{"id":30913,"date":"2021-01-03T15:28:31","date_gmt":"2021-01-03T21:28:31","guid":{"rendered":"https:\/\/www.crowdspring.com\/blog\/?p=30913"},"modified":"2026-02-02T14:42:21","modified_gmt":"2026-02-02T20:42:21","slug":"how-to-start-a-real-estate-business","status":"publish","type":"post","link":"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/","title":{"rendered":"How to Plan, Start and Grow a Real Estate Business: The Definitive Guide [2024]"},"content":{"rendered":"<p><a href=\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/arch-architecture-art-277590-1\/\" rel=\"attachment wp-att-31025\"><img decoding=\"async\" class=\"aligncenter wp-image-31025 size-full\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2019\/03\/27130231\/arch-architecture-art-277590-1.jpg\" alt=\"\" width=\"699\" height=\"521\" srcset=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2019\/03\/27130231\/arch-architecture-art-277590-1.jpg 699w, https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2019\/03\/27130231\/arch-architecture-art-277590-1-300x224.jpg 300w, https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2019\/03\/27130231\/arch-architecture-art-277590-1-640x477.jpg 640w, https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2019\/03\/27130231\/arch-architecture-art-277590-1-400x298.jpg 400w\" sizes=\"(max-width: 699px) 100vw, 699px\" \/><\/a><\/p>\n<p>\n<div class='header-cta' style='display:none'>\n  <span>Will your business idea succeed?<\/span>\n  <a href='https:\/\/www.crowdspring.com\/evaluate-your-startup-idea-quiz\/' class='btn btn-primary' target='_blank'>Take our quiz - completely confidential and free!<\/a>\n<\/div>\n<\/p>\n<div class=\"featured-snippet\"><h2 class=\"title\">What is a real estate business?<\/h2><div class=\"snippet-content\"><\/p>\n<p>A real estate business involves buying, selling, managing, operating, or investing in land and buildings. Real estate can also include natural resources below or above the ground, such as crops, minerals, or water.<\/p>\n<p><\/div><img decoding=\"async\" class=\"image\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/cs-200px.png\" \/><\/div>\n<p>Are you ready to take the leap and start your own successful real estate business? It can be challenging but don&#8217;t worry; we&#8217;ve got your back.<\/p>\n<p>Our team has substantial experience in the real estate industry. We&#8217;ve bought and sold numerous houses, I&#8217;ve held a real estate broker&#8217;s license for many years, and I have mentored hundreds of people looking to get involved in real estate. And we&#8217;ve helped thousands of entrepreneurs and small businesses in the industry get started, operate, and grow their real estate businesses.<\/p>\n<p>We&#8217;re excited to share our expertise with you through this guide. It has actionable insights, tips, and best practices to help you plan, start, and grow a successful real estate business.<\/p>\n<p>Starting a business can be overwhelming, but we have everything you need to know here. So, let&#8217;s get started!<\/p>\n<div class=\"featured-snippet\"><h2 class=\"title\">How to Start a Real Estate Business in 13 Steps:<\/h2><div class=\"snippet-content\"><\/p>\n<ol>\n<li><strong><a href=\"#develop\"><b>Develop and refine your idea<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#write\"><b>Write a business plan<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#business-attorney\">Hire an experienced business attorney<\/a><\/strong><\/li>\n<li><strong><a href=\"#decide\"><b>Decide your legal business structure<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#accounting-bookkeeping\">Set up accounting and bookkeeping<\/a><\/strong><\/li>\n<li><strong><a href=\"#business-finances\">Assess your finances<\/a><\/strong><\/li>\n<li><strong><a href=\"#get\"><b>Get a license<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#purchase\"><b>Purchase business insurance<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#crunch\"><b>Crunch the numbers<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#create\"><b>Create a strong brand identity<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#build\"><b>Build an online presence<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#createsales\"><b>Create a sales plan<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#join\"><b>Join a team<\/b><\/a><\/strong><\/li>\n<li><strong><a href=\"#grow\"><b>Grow your business<\/b><\/a><\/strong><\/li>\n<\/ol>\n<p><\/div><img decoding=\"async\" class=\"image\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/cs-200px.png\" \/><\/div>\n<h3>Is a real estate business profitable?<\/h3>\n<p>The real estate market is enormous. For example, here are the relevant statistics you should know for the residential real estate market:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/quick-real-estate-statistics\" target=\"_blank\" rel=\"noopener noreferrer\">5.64 million existing and 822,000 new homes<\/a> were sold in 2020, according to the most recent statistics from the National Association of Realtors.<\/li>\n<li>The <a href=\"https:\/\/www.arello.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Association of Real Estate License Law Officials<\/a> (ARELLO) estimates about 2 million active real estate licensees in the United States. Nearly 1,400,000 are active members of <a href=\"https:\/\/www.nar.realtor\/\" target=\"_blank\" rel=\"noopener noreferrer\">The National Association of Realtors<\/a> (NAR).<\/li>\n<li>According to NAR, the typical realtor is a 54-year-old white female who attended college and is a homeowner.<\/li>\n<li>According to NAR, Realtors&#8217; median gross income was $54,330 in 2021 (an increase of more than ten thousand dollars compared to 2020).<\/li>\n<li>Over 106,548 real estate brokerage firms are operating in the U.S. (based on the most recent census numbers from the 2017 economic censuses).<\/li>\n<\/ul>\n<p>According to the National Association of Realtors, annual sales have increased for over a decade. Sales declined in 2022 but are expected to rebound quickly.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-42290\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2021\/01\/21001508\/nar-real-estate-sales.png\" alt=\"NAR real estate sales statistics through 2022\" width=\"700\" height=\"394\" srcset=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2021\/01\/21001508\/nar-real-estate-sales.png 700w, https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2021\/01\/21001508\/nar-real-estate-sales-300x169.png 300w, https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2021\/01\/21001508\/nar-real-estate-sales-400x225.png 400w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>Don&#8217;t be intimidated by the competition. Over the long term, a real estate career can be a lucrative small business.<\/p>\n<p>People interested in how to start a successful real estate business often ask:<\/p>\n<ul>\n<li>How do you start a real estate company?<\/li>\n<li>Is a real estate business profitable?<\/li>\n<li>How much does it cost to open a real estate business?<\/li>\n<li>How much do real estate business owners make?<\/li>\n<li>How successful is a real estate business?<\/li>\n<li>How do realtors get clients?<\/li>\n<li>Do I need a license to work in real estate as a realtor and broker?<\/li>\n<li>How do I name my real estate business?<\/li>\n<li>What does a realty company do?<\/li>\n<\/ul>\n<p>So, if you have <a href=\"https:\/\/www.crowdspring.com\/blog\/small-business-ideas\/\" target=\"_blank\" rel=\"noopener\">real estate business ideas<\/a>, let&#8217;s take a look at each of the steps you should take to start a real estate business:<\/p>\n<p><span id=\"develop\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 1<\/div><h2 class=\"title\">Develop and refine your idea<\/h2><div class=\"snippet-content\"><\/p>\n<p>Real estate is an enormously competitive field. The chances are that your area already has at least one or two successful and popular real estate brokers and real estate companies actively engaged in the marketplace.<\/p>\n<p>To have the best chance at success when starting a real estate business, you need to consider your strengths, weaknesses, and any areas you are particularly interested in or experienced with.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>To <a href=\"https:\/\/www.crowdspring.com\/blog\/small-business-ideas\/\" target=\"_blank\" rel=\"noopener noreferrer\">develop and refine your business idea<\/a>, you should be deeply familiar with the area you&#8217;d like to set up your real estate business.<\/p>\n<p>Knowing the towns and surrounding areas where you&#8217;ll be helping people buy real estate is critical to running a real estate business. Still, it can also influence how you present yourself in the marketplace.<\/p>\n<p>To pick your physical business location, look at the other realtors and real estate companies in the area to determine what your competition is doing in the marketplace and take stock of how these existing businesses are approaching things.<\/p>\n<p>How do your natural strengths differentiate you from the other real estate businesses in the area?<\/p>\n<p>Consider the following questions when starting your real estate business and refining your business idea. Getting outside opinions on some of these can be helpful &#8211; don&#8217;t be afraid to ask someone you trust what they think about your answers to the following:<\/p>\n<ul>\n<li>What skills set me apart?<\/li>\n<li>What is the purpose of my business?<\/li>\n<li>Who am I providing a service or product to?<\/li>\n<li>What is the maximum figure I can safely spend on this real estate business?<\/li>\n<li>Do I need outside capital? How much?<\/li>\n<li>What kind of work\/life balance am I looking to achieve?<\/li>\n<li>What are my expectations for starting a real estate business?<\/li>\n<\/ul>\n<p><div class=' hide-for-medium hide-for-large'><div style='padding: 10px 32px;text-align: center;background-position: center;background-color: #DA6D5A;background-repeat: no-repeat;background-size: contain;'><h2 style='font-size: 35px;line-height: 1.2; margin-top: 12px;color: white;'>Free Business Startup Kit<\/h2><p style='font-size: 18px;margin: 20px 0 30px;line-height: 1.5;color: white;'>Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p><img style='margin-bottom: 32px;' src='https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/inline-business-kit.png' \/><div style='display: flex; justify-content: center;'><ul style='list-style: none;text-align: left;font-size: 15px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> How to Start a Business Checklist<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i>Starting a Corporation Guide<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Is an LLC Right for You?