line
Through her partnership with Formations, Nina has achieved:
- $60,000 in additional tax savings through proactive cost segregation planning
- Significant time savings by consolidating all financial services
- Peace of mind with expert support always available
- Streamlined operations allowing focus on core business activities
For real estate professionals and self-employed pros looking to optimize their financial management while focusing on growth, Nina's experience demonstrates the impact of partnering with a comprehensive financial services provider that combines expertise, technology, and personalized service.
