Legal & Licensing
- Obtain a real estate license (if acting as an agent/broker):
- Complete pre-licensing courses (hours vary by state).
- Pass the state exam and background check.
- Apply for licensure with your state’s real estate commission.
- Choose a business structure (LLC, S-Corp, etc.) for asset protection.
- Register your business name (DBA or legal entity) with the state.
- Secure Errors & Omissions (E&O) insurance (required in most states for agents).
Compliance & Taxes
- Get an EIN from the IRS for tax filings and hiring.
- Register for state/local business taxes (e.g., franchise tax, transfer taxes).
- Join a Realtor® association (optional but beneficial for MLS access and credibility).
- Display required disclosures (agency relationships, fair housing) in all marketing.
Business Setup
- Create a business plan: Define your niche (residential, commercial, rentals, flips).
- Set up financial systems:
- Open a dedicated business bank account.
- Use accounting software (e.g., QuickBooks, Buildium for rentals).
- Build a professional online presence:
- Website with IDX integration (for property listings).
- Google Business Profile and social media (Instagram, Facebook, LinkedIn).
Operations & Marketing
- Join the MLS (Multiple Listing Service) for property listings.
- Set up CRM software (e.g., Follow Up Boss, LionDesk) to manage leads.
- Marketing essentials:
- Business cards, yard signs, and branded materials.
- Digital ads (Facebook/Google) and SEO-optimized content.
- Email drip campaigns for leads (e.g., Mailchimp).
- Network: Partner with lenders, inspectors, and contractors.
Property Management (If Applicable)
- Lease agreements: Use state-compliant templates or attorney-reviewed forms.
- Tenant screening: Background/credit checks (e.g., Zillow Rental Manager).
- Maintenance system: Hire vendors or use apps like HappyCo for inspections.
Risk Mitigation
- Carry general liability insurance (for open houses or property damage).
- Document everything: Transactions, communications, and client agreements.
- Stay updated on laws: Fair Housing Act, ADA compliance, local zoning changes.
Growth Strategies
- Specialize: Farm a neighborhood or niche (e.g., luxury, first-time buyers).
- Invest in tools:
- Virtual tour software (Matterport).
- E-signature apps (DocuSign).
- Track metrics: Close rate, average sale price, lead sources.
Bonus Tips
- Leverage referrals: Offer incentives for past clients who refer new business.
- Continuing education: Most states require license renewal courses—stay ahead!
- For investors: Use deal analysis tools (e.g., DealCheck) for flips/rentals.