<\/li><\/ul><ul style='list-style: none;text-align: left;font-size: 15px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Sole Proprietorship<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting Business Partnerships<\/li><\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Creating a Powerful Pitch Deck<\/li><\/ul><\/div><div style='margin-top: 14px;margin-bottom: 24px;text-align: center;'><a href='\/business-startup-kit\/' target='_blank' style='background: #23b3f1; color: white; padding: 16px 32px; border-radius: 2px; font-weight: 700;font-size:11px;'>Get your free startup kit<i class='fa fa-angle-right' style='font-size: 20px; vertical-align: middle; background: white; border-radius: 50%; padding: 4px 12px 4px 14px; color: black; margin: 0 -18px 0 16px;'><\/i><\/a><\/div><\/div><\/div><div class='show-for-medium hide-for-large'><div style='padding: 10px 32px;text-align: center;background-position: center;background-color: #DA6D5A;background-repeat: no-repeat;background-size: contain;'><h2 style='font-size: 45px;line-height: 1.2; margin-top: 12px;color: white;'>Free Business Startup Kit<\/h2><p style='font-size: 24px;margin: 20px 0 40px;line-height: 1.5;color: white;'>Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p><img style='margin-bottom: 32px;' src='https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/inline-business-kit.png' \/><div style='display: flex; justify-content: center;'><ul style='list-style: none;text-align: left;font-size: 18px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> How to Start a Business Checklist<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Corporation Guide<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Is an LLC Right for You?<\/li><\/ul><ul style='list-style: none;text-align: left;font-size: 18px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Sole Proprietorship<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting Business Partnerships<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Creating a Powerful Pitch Deck<\/li><\/ul><\/div><div style='margin-top: 14px;margin-bottom: 24px;text-align: center;'><a href='\/business-startup-kit\/' target='_blank' style='background: #23b3f1; color: white; padding: 16px 32px; border-radius: 2px; font-weight: 700;font-size:19.2px;'>Get your free startup kit<i class='fa fa-angle-right' style='font-size: 27px; vertical-align: middle; background: white; border-radius: 50%; padding: 4px 12px 4px 14px; color: black; margin: 0 -18px 0 16px;'><\/i><\/a><\/div><\/div><\/div><div class='show-for-large'><div style='padding: 10px 32px;text-align: center;background-position: center;background-color: #DA6D5A;background-repeat: no-repeat;background-size: contain;'><h2 style='font-size: 50px;line-height: 1.2; margin-top: 12px;color: white;'>Free Business Startup Kit<\/h2><p style='font-size: 24px;margin: 20px 0 40px;line-height: 1.5;color: white;'>Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p><img style='margin-bottom: 32px;' src='https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/inline-business-kit.png' \/><div style='display: flex; justify-content: center;'><ul style='list-style: none;text-align: left;font-size: 16px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> How to Start a Business Checklist<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Corporation Guide<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Is an LLC Right for You?<\/li><\/ul><ul style='list-style: none;text-align: left;font-size: 16px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Sole Proprietorship<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting Business Partnerships<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i>  Creating a Powerful Pitch Deck<\/li><\/ul><\/div><div style='margin-top: 14px;margin-bottom: 24px;text-align: center;'><a href='\/business-startup-kit\/' target='_blank' style='background: #23b3f1; color: white; padding: 16px 32px; border-radius: 2px; font-weight: 700;font-size:19.2px;'>Get your free startup kit<i class='fa fa-angle-right' style='font-size: 27px; vertical-align: middle; background: white; border-radius: 50%; padding: 4px 12px 4px 14px; color: black; margin: 0 -18px 0 16px;'><\/i><\/a><\/div><\/div><\/div><\/p>\n<h3>Find a niche for your real estate business<\/h3>\n<p>When starting a real estate business, consider what <a href=\"https:\/\/www.crowdspring.com\/blog\/startup-niche\/\" target=\"_blank\" rel=\"noopener\">niche<\/a> is right for your real estate company to give yourself a leg up on the competition.<\/p>\n<p>You may have many business ideas, but narrowing your ideas is essential.<\/p>\n<p>Do you want to sell to a particular group or segment of the population? Or perhaps you want to concentrate within a specific city area or specialize in buying and selling condos?<\/p>\n<p>Maybe you want to be the area expert in short sales, only focus on <a href=\"https:\/\/retipster.com\/tenantcloudoverview\/\" target=\"_blank\" rel=\"noopener\">rental property management<\/a>, or perhaps you are your state&#8217;s go-to resource for landlord\/tenant laws.<\/p>\n<p>You&#8217;ll have a better chance of success starting with a <a href=\"https:\/\/www.crowdspring.com\/blog\/target-audience\/\" target=\"_blank\" rel=\"noopener\">specific target audience<\/a>.<\/p>\n<p>Ensure you set up your real estate business to meet a specific niche&#8217;s needs to avoid overspending and underwhelming all of your potential customers.<\/p>\n<p><div class=' hide-for-medium hide-for-large'><div style='padding: 10px 32px;text-align: center;background-position: center;background-color: #DA6D5A;background-repeat: no-repeat;background-size: contain;'><h2 style='font-size: 35px;line-height: 1.2; margin-top: 12px;color: white;'>Free Business Startup Kit<\/h2><p style='font-size: 18px;margin: 20px 0 30px;line-height: 1.5;color: white;'>Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p><img style='margin-bottom: 32px;' src='https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/inline-business-kit.png' \/><div style='display: flex; justify-content: center;'><ul style='list-style: none;text-align: left;font-size: 15px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> How to Start a Business Checklist<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i>Starting a Corporation Guide<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Is an LLC Right for You?<\/li><\/ul><ul style='list-style: none;text-align: left;font-size: 15px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Sole Proprietorship<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting Business Partnerships<\/li><\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Creating a Powerful Pitch Deck<\/li><\/ul><\/div><div style='margin-top: 14px;margin-bottom: 24px;text-align: center;'><a href='\/business-startup-kit\/' target='_blank' style='background: #23b3f1; color: white; padding: 16px 32px; border-radius: 2px; font-weight: 700;font-size:11px;'>Get your free startup kit<i class='fa fa-angle-right' style='font-size: 20px; vertical-align: middle; background: white; border-radius: 50%; padding: 4px 12px 4px 14px; color: black; margin: 0 -18px 0 16px;'><\/i><\/a><\/div><\/div><\/div><div class='show-for-medium hide-for-large'><div style='padding: 10px 32px;text-align: center;background-position: center;background-color: #DA6D5A;background-repeat: no-repeat;background-size: contain;'><h2 style='font-size: 45px;line-height: 1.2; margin-top: 12px;color: white;'>Free Business Startup Kit<\/h2><p style='font-size: 24px;margin: 20px 0 40px;line-height: 1.5;color: white;'>Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p><img style='margin-bottom: 32px;' src='https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/inline-business-kit.png' \/><div style='display: flex; justify-content: center;'><ul style='list-style: none;text-align: left;font-size: 18px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> How to Start a Business Checklist<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Corporation Guide<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Is an LLC Right for You?<\/li><\/ul><ul style='list-style: none;text-align: left;font-size: 18px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Sole Proprietorship<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting Business Partnerships<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Creating a Powerful Pitch Deck<\/li><\/ul><\/div><div style='margin-top: 14px;margin-bottom: 24px;text-align: center;'><a href='\/business-startup-kit\/' target='_blank' style='background: #23b3f1; color: white; padding: 16px 32px; border-radius: 2px; font-weight: 700;font-size:19.2px;'>Get your free startup kit<i class='fa fa-angle-right' style='font-size: 27px; vertical-align: middle; background: white; border-radius: 50%; padding: 4px 12px 4px 14px; color: black; margin: 0 -18px 0 16px;'><\/i><\/a><\/div><\/div><\/div><div class='show-for-large'><div style='padding: 10px 32px;text-align: center;background-position: center;background-color: #DA6D5A;background-repeat: no-repeat;background-size: contain;'><h2 style='font-size: 50px;line-height: 1.2; margin-top: 12px;color: white;'>Free Business Startup Kit<\/h2><p style='font-size: 24px;margin: 20px 0 40px;line-height: 1.5;color: white;'>Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p><img style='margin-bottom: 32px;' src='https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/inline-business-kit.png' \/><div style='display: flex; justify-content: center;'><ul style='list-style: none;text-align: left;font-size: 16px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> How to Start a Business Checklist<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Corporation Guide<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Is an LLC Right for You?