Welcome back to part two of our series on starting your real estate business! If you haven’t watched part one on building your personal brand, make sure to check that out first. In this post, we’re diving deeper into making your real estate business official. From registering your business to setting up bank accounts, this guide will help you lay the foundation for a professional, well-structured business.
1. Register Your Business Name
You’ve chosen a name for your business—now it’s time to make it official! Start by reserving your name with the state to ensure no one else is using it. If you’re not sure where to begin, simply Google "How to register a business in [your state]." Make sure to think about the address you'll use for registration; I recommend using a PO Box or mailbox service rather than your home or broker's address for privacy and flexibility.
2. Get Your EIN
Next up, you’ll need an Employer Identification Number (EIN) from the IRS. The good news? It's free and easy to obtain online. This number is crucial for tax purposes and will help you separate your personal and business finances. Treat your real estate business just like any other professional business—this is a critical step!
3. Open Business Bank Accounts
Once your business is registered and you have your EIN, head to the bank to open business checking and savings accounts. Keeping your business and personal finances separate is essential for staying organized and compliant. Consider using your savings account to set aside money for taxes, and think about opening a business credit card if you’d like to build credit for your business.
By following these steps, you're setting the stage for a well-structured, professional real estate business. Stay tuned for more tips and make sure to treat your business like the business it is!
For more real estate tips and insights, check out my YouTube video where I walk through these steps in more detail. Don't forget to like, subscribe, and share!
4. Submit Your Documents to Your Brokerage
Once your business is officially set up, it’s time to send your business documents—like your LLC registration, business license, and EIN number—to your brokerage. If you’re with eXp Realty like me, everything can be submitted virtually. From now on, you'll get paid directly to your business, and you'll handle your finances like a pro.
You’re Officially in Business!
Congratulations! You’ve taken the steps to make your real estate business official. You’re no longer just an agent; you’re a business owner. With your business structure in place, you can start showing up professionally online with your own website, Google My Business page, and more. It's time to showcase your brand, attract clients, and build your future!
Ready for more tips? Don’t miss the rest of the series, where I’ll walk you through additional strategies to help you grow your real estate business and operate like a true professional.
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