<\/li><\/ul><ul style='list-style: none;text-align: left;font-size: 16px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Sole Proprietorship<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting Business Partnerships<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i>  Creating a Powerful Pitch Deck<\/li><\/ul><\/div><div style='margin-top: 14px;margin-bottom: 24px;text-align: center;'><a href='\/business-startup-kit\/' target='_blank' style='background: #23b3f1; color: white; padding: 16px 32px; border-radius: 2px; font-weight: 700;font-size:19.2px;'>Get your free startup kit<i class='fa fa-angle-right' style='font-size: 27px; vertical-align: middle; background: white; border-radius: 50%; padding: 4px 12px 4px 14px; color: black; margin: 0 -18px 0 16px;'><\/i><\/a><\/div><\/div><\/div><\/p>\n<p>This is true for any small business, not just the real estate business. Our definitive guide on <a href=\"https:\/\/www.crowdspring.com\/blog\/starting-a-business\/\" target=\"_blank\" rel=\"noopener noreferrer\">how to start a business<\/a> suggests\u00a0that aspiring entrepreneurs choose a niche for the best chance at success.<\/p>\n<p>Competition is hard enough &#8211; make it easier to stand out with a specialty when you start a real estate company.<\/p>\n<p>Here are some real estate business niches to consider when starting a real estate business:<\/p>\n<ul>\n<li>Residential real estate<\/li>\n<li>Resort and vacation homes<\/li>\n<li>Income properties (homes purchased by a real estate investor to generate income through rental or leasing)<\/li>\n<li>Condos<\/li>\n<li>Commercially zoned real estate properties<\/li>\n<li>Property management<\/li>\n<li>Rental Property<\/li>\n<\/ul>\n<p>You also should decide if you want to be a listing agent (help people sell homes) or exclusively represent real estate buyers.<\/p>\n<p>You can also start other types of real estate businesses. Here are examples of real estate businesses beyond brokerage and related services:<\/p>\n<ul>\n<li class=\"li1\">Appraiser<\/li>\n<li class=\"li1\">Buy and Hold investor<\/li>\n<li><a href=\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-cleaning-business\/\" target=\"_blank\" rel=\"noopener\">Cleaning service provider<\/a><\/li>\n<li class=\"li1\">Construction contractor<\/li>\n<li class=\"li1\">Developer<\/li>\n<li><a href=\"https:\/\/newsilver.com\/the-lender\/pros-and-cons-of-flipping-houses\" target=\"_blank\" rel=\"noopener\">Fix and Flip investor<\/a><\/li>\n<li>Handyman<\/li>\n<li class=\"li1\">Home inspector<\/li>\n<li class=\"li1\">Home repair service provider<\/li>\n<li class=\"li1\">Home stager<\/li>\n<li class=\"li1\">House sitter<\/li>\n<li class=\"li1\">Landscaper<\/li>\n<li class=\"li1\">Money Lender<\/li>\n<li>Mover<\/li>\n<li class=\"li1\">Real Estate online training course expert<\/li>\n<li class=\"li1\">Real estate <a href=\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-photography-business\/\" target=\"_blank\" rel=\"noopener\">photographer<\/a><\/li>\n<li class=\"li1\">Private equity manager<\/li>\n<li class=\"li1\"><a href=\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-property-management-company\/\" target=\"_blank\" rel=\"noopener\">Property manager<\/a><\/li>\n<li><a href=\"https:\/\/www.technource.com\/real-estate-app-development\/\" target=\"_blank\" rel=\"noopener\">Real estate app developer<\/a><\/li>\n<li>Real estate blogger<\/li>\n<li>Real estate crowdfunding<\/li>\n<li>Real estate investing club<\/li>\n<li>Real estate marketing agency<\/li>\n<li>Real estate <a href=\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-podcast\/\" target=\"_blank\" rel=\"noopener\">podcaster<\/a><\/li>\n<li class=\"li1\">Real estate syndication<\/li>\n<li class=\"li1\">Vacation rental service provider<\/li>\n<li class=\"li1\">Vacation rental host<\/li>\n<\/ul>\n<p><span id=\"write\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 2<\/div><h2 class=\"title\">Write a business plan<\/h2><div class=\"snippet-content\"><\/p>\n<p>Although a business plan isn't mandatory, it can help crystallize your ideas.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>A <a href=\"https:\/\/www.crowdspring.com\/how-to-write-a-business-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">business plan<\/a> outlines the financial and operational <a href=\"https:\/\/instasize.com\/blog\/building-your-brand-from-the-ground-up-a-guide-for-business\" target=\"_blank\" rel=\"noopener\">goals of your business<\/a>. The business plan takes your business ideas, defines your company&#8217;s objectives, and provides specific information that shows how your company will reach those goals.<\/p>\n<p>Your business plan doesn&#8217;t need to be 100 pages long. 100-page business plans are not standard in the real estate business. Keep your business plan short, and focus on the essential details. There are several great <a href=\"https:\/\/www.crowdspring.com\/how-to-write-a-business-plan\/one-page-business-plan\/\" target=\"_blank\" rel=\"noopener\">one-page business plan templates<\/a> you can use.<\/p>\n<p><a href=\"https:\/\/www.researchgate.net\/publication\/228271845_Pre-Startup_Formal_Business_Plans_and_Post-Startup_Performance_A_Study_of_116_New_Ventures\" target=\"_blank\" rel=\"noopener noreferrer\">Studies show<\/a> that entrepreneurs who take the time to write a business plan are 2.5 times more likely to follow through and get their business off the ground. The work that goes into creating a business plan also helps new entrepreneurs build skills that will be invaluable later.<\/p>\n<p>A traditional business plan has the following sections:<\/p>\n<ul>\n<li><b>An executive summary<\/b>. This section summarizes the entire business plan, which is generally written last. Anyone reading your business plan will read this first, which is essential.<\/li>\n<li><b>An industry overview<\/b>. This business plan section briefly overviews your business&#8217;s industry sector. It includes key players, industry trends, and estimates of industry sales.<\/li>\n<li><b>Market research and analysis<\/b>. This looks at the target market for your product or service. A <a href=\"https:\/\/housecashin.com\/investing-guides\/\" target=\"_blank\" rel=\"noopener\">thorough real estate investment market analysis<\/a> breaks down your market segments, geographic location, and needs. This section shows anyone reading that you thoroughly understand the people you plan to sell to or serve.<\/li>\n<li><b>Competitive analysis<\/b>. Who are your direct and indirect competitors? How do they meet your target market needs, and how will you differentiate your product or services?<\/li>\n<li><a href=\"https:\/\/www.crowdspring.com\/blog\/marketing-plan\/\" target=\"_blank\" rel=\"noopener\"><b>Sales and marketing plan<\/b><\/a>. What is your <a href=\"https:\/\/www.crowdspring.com\/blog\/unique-value-proposition\/\" target=\"_blank\" rel=\"noopener\">unique selling proposition<\/a>? What is your value proposition? How will you promote your business and persuade your target audience to buy? What are your marketing strategies? This section goes into detail on questions like these.<\/li>\n<li><b>Management plan<\/b>. This section outlines your legal and management structure. It shows who your leadership team is and what your staffing needs will be. If you plan to seek funding, describe your advisory board here.<\/li>\n<li><b>Operating plan<\/b>. This section includes your business location, facilities, equipment, and what kind of employees you&#8217;ll need. Any suppliers, manufacturing processes, and other operating details also appear here.<\/li>\n<li><b>Financial plan<\/b>. This section is for all things financial. Three critical financial documents of any business go here: an income statement, a balance sheet, and a <a href=\"https:\/\/www.sage.com\/en-gb\/blog\/cash-flow-statement-explained\/\" target=\"_blank\" rel=\"noopener\">cash flow statement<\/a>. And you&#8217;ll want to include your anticipated startup costs and any non-standard business models you plan to pursue. This is especially important if you&#8217;re talking to a real estate investor about investing in your real estate business.<\/li>\n<li><b>Appendices and Exhibits<\/b>. Any information that helps support your business idea goes here, including target market studies, legal agreements, photos of your products, and more.<\/li>\n<\/ul>\n<p>Read this definitive <a href=\"https:\/\/www.crowdspring.com\/how-to-write-a-business-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">guide to writing a business plan<\/a> for actionable insights and free downloadable business plan templates.<\/p>\n<p>Find a mentor who can help review your business plan and answer other questions about starting a real estate business. Many seasoned realtors and brokers seek help with their real estate businesses or potential future partners.<\/p>\n<h3>Do market research<\/h3>\n<p>When starting a real estate business, you should understand the <a href=\"https:\/\/www.codica.com\/case-studies\/saas-real-estate-platform\/\" target=\"_blank\" rel=\"noopener\">real estate market<\/a> you&#8217;re entering before you dive into your business plan.<\/p>\n<p>Business planning and market research help build a more successful real estate business.<\/p>\n<p>Who are your direct competitors? Who are the top <a href=\"https:\/\/www.coverwallet.com\/business-tips\/how-to-be-good-real-estate-agent\" target=\"_blank\" rel=\"noopener\">real estate sales agents<\/a> working in your target niche? What makes them stand out from the rest of the competition?<\/p>\n<p>When you start, much of the work relies on information gleaned from market research. Don&#8217;t skip this step even if you think the information you know about the industry is common sense. You will need the data from your market research to make informed decisions.<\/p>\n<p>When starting a real estate business, you must undertake two major market research types: primary and secondary.<\/p>\n<p>Primary market research is an essential first step. You&#8217;ll need to find the answers to questions like:<\/p>\n<ul>\n<li>What factors do potential clients consider when purchasing real estate, like a residence, business real estate, or land?<\/li>\n<li>What do they think is working, and what needs improvement in their current location?<\/li>\n<li>What do they like and dislike about the location they are currently in?<\/li>\n<li>What is their current mortgage\/rent? Do they feel it&#8217;s reasonable and has good value?<\/li>\n<\/ul>\n<p>You answer these questions by talking to potential customers. Surveys, focus groups, one-on-one interviews, conversations on social media, and questionnaires are the tools of choice for primary market research.<\/p>\n<p>Business ideas can be fun, but most won&#8217;t survive the scrutiny of careful market research.<\/p>\n<p>And don&#8217;t forget to talk to potential competitors too. You might get lucky and find a mentor who might be getting ready to retire.<\/p>\n<p>Secondary market research is information pulled from existing sources.<\/p>\n<p>You can identify competitors and define your real estate business market segments or demographics using currently available data. Leverage social media to find competitors. Critical attributes like age range, lifestyle, and <a href=\"https:\/\/www.crowdspring.com\/blog\/behavioral-segmentation\/\" target=\"_blank\" rel=\"noopener\">behavioral patterns are data points that divide your target customers into segments<\/a>.<\/p>\n<p>Once you have this information, you&#8217;ll repeatedly refer to it as you build and launch your business. Make sure you spend a decent amount of time collecting data so your decisions are based on solid market research.<\/p>\n<p>Plan for all of the necessary legal and logistical business considerations, and you&#8217;ll create a strong foundation for the prosperous future of your successful real estate business.<\/p>\n<p class=\"p1\"><div class=\"related-post-snippet\"><div class=\"intro\">TELL ME MORE!<\/div><h3 class=\"title\">Can marketing psychology help you increase revenues?<\/h3><div class=\"related-post-content\"><\/p>\n<p>Savvy marketers incorporate one or more psychological principles into marketing campaigns, content marketing, business strategy, and sales strategy. Here is everything you need to know about the principles and theories that can supercharge your marketing and influence people to buy your products or services.<\/p>\n<p><\/div><a class=\"cta\" target=\"_blank\" href=\"\/marketing-psychology\/\">Read More<i class=\"fa fa-long-arrow-right\"><\/i><\/a><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<div class=\"divider-snippet\"><div class=\"pre-title\">Step 3<\/div><h2 class=\"title\">Hire an experienced business attorney<\/h2><div class=\"snippet-content\"><\/p>\n<p>Here's what you need to know to hire a good lawyer for your real estate business.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>We&#8217;ve met and have sat across the table from many lawyers who are deal-killers. Overzealous and often inexperienced, they focus on the wrong issues and forget that their client needs the deal to move forward. When you talk with lawyers you&#8217;re considering hiring, ask them about one or two complicated negotiations and how they overcame obstacles.<\/p>\n<p>Don&#8217;t make price your main criterion for hiring a lawyer.<\/p>\n<p>Often, the least expensive lawyers are also less experienced \u2013 especially in the areas where you may need help. Paying a cheaper hourly rate might feel good initially, but in the end, you may end up paying far more than if you hired an experienced (more expensive) lawyer in the first place.<\/p>\n<p>Ensure your business lawyer is familiar with the real estate business&#8217;s peculiarities and has experience representing other agents or brokers.<\/p>\n<p>The best time to start a relationship with a lawyer is before you start your real estate business. A good lawyer will help you find the proper business structure for the company \u2013 and split ownership interests if you have co-founders \u2013 in ways that will protect everyone and give you flexibility.<\/p>\n<p><span id=\"decide\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 4<\/div><h2 class=\"title\">Decide your legal business structure<\/h2><div class=\"snippet-content\"><\/p>\n<p>There are many different types of legal structures for various business entities. For new business owners starting a real estate business, choosing the best one for them can feel overwhelming.<\/p>\n<p>Real estate also has special business requirements to consider.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>Most real estate agents are self-employed business owners affiliated with a licensed real estate brokerage firm. In this case, real estate licensees (agents) run independent businesses under a licensed managing broker&#8217;s supervision.<\/p>\n<p>Opening your brokerage has some similar considerations but with an expanded focus. Opening your real estate brokerage firm in most states also requires a particular real estate license.<\/p>\n<p>In both cases, you are starting a business.<\/p>\n<p>Brokerage-seeking entrepreneurs select one of four legal <a href=\"https:\/\/www.crowdspring.com\/blog\/types-of-businesses\/\" target=\"_blank\" rel=\"noopener noreferrer\">business structures<\/a>: sole proprietorship, partnership, <a href=\"https:\/\/www.crowdspring.com\/how-to-form-an-llc\/\" target=\"_blank\" rel=\"noopener\">limited liability company<\/a> (LLC), or corporation. Here&#8217;s a basic breakdown of each:<\/p>\n<ul>\n<li><b>Sole proprietorship <\/b>\u2013 this is the most basic business entity. A sole proprietorship means one person is solely responsible for a business&#8217;s profits and debts.<\/li>\n<li><b>Partnership <\/b>\u2013 a <a href=\"https:\/\/www.crowdspring.com\/blog\/partnership\/\" target=\"_blank\" rel=\"noopener\">partnership<\/a> is a shared responsibility between two or more people who hold personal liability for a business.<\/li>\n<li><b>Limited Liability Company (LLC) <\/b>\u2013 a structure that permits owners, partners, or shareholders to limit personal liability but includes tax and flexibility benefits associated with a partnership.<\/li>\n<li><a href=\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-corporation\/\" target=\"_blank\" rel=\"noopener\"><b>Corporation <\/b><\/a>\u2013 this is an entity legally considered separate from its owners. Corporations can own property, be held liable, pay taxes, and enter contracts.<\/li>\n<\/ul>\n<p><div style='margin-top: 30px; margin-bottom: 30px; margin-left: 0px; margin-right: 0px; padding: 20px; background-color:#D8EBFE;'><p style='margin: 20px;'><span style='color:#000000; font-weight:bold;'><i class='fa fa-star'><\/i> Hire an expert to form your company and save time.<\/span> Our trusted partners can help: <b><a href='https:\/\/shareasale.com\/r.cfm?b=2378161&u=3406575&m=69959&urllink=&afftrack=' rel='nofollow'>Northwest ($39 + state fee)<\/b><\/a> or <b><a href='https:\/\/shareasale.com\/r.cfm?b=617326&u=3406575&m=53954&urllink=orders%2Eincfile%2Ecom%2Fform%2Dorder%2Dnow%2Ephp&afftrack=' rel='nofollow'>Bizee ($199 + state fee)<\/b><\/a>.<br\/><br\/>We recommend Northwest. After evaluating the leading registration companies, Northwest stands out as our top choice due to its competitive pricing, exceptional customer support, and commitment to privacy.<br\/><br>Pay just $39 + state fees and you'll get a free year of registered agent service, articles of organization, privacy, and client support from local experts.<\/p><\/div><\/p>\n<p>Most real estate agents who work as independent contractors under the umbrella of a real estate brokerage firm operate as sole proprietors.<\/p>\n<p>Additionally, single-owner real estate brokerage firms are also sole proprietorships.<\/p>\n<p>If you start a business independently and opt not to incorporate or <a href=\"https:\/\/llc.services\/how-to-start-an-llc-guide-for-entrepreneurs\/\" target=\"_blank\" rel=\"noopener\">form an LLC<\/a>, you are a sole proprietor by default. It&#8217;s easy and quick to form an LLC. For example, if you&#8217;re starting an LLC in Texas, this comprehensive guide on <a href=\"https:\/\/www.crowdspring.com\/how-to-form-an-llc\/texas-llc\/\" target=\"_blank\" rel=\"noopener\">how to form an LLC in Texas<\/a> can help you get started quickly.<\/p>\n<p><div class=\"subscription-hero-snippet image-on-left\" style=\"background: #161C4A\"><div class=\"title centered\">Want a free how to start a sole proprietorship guide + checklist?<\/div><div class=\"main-content\"><div class=\"image-wrapper\"><img decoding=\"async\" src=\"https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/landing-page\/guides\/crowdspring-guide-starting-a-sole-proprietorship-checklist-cover-small.png\" alt=\"how to start a sole proprietorship hero\"\/><\/div><div class=\"form-wrapper\"><div class=\"subtitle\">Starting your own business? Our sole proprietorship guide lays it all out.<\/div><div>\n<script>\nfunction submitForm_drip_form(oFormElement) {\n  var xhr = new XMLHttpRequest();\n  xhr.onload = function() { \n    if (xhr.status == 200 || xhr.status == 202) {\n      var formEl = document.getElementById(\"drip_form\");\n      var doneEl = document.getElementById(\"done_drip_form\");\n      formEl.style = \"display: none\";\n      doneEl.style = \"display: block\";\n    } else {\n      alert(xhr.responseText);\n    }\n  }\n  var formData = new FormData(oFormElement);\n  grecaptcha.execute(\"6LcyQTUpAAAAAC5ZPtCYQzRWKR732_LmqInv9YSK\", { action: \"external_bumblebee_lead\" }).then((token) => {\n    formData.set(\"recaptcha_token\", token);\n    xhr.open(oFormElement.method, oFormElement.action, true);\n    xhr.setRequestHeader(\"x-frontendurl\", window.location.href);\n    xhr.send(formData);\n  });\n\n  return false;\n  }\n<\/script>\n<div id=\"done_drip_form\" class=\"done\">\n      <div class=\"success-title\">\n        <i class=\"fa fa-check-circle\"><\/i><br\/> We just emailed the checklist to you.\n      <\/div><\/div><form id=\"drip_form\" action=\"https:\/\/www.crowdspring.com\/api\/v1\/bb\/external_leads\/\" method=\"post\" onsubmit=\"return submitForm_drip_form(this);\">\n      <div class=\"form-group\">\n        <input type=\"email\" name=\"email\" class=\"form-control\" id=\"mce-EMAIL\" required=\"true\"\/>\n        <label html_for=\"mce-EMAIL\" class=\"form-label\">Email Address<\/label>\n      <\/div> \n      <div style=\"position: absolute; left: -5000px\" aria-hidden=\"true\">\n\t<input type=\"text\" value=\"startbiz-sole-proprietorship-magnet\" tabindex=\"-1\" name=\"tags\" readonly=\"true\"\/>\n        <input type=\"text\" value=\"true\" tabindex=\"-1\" name=\"add_country_tier_suffix\" readonly=\"true\"\/>\n      <\/div><input type=\"submit\" value=\"I want the free guide + checklist!\" class=\"btn btn-primary\" \/><p class=\"notice\"> <\/form><\/div><\/div><\/div><\/div><\/p>\n<p>Sole proprietorship and partnerships are the most accessible business forms because they form naturally. You don&#8217;t have to declare either one. Once you or you and one more person start selling goods or services, you&#8217;re automatically a sole proprietor or partner.<\/p>\n<p>Companies and corporations require more effort to set up, but each has distinct financial and business benefits.<\/p>\n<p>Consider your future business goals. You want to choose a business structure to accommodate your real estate business&#8217;s growth and expansion.<\/p>\n<p>Once you decide on your legal business structure, register with the government (typically your state and sometimes your municipality) and the IRS.<\/p>\n<p>Your business structure determines the forms you need and where to register.<\/p>\n<p>You can find a complete list of the forms for each entity type on the <a href=\"https:\/\/www.sba.gov\/business-guide\/launch-your-business\/get-federal-and-state-tax-id-numbers\" target=\"_blank\" rel=\"noopener noreferrer\">SBA website<\/a>. You can also find <a href=\"https:\/\/www.sba.gov\/business-guide\/launch-your-business\/apply-licenses-and-permits#section-header-2\" target=\"_blank\" rel=\"noopener noreferrer\">state-specific tax obligations<\/a>\u00a0on the same site.<\/p>\n<p>You may sometimes need federal, state, or local licenses and permits to operate. The <a href=\"http:\/\/www.sba.gov\/content\/business-licenses-and-permits\" target=\"_blank\" rel=\"noopener noreferrer\">SBA&#8217;s database<\/a> lets you search for licensing requirements by state and business type. And remember to contact your municipality to see if local licensing or registration requirements exist.<\/p>\n<p>You may also need to get a Tax ID, also known as an employer identification number (EIN), from the IRS.<\/p>\n<p>This is not required if you&#8217;re a sole owner and don&#8217;t have employees. But you might want to get an EIN anyway to keep your personal and business taxes separate and ensure you can quickly hire when the time comes to expand your business.<\/p>\n<p>The <a href=\"http:\/\/www.irs.gov\/Businesses\/Small-Businesses-&amp;-Self-Employed\/Do-You-Need-an-EIN?\" target=\"_blank\" rel=\"noopener noreferrer\">IRS<\/a> has a helpful checklist to help you decide whether you need an EIN to run your business. If you do need an EIN, you can register online for free.<\/p>\n<p>And if the name under which you&#8217;ll operate your real estate business differs from the business&#8217;s legal name, you may need to register a DBA or &#8220;assumed name&#8221; in your state. To learn more, here are the <a href=\"https:\/\/www.crowdspring.com\/dba-state-requirements\/\" target=\"_blank\" rel=\"noopener\">DBA requirements<\/a> for U.S.U.S. states and territories.<\/p>\n<div class=\"divider-snippet\"><div class=\"pre-title\">Step 5<\/div><h2 class=\"title\">Set up business accounting and bookkeeping<\/h2><div class=\"snippet-content\"><\/p>\n<p>Understanding your business's cash flow is important and necessary for tax-filing purposes. Here's what you need to know about accounting and bookkeeping for your real estate business.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>Business accounting is how your business records, organizes, interprets, and presents financial information. Accountants analyze the financial condition of a business to help the business owner make better decisions.<\/p>\n<p>Bookkeeping is recording, organizing, storing, and retrieving financial information related to your business.<\/p>\n<p>Accounting and bookkeeping do overlap. The main difference is that bookkeeping is how you record and categorize financial information. In contrast, accounting uses information through analysis, business strategy, and tax planning.<\/p>\n<p>You&#8217;ll need to set up <a href=\"https:\/\/realestatebees.com\/guides\/software\/accounting\/\" target=\"_blank\" rel=\"noopener\">real estate accounting software<\/a> to keep track of your finances when starting a real estate business.<\/p>\n<h3>Start by hiring a bookkeeper<\/h3>\n<p>A great bookkeeper is not the same as an accountant. Many business owners hire a bookkeeper with simple goals: keep me organized, pay my bills, and prepare for the work handed to the accountant.<\/p>\n<p>Typically, bookkeepers are less expensive than CPAs (certified public accountants) and can be trusted to record and organize your day-to-day business and real estate transactions, keep your bank accounts balanced, produce simple reports, and assist with keeping your financial records in order.<\/p>\n<p>Many real estate businesses will regularly use an outside bookkeeper, paid hourly, in the office to handle all entries, pay all the bills, and manage invoicing and receivables. Having help with this aspect of managing a small company can be indispensable, and the time it can free for a busy owner is invaluable.<\/p>\n<h3>Review your accounting processes annually and make adjustments<\/h3>\n<p>When starting a real estate business, do not underestimate the importance of a periodic review of your bookkeeping, accounting, and tax strategies. You neglect to look hard at the systems you have in place and the people managing those systems at your peril.<\/p>\n<p>Are you doing your accounting most productively and cost-effectively? Does your CPA have the right real estate industry knowledge level to advise? Does your tax preparer have the skills and expertise to keep you (and your real estate investors) on the right side of the law? And finally (the big one), can you find ways to reduce your expenses while maintaining high-quality controls?<\/p>\n<p>Take the time to reconsider your overall accounting strategy and find ways to strengthen and improve it.<\/p>\n<div class=\"divider-snippet\"><div class=\"pre-title\">Step 6<\/div><h2 class=\"title\">Assess your finances<\/h2><div class=\"snippet-content\"><\/p>\n<p>When you start a real estate business, assessing your finances is crucial. These numbers include tracking your sales and commissions - but a smart real estate business owner must account for much more than sales and commissions alone.<\/p>\n<p>Here's what you need to know about business finance and how to crunch the numbers for your new business.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>Business finance uses your company&#8217;s financial information to help you manage your money and make your business operations profitable and sustainable. These must be in order, especially if your business has real estate investors.<\/p>\n<p>You have many business financing options.<\/p>\n<p>That&#8217;s important because you need to determine how you&#8217;re going to fund your new business and how you&#8217;ll grow it. You&#8217;ll have trouble building a sustainable, profitable business if you don&#8217;t understand the numbers.<\/p>\n<p>Be extra careful to conserve your funds when starting a business. Don&#8217;t overspend.<\/p>\n<p>Some purchases will be necessary and make sense for your business, but others, like expensive and unnecessary equipment, will threaten your small business&#8217;s survivability.<\/p>\n<p>The good news is that most real estate agents and real estate brokers can run their businesses without considerable costs until they build a book of clients and can spend a bit more on equipment and supplies.<\/p>\n<p>Today, most marketing and sales materials are sent digitally, saving much money on color printing costs. But, while you can save on printing, it\u2019s worth investing in professional photography or tools to <a href=\"https:\/\/www.giraffe360.com\/us\/industries\/real-estate-photography\/\" target=\"_blank\" rel=\"noopener\">elevate property listings with photos<\/a>. Good visuals grab attention, make your listings shine, and they\u2019re what people remember.<\/p>\n<p>You&#8217;ll need to set up a bookkeeping and accounting system to keep track of your finances. We talked about this above. This is important to understand your business&#8217;s cash flow and for tax-filing purposes. Your accounting and bookkeeping system will include income, expenses, capital expenditures, profit, loss, EBITDA, etc.<\/p>\n<p><span id=\"get\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 7<\/div><h2 class=\"title\">Get a real estate license<\/h2><div class=\"snippet-content\"><\/p>\n<p>Whether working in New York, California, Texas, Illinois, or another state, you will need the appropriate license for your real estate business.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<h3>A real estate license<\/h3>\n<p>If you are entirely new to the business, you must get your real estate license before working as an official Realtor.<\/p>\n<p>A real estate license in most states allows you to sell residential real estate. You&#8217;ll need separate certifications to sell business real estate (known as commercial real estate).<\/p>\n<p>There are four basic steps you need to complete to get your real estate license and start working as a Realtor:<\/p>\n<ul>\n<li><b>Take the real estate pre-licensing course for your state.<\/b> You&#8217;ll need your real estate pre-licensing course to take your state&#8217;s real estate exam. This grants you a real estate license. You&#8217;ll need to study the topics covered in the exam, including fair housing laws, property ownership types, fiduciary responsibilities, titles, deeds, contracts, and other necessary aspects of real estate law. Every real estate pre-licensing course will cover the rules and regulations for your state and the federal real estate laws in effect for all 50 states.<\/li>\n<li><b>Pass the real estate licensing exam. <\/b>The exam length varies from about 1.5 hours to 3.5 hours based on the state you&#8217;re in. In most states, you must correctly answer 70% to 75% of the questions to pass. The state exam will cover the same topics in your pre-licensing courses. Most states have multiple-choice exams that test national real estate principles and laws and state real estate principles and rules.<\/li>\n<li><b>Submit your real estate license application.\u00a0<\/b>Submit your license application to your state&#8217;s real estate board when you pass your exam. If there are application fees, you will need to include those. Be prepared for the possibility that your state may require all real estate license applicants to submit fingerprints for a criminal background check.<\/li>\n<li><b>Find a real estate broker to work for. <\/b>Now that you&#8217;ve successfully passed your real estate exam, submitted your application for a license to your state&#8217;s real estate department, and paid any necessary fees, you must find a real estate broker to work for. Having your license associated with a licensed real estate brokerage is necessary to start <a href=\"https:\/\/www.kickresume.com\/en\/help-center\/real-estate-agent-resume-sample\/\" target=\"_blank\" rel=\"noopener\">working as a real estate agent<\/a>. This is a critical decision that requires research and careful thought. <a href=\"https:\/\/fitsmallbusiness.com\/how-to-choose-real-estate-company-to-work-for\/\" target=\"_blank\" rel=\"noopener noreferrer\">Consider the benefits<\/a> involved should you choose to work with a franchise brokerage or the benefits of working with a boutique brokerage instead.<\/li>\n<\/ul>\n<h3><b>A broker license<\/b><\/h3>\n<p>The basic steps for obtaining a real estate broker license are the same in most states:<\/p>\n<ul>\n<li><b>You&#8217;ll need a real estate license.<\/b> You must complete the aforementioned education, pass your state&#8217;s licensing exam, and have thoroughly followed up with submitting your application and any necessary fees.<\/li>\n<li><b>Experience.\u00a0<\/b>Realtors must typically have at least 2 to 4 years of experience working in the real estate industry before they are eligible to apply for a broker license. Additionally, some states require a real estate agent to complete a minimum number of real estate business transactions before becoming eligible for a real estate broker&#8217;s license.<\/li>\n<li><b>Education.<\/b> Broker applicants in every state are mandated to complete pre-licensing education, which can vary from 45 to 90 hours before they are permitted to apply for a broker&#8217;s license.<\/li>\n<li><b>Broker&#8217;s exam.<\/b> You must pass the broker licensing exam. The broker&#8217;s exam is lengthier and more comprehensive in every state than the exam for a real estate agent. It is essential to prepare well and study all the necessary materials, and there are <a href=\"https:\/\/www.kapre.com\/real-estate-courses\" target=\"_blank\" rel=\"noopener noreferrer\">courses available<\/a>\u00a0to help you master the information on this in-depth exam.<\/li>\n<li><b>Application and Fees.<b>\u00a0<\/b><\/b>Complete the broker license application and pay any applicable fees. The fees range from $150 to $200, depending on your state.<\/li>\n<\/ul>\n<p class=\"p1\"><span id=\"purchase\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 8<\/div><h2 class=\"title\">Purchase business insurance<\/h2><div class=\"snippet-content\"><\/p>\n<p>You would be surprised how many new business owners forget to protect themselves and their businesses by purchasing insurance before starting their business.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>It doesn&#8217;t help to buy insurance after starting your real estate business and incur claims.<\/p>\n<p>Business insurance can cover property damage, theft, intellectual property lawsuits, and other incidents. Those can be very costly to small businesses, and you must protect yourself and your new business. This is especially true in real estate, where transactions include advice, guidance, and large amounts of money.<\/p>\n<p>As a real estate services provider, you&#8217;ll want liability insurance to protect against possible claims. Your clients depend on your expertise and management; an unhappy client can always sue you if something goes wrong.<\/p>\n<p>You&#8217;ll need workers&#8217; compensation and unemployment insurance if your real estate business employs people. Coverage varies by location, and many general liabiliG.L. (GL) policies will cover workers&#8217; compensation.<\/p>\n<p>Here&#8217;s a <a href=\"https:\/\/www.entrepreneur.com\/article\/241026\" target=\"_blank\" rel=\"noopener noreferrer\">good read<\/a> on the different insurance types you should consider as a real estate business owner.<\/p>\n<p><span id=\"crunch\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 9<\/div><h2 class=\"title\">Crunch the numbers<\/h2><div class=\"snippet-content\"><\/p>\n<p>When you start a new business, even a home-based real estate business, understanding the numbers involved is crucial.<\/p>\n<p>These numbers include tracking your sales and profits \u2013 but an innovative business must account for much more than sales alone.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>Real estate sales tend to ebb and flow with the economy. That means you must prepare for inconsistent revenue&#8217;s ups and downs. You must know how much income you need to cover when things are leaner.<\/p>\n<p>Plan for health and life insurance costs, and include potentially unpaid vacation time in your budget. Everyone needs a break at some point, and your budget needs to account for that.<\/p>\n<p>When launching a brokerage of your own, or even if you&#8217;re starting as a newly licensed realtor, your business costs may include the following:<\/p>\n<ul>\n<li>your branding (logo, <a href=\"https:\/\/www.crowdspring.com\/cost-of-design\/business-card-cost\/\" target=\"_blank\" rel=\"noopener noreferrer\">business cards<\/a>, and real estate website)<\/li>\n<li>any license or permit fees<\/li>\n<li>fees for tools you use to market on social media and to build your web presence and <a href=\"https:\/\/www.agentadvice.com\/blog\/social-media-strategy\/\" target=\"_blank\" rel=\"noopener\">social media presence<\/a><\/li>\n<li>deposits and rent for a physical work location if you plan to lease your workspace<\/li>\n<li>basic infrastructural costs like phone and internet service, <a href=\"https:\/\/www.refrens.com\/free-online-invoicing-software\" target=\"_blank\" rel=\"noopener\">invoicing software<\/a>, etc.<\/li>\n<li>marketing and advertising costs, including the cost of marketing materials<\/li>\n<li>equipment costs or leases<\/li>\n<li>salaries or wages for any employees<\/li>\n<\/ul>\n<p>Once you know how much it will cost to get you started, compare that with your funds. Then plan how you&#8217;ll make up any difference.<\/p>\n<p>You&#8217;ll still incur costs no matter how small your business is, so pay careful attention to your budget.<\/p>\n<p>Run calculations to determine how much it will cost to create your business. These numbers allow you to plan and consider your fees and what you should charge.<\/p>\n<p><span id=\"create\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 10<\/div><h2 class=\"title\">Create a strong brand identity<\/h2><div class=\"snippet-content\"><\/p>\n<p>Real estate agents and brokers often market their services based on their brand and personality.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>Crafting a memorable <a href=\"https:\/\/www.crowdspring.com\/blog\/brand-identity\/\" target=\"_blank\" rel=\"noopener noreferrer\">brand identity<\/a> is crucial for any real estate professional.<\/p>\n<p>As we&#8217;ve <a href=\"https:\/\/www.crowdspring.com\/blog\/consistent-branding-marketing-small-business\/\" target=\"_blank\" rel=\"noopener noreferrer\">previously discussed<\/a>,<\/p>\n<blockquote><p>\u2026your brand is your company\u2019s public identity. Ideally, your brand should embody the best (and most essential) attributes of your company.<\/p><\/blockquote>\n<p>A brand represents how people know you and your business. It affects how customers perceive your reputation or the reputation of your company.<\/p>\n<p>A strong brand is more important than ever in today&#8217;s competitive real estate market.<\/p>\n<p><div class=\"subscription-hero-snippet image-on-left\" style=\"background: #DA6D5A\"><div class=\"title centered\">How much is a great logo worth to your business?<\/div><div class=\"main-content\"><div class=\"image-wrapper\"><img decoding=\"async\" src=\"https:\/\/assets.crowdspring.com\/marketing\/landing-page\/logo-quiz-hero-optimized.png\" alt=\"logo designer sitting in front of a computer\"\/><\/div><div class=\"form-wrapper\"><div class=\"subtitle\">Answer 5 quick questions & gain 15 valuable insights to drive customer loyalty and business growth.<\/div><a target=\"_blank\" class=\"btn btn-primary\" href=\"https:\/\/www.crowdspring.com\/logo-quiz\/\">Start the free quiz now!<\/a><\/div><\/div><\/div><\/p>\n<p>Ask yourself these important questions:<\/p>\n<ul>\n<li>What identity\/personality do I want my real estate brand to project?<\/li>\n<li>Who will want my products or services?<\/li>\n<li>What can clients get from my services that they can&#8217;t get anywhere else?<\/li>\n<li>What can clients get from working with <i>me\u00a0<\/i>that they can&#8217;t get anywhere else?<\/li>\n<li>What are my brand values?<\/li>\n<li>What is the most important part of my customers&#8217; experience?<\/li>\n<\/ul>\n<p>Your answers to these questions (and others like them) will build your brand&#8217;s core. All of your future branding and <a href=\"https:\/\/www.crowdspring.com\/blog\/how-to-rebrand\/\" target=\"_blank\" rel=\"noopener\">rebranding<\/a> decisions should expand on these ideas. Your <a href=\"https:\/\/www.crowdspring.com\/naming-a-business-or-product\/\" target=\"_blank\" rel=\"noopener noreferrer\">business name<\/a>, <a href=\"https:\/\/www.crowdspring.com\/logo-design\/\" target=\"_blank\" rel=\"noopener noreferrer\">company logo<\/a>, and real estate website design should all grow from the concepts you laid out here.<\/p>\n<p>Far too many real estate companies have identical logos. Be sure your <a href=\"https:\/\/www.crowdspring.com\/logo-design\/real-estate-logos\/\" target=\"_blank\" rel=\"noopener noreferrer\">real estate logo<\/a> is unique.<\/p>\n<p>And don&#8217;t forget about real estate signage. Leave dull signs to others and instead get <a href=\"https:\/\/www.crowdspring.com\/blog\/real-estate-signage\/\" target=\"_blank\" rel=\"noopener noreferrer\">real estate signs<\/a> that sell.<\/p>\n<p>It&#8217;s a good idea to review your answers to the questions you answered periodically to ensure you can relay your brand value in person &#8211; and ensure the answers still apply.<\/p>\n<p>Whenever you make personal appearances, carry <a href=\"https:\/\/www.crowdspring.com\/business-card-design\/\" target=\"_blank\" rel=\"noopener noreferrer\">business cards<\/a> and <a href=\"https:\/\/www.crowdspring.com\/brochure-or-menu-design\/\" target=\"_blank\" rel=\"noopener noreferrer\">brochures<\/a> for people who want to learn more about your services.<\/p>\n<p>And don&#8217;t forget to <a href=\"https:\/\/www.crowdspring.com\/blog\/branding-statistics\/\" target=\"_blank\" rel=\"noopener\">showcase your brand identity on social media consistently<\/a>.<\/p>\n<p>Before you delay building a strong brand identity for your real estate business because you might not have a considerable budget, rethink that plan.<\/p>\n<p>You don&#8217;t have to spend thousands of dollars building a strong brand identity. Here are a few pricing guides that can help you identify the sweet spot for pricing:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.crowdspring.com\/cost-of-design\/logo-design-cost\/\" target=\"_blank\" rel=\"noopener noreferrer\">How much should a logo design cost?<\/a><\/li>\n<li><a href=\"https:\/\/www.crowdspring.com\/cost-of-design\/business-card-cost\/\" target=\"_blank\" rel=\"noopener noreferrer\">How much does a business card cost?<\/a><\/li>\n<li><a href=\"https:\/\/www.crowdspring.com\/cost-of-design\/brochure-design-cost\/\" target=\"_blank\" rel=\"noopener noreferrer\">How much should a brochure design cost?<\/a><\/li>\n<li><a href=\"https:\/\/www.crowdspring.com\/cost-of-design\/website-design-cost\/\" target=\"_blank\" rel=\"noopener noreferrer\">How much does website design cost?<\/a><\/li>\n<\/ul>\n<p>The above guides cover free, cheap, affordable, and expensive options. You&#8217;ll find a price point that will fit your budget, regardless of the size of your budget.<\/p>\n<p>You can learn more about the nuts and bolts of establishing and maintaining a consistent brand identity in <a href=\"https:\/\/www.crowdspring.com\/blog\/consistent-branding-marketing-small-business\/\" target=\"_blank\" rel=\"noopener noreferrer\">Grow Your Small Business with Consistent Branding<\/a>.<\/p>\n<p><span id=\"build\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 11<\/div><h2 class=\"title\">Build an online presence<\/h2><div class=\"snippet-content\"><\/p>\n<p>The web is an essential sales and marketing tool for all small businesses; real estate agents and brokers are no exception.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>According to a <a href=\"https:\/\/realestateagentu.com\/14-new-search-behavior-statistics-home-buyers\/\" target=\"_blank\" rel=\"noopener noreferrer\">study<\/a> on homebuyers, 90% start their search online, and 40% contact a real estate agent after researching the web.<\/p>\n<p>A web presence isn&#8217;t optional &#8211; you must be on the Internet to compete in the real estate market and build a successful real estate business. And since real estate services are typically local, \u00a0learn how to <a href=\"https:\/\/circleboom.com\/blog\/google-business-profile-for-real-estate-agents-examples-tips\/\" target=\"_blank\" rel=\"noopener\">use Google My Business for your real estate business<\/a>.<\/p>\n<p>Customers choose real estate services based on the brand, the real estate professional behind the brand, and that person&#8217;s reputation. Your business website is often the first contact point between you and potential clients. Make that first impression a good one with a well-designed site by learning <a href=\"https:\/\/www.psd2html.com\/blog\/how-to-build-successful-real-estate-website-5-must-have-elements.html\" target=\"_blank\" rel=\"noopener\">how to build a real estate website<\/a> or by hiring a website designer and a developer to do that for you.<\/p>\n<p>Ensure that your\u00a0<a href=\"https:\/\/www.crowdspring.com\/website-design\/\" target=\"_blank\" rel=\"noopener noreferrer\">website design<\/a> truly embodies your real estate brand. Visitors should understand who you are, your services, qualifications, and reputation.<\/p>\n<p>Your real estate website design and marketing copy should project your personal or broker&#8217;s brand voice and identity. Here are some suggestions:<\/p>\n<ul>\n<li>If you work as a real estate agent, include a photo and bio. Homebuyers want to know the person behind the site.<\/li>\n<li>Be authentic and avoid marketing &#8220;happy talk.&#8221; Speak the same language as your customers.<\/li>\n<li>Include high-quality examples of sales you&#8217;ve closed, and include <a href=\"https:\/\/www.crowdspring.com\/blog\/lead-generation-form-optimization-conversion-strategies\/\" target=\"_blank\" rel=\"noopener noreferrer\">social proof<\/a> wherever possible.<\/li>\n<li>Give site visitors an easy way to get in contact with you.<\/li>\n<li>Show your listings with high-quality photos. Don&#8217;t hesitate to spend a few dollars on <a href=\"https:\/\/fixthephoto.com\/real-estate-photo-editing-services\" target=\"_blank\" rel=\"noopener\">real estate photo editing services<\/a> to maximize the impact of the images in your real estate listings.<\/li>\n<li>For your listings, consider including virtual house tours. This will help busy buyers assess your listings and save you time because people typically only want to see properties they&#8217;ve already put on a shortlist.<\/li>\n<li>Consider adding <a href=\"https:\/\/www.cubi.casa\/floorplans\/\" target=\"_blank\" rel=\"noopener\">floor plans<\/a> to your listings. Adding a floor plan to a real estate listing can increase click-throughs from buyers by 52%.<\/li>\n<\/ul>\n<p>Aim to create a site that builds your brand, establishes your approach and style, and communicates your value proposition. As with other personality-driven fields (like real estate sales and other creative services), people are not just buying your services but purchasing a relationship with you.<\/p>\n<p>Building a strong social media presence is key to connecting directly with your audience and drawing more visitors to your website. Create a presence by <a href=\"https:\/\/blog.loomly.com\/social-media-calendar\/\" target=\"_blank\" rel=\"noopener\">building a social media calendar<\/a> and employing a <a href=\"https:\/\/www.serviceform.com\/blog\/top-10-examples-of-chatbot-for-real-estate-in-2023\" target=\"_blank\" rel=\"noopener\">real estate chatbot<\/a>. The chatbot can assist clients in finding their perfect properties and maintain ongoing communication. These strategies will greatly enhance your brand&#8217;s visibility and foster trust with potential clients.<\/p>\n<p>Remember that after you talk to people, whether in person or on social media, they&#8217;ll head to your website for more research.<\/p>\n<p>When purchasing something as important as a home, trust is critical. Make sure everything about your brand conveys that you&#8217;re a trustworthy authority.<\/p>\n<p>Finally, a robust website design <a href=\"https:\/\/direction.com\/real-estate-seo\/\" target=\"_blank\" rel=\"noopener\">powered by strategic SEO<\/a> and well-planned strategies will lend credibility and legitimacy to your business. To learn more about great website design, check out <a href=\"https:\/\/www.crowdspring.com\/blog\/website-design-best-practices-business\/\" target=\"_blank\" rel=\"noopener noreferrer\">Grow Your Small Business With These 7 Website Design Best Practices<\/a>.<\/p>\n<p><span id=\"createsales\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 12<\/div><h2 class=\"title\">Create a sales plan<\/h2><div class=\"snippet-content\"><\/p>\n<p>Market research remains a valuable tool every business owner should use when starting a new business venture.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>When you&#8217;re ready to open your real estate business, having a well-researched plan will save you time, stress, and money in the long run. Your sales and marketing strategies will lay out your game plan to build your real estate brand and help create word-of-mouth referrals for your real estate company.<\/p>\n<p>When creating a <a href=\"https:\/\/www.crowdspring.com\/blog\/sales-plan\/\" target=\"_blank\" rel=\"noopener\">sales plan<\/a>, understand your choices and consider which will work best for your business.<\/p>\n<p>Start with the big one: how will you sell your real estate business services?<\/p>\n<p>Real estate is often a personal, intimate service, so a hands-on approach is more effective and successful. Your website can help you generate leads, but your success is based just as much on the customers you say no to as the ones you say yes to.<\/p>\n<p>What does this mean? It means getting up from the computer and on the phone.<\/p>\n<p>A quick call with a potential client can establish whether you fit their needs well. It saves you and your customer time and effort if there isn&#8217;t a good match.<\/p>\n<p>This pre-work leads to the second part of your sales plan: the in-person consultation. You want to meet with your clients so that you can work out in advance their needs, expectations, and any critical factors.<\/p>\n<p>This phase&#8217;s ultimate goal is for your client to commit to working with you to buy or sell real estate.<\/p>\n<p>Of course, here&#8217;s where the real work starts! No matter what service or product you offer, one crucial thing to remember is the post-sales experience.<\/p>\n<p>A crucial part of your sales plan is what happens after you&#8217;ve completed the work. Post-sales customer care can be a place where you differentiate yourself from your competitors.<\/p>\n<p>Many real estate agents and brokers find their clients through <a href=\"https:\/\/www.crowdspring.com\/blog\/word-of-mouth-marketing\/\" target=\"_blank\" rel=\"noopener noreferrer\">word-of-mouth<\/a> from happy new homeowners. Create a great sales experience with your clients to increase the likelihood that you&#8217;ll get plenty of word-of-mouth referrals.<\/p>\n<p>Word-of-mouth is a powerful marketing tool, especially for real estate agents. As we\u00a0<a href=\"https:\/\/www.crowdspring.com\/blog\/business-referrals\/\" target=\"_blank\" rel=\"noopener noreferrer\">wrote<\/a>:<\/p>\n<blockquote><p>In fact, customers referred to a product are more valuable. A <a href=\"https:\/\/faculty.wharton.upenn.edu\/wp-content\/uploads\/2013\/05\/Schmitt_Skiera_VandenBulte_2013_Referrral_Programs_2.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Wharton School of Business<\/a>\u00a0study found that referred customers have a 16% higher lifetime value and are more loyal.<\/p><\/blockquote>\n<p>Consider your sales plan to capitalize on every opportunity to close the sale and generate future ones.<\/p>\n<p><span id=\"join\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 13<\/div><h2 class=\"title\">Join a team<\/h2><div class=\"snippet-content\"><\/p>\n<p>The first step in choosing to join or starting your brokerage is understanding the pros and cons of the two basic real estate brokerages: franchise and boutique brokerages.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<h3>National Franchise Brokerages<\/h3>\n<p>The first type of brokerage in the real estate business is called franchise brokerage.<\/p>\n<p>Franchise brokerages work under the umbrella of large national companies. These companies grant brokers the right to use their company name, branding, and business plan. The franchise receives these benefits, and the larger company gets a percentage of every real estate deal closed by that office.<\/p>\n<p>The same model works in industries that support real estate brokerages. For example, you can <a href=\"https:\/\/www.mottomortgage.com\/franchises\" target=\"_blank\" rel=\"noopener\">buy a franchise<\/a>, run your own mortgage brokerage service, and offer your real estate clients mortgages.<\/p>\n<p>Most franchisees are independently owned. However, each franchise brokerage must follow the corporate office&#8217;s rules and regulations.<\/p>\n<p>There are many advantages to working for a franchise brokerage. The larger companies provide vast resources for marketing and branding, easy name recognition, and a larger online traffic percentage.<\/p>\n<p>There are drawbacks, as well.<\/p>\n<p>Ironically, the major drawback of working for a national franchise is their advantage&#8217;s flipside: their size.<\/p>\n<p>In particular, new agents may find the impersonal nature of a large franchise to be off-putting. The consequent lack of mentoring and professional development can make breaking into a highly competitive market an added challenge. You can still find a mentor at a national brokerage, but it&#8217;s more complicated.<\/p>\n<h3>Boutique Brokerages<\/h3>\n<p>A small company usually owns boutique brokerages in the real estate business. A single broker manages them, and the agents in that brokerage typically work closely together.<\/p>\n<p>The small size of a boutique brokerage increases the value placed on each agent. Because the boutiques are small, every contribution to the brokerage&#8217;s bottom line makes a marked difference. ]\n<p>There is an inherent advantage to ensuring each agent is working at their best, which means that newer agents can benefit from more experienced agents&#8217; extra attention and direction.<\/p>\n<p>Boutique brokerages are also more flexible with branding regulations. Agents have a creative license to build a brand without as many constrictions, which can help new agents create a standout brand for themselves from the start.<\/p>\n<p>The primary disadvantage of working with a boutique brokerage is that the available budget for marketing materials and other resources is likely significantly lower than that of a big chain. Brand recognition may be harder to achieve and will be limited to the areas the boutique serves. Agents may find it challenging to maintain their reputation in other areas should they decide to do so, given the lack of brand awareness in other locations.<\/p>\n<h3>Brokerage as a Service (BaaS)<\/h3>\n<p>BaaS, or Brokerage as a Service, offers aspiring real estate professionals a one-stop solution for all their business needs. By providing a comprehensive package of essential tools and services, BaaS streamlines the process of entering the real estate industry, making it easier and more efficient than ever before.<\/p>\n<p>The model typically includes a range of services, such as:<\/p>\n<ul>\n<li>Licensing and training<\/li>\n<li>Marketing and branding<\/li>\n<li>Listing management<\/li>\n<li>Transaction coordination<\/li>\n<li>Support and mentoring<\/li>\n<\/ul>\n<p>BaaS offers several key advantages, making it an attractive option for newcomers and seasoned professionals.<\/p>\n<ol>\n<li><strong>Lower costs<\/strong>: Traditional brokerage models often come with high fees and expenses. BaaS provides a cost-effective alternative with lower upfront costs and a pay-as-you-go structure that helps agents manage their budgets.<\/li>\n<li><strong>Access to technology<\/strong>: BaaS platforms offer cutting-edge tools, including CRM systems, marketing automation, and <a href=\"https:\/\/www.scnsoft.com\/data\/business-intelligence-analytics-examples#bi-examples-real-estate\" target=\"_blank\" rel=\"noopener\">data analysis<\/a>. These resources can give agents a competitive edge in the market.<\/li>\n<li><strong>Flexibility<\/strong>: BaaS providers allow agents to choose from various service packages, ensuring they only pay for their needed services. This flexibility makes it easy for agents to scale their businesses as they grow. And because agents are not attached to a physical office, they can work from anywhere.<\/li>\n<li><strong>Support and mentorship<\/strong>: BaaS platforms often include access to experienced real estate professionals, offering invaluable guidance and advice to help agents navigate the industry.<\/li>\n<\/ol>\n<p>While BaaS has many advantages, it also has trade-offs compared to other real estate models. Here are the key ways BaaS is better and worse than other models.<\/p>\n<h4>Why BaaS is better:<\/h4>\n<ul>\n<li><strong>Streamlined processes<\/strong>: BaaS simplifies launching a real estate career, allowing agents to focus on their clients and sales.<\/li>\n<li><strong>Lower barriers to entry<\/strong>: The reduced costs and comprehensive support offered by BaaS make it easier for new agents to break into the market.<\/li>\n<li><strong>Increased efficiency<\/strong>: The advanced tools and technology available through BaaS help agents manage their time and resources more effectively.<\/li>\n<\/ul>\n<h4>Why BaaS is worse:<\/h4>\n<ul>\n<li><strong>Less autonomy<\/strong>: Some agents may find the structured nature of BaaS restrictive, preferring the freedom of traditional models. However, if autonomy is important, you can choose white-label sponsorship plans that offer the benefits of a traditional brokerage and the freedom to build your brand.<\/li>\n<li><strong>Limited customization<\/strong>: BaaS platforms may not offer the same level of customization and personalization as traditional brokerages.<\/li>\n<\/ul>\n<p>Here are some actionable insights to help you get the most out of BaaS:<\/p>\n<ol>\n<li><strong>Choose the right BaaS provider<\/strong>: Research different providers and select one that aligns with your goals, values, and desired level of support.<\/li>\n<li><strong>Leverage the technology<\/strong>: Make the most of the tools and resources provided by your BaaS platform. This will help you work more efficiently and stay ahead of the competition.<\/li>\n<li><strong>Network with other agents<\/strong>: Engage with your peers on the BaaS platform and learn from their experiences. This will help you develop your skills and expand your network.<\/li>\n<li><strong>Invest in your brand<\/strong>: Don&#8217;t rely solely on the BaaS provider&#8217;s <a href=\"https:\/\/www.crowdspring.com\/blog\/branding\/\" target=\"_blank\" rel=\"noopener\">branding<\/a>. Develop your personal brand to create a unique identity and stand out in the market.<\/li>\n<li><strong>Seek mentorship<\/strong>: Take advantage of the support and guidance experienced professionals offer on your BaaS platform. Their insights can be invaluable in helping you navigate the industry<\/li>\n<\/ol>\n<p><span id=\"grow\"><\/span><div class=\"divider-snippet\"><div class=\"pre-title\">Step 14<\/div><h2 class=\"title\">Grow your business<\/h2><div class=\"snippet-content\"><\/p>\n<p>Real estate is a challenging industry to enter. Competition is fierce, and there's plenty of it.<\/p>\n<p>Getting started can feel daunting, especially if you're fresh from earning your real estate sales agent or broker's license. Where to begin?<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<h3><b>Networking<\/b><\/h3>\n<p>Networking is an essential marketing tool in any real estate professional&#8217;s toolkit. It should be a critical part of your marketing plan. Making connections and establishing credibility is crucial, but remember to choose quality connections over quantity.<\/p>\n<p>Consider a targeted approach to finding people at networking events to help you realize your goals and build your sphere of influence based on those connections. You want to build a diverse network of individuals and businesses who can provide advice, assistance, sales <a href=\"https:\/\/www.crowdspring.com\/blog\/lead-magnets-conversions\/\" target=\"_blank\" rel=\"noopener\">leads<\/a>, or help you &#8220;level up.&#8221;<\/p>\n<h3><b>Set up a CRM<\/b><\/h3>\n<p>Successful real estate businesses run on relationships. How well you track these connections and manage your contacts can dramatically affect how successful your business is and how quickly you grow your business.<\/p>\n<p>What you need is a customer relationship management system or <a href=\"https:\/\/snov.io\/sales-crm\" target=\"_blank\" rel=\"noopener\">sales CRM<\/a>.<\/p>\n<p>Use a robust <a href=\"https:\/\/sloovi.com\/blog\/sales-crm\/\" target=\"_blank\" rel=\"noopener\">sales CRM<\/a> to organize your leads, contacts, and network connections. As we said in our look at the <a href=\"https:\/\/www.crowdspring.com\/blog\/best-crm-small-business\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top 9 CRM for Small Business<\/a>:<\/p>\n<blockquote><p>A customer relationship management system is a way to track and analyze all of the interactions you have with your customers and potential clients.<\/p><\/blockquote>\n<blockquote><p>By collecting customer information, you can simplify and scale engagement by capturing all of the communications your company has with its customers.<\/p><\/blockquote>\n<p>You never know where your next referral or customer may come from. CRM allows you to shape the customer experience and optimize your interactions so you&#8217;re always ready for that next lead.<\/p>\n<h3><b>Contact your leads<\/b><\/h3>\n<p>Once you start tracking your leads in a CRM, you should reach out and engage with them. <a href=\"https:\/\/www.forbes.com\/sites\/forbescommunicationscouncil\/2017\/11\/21\/how-to-convert-your-real-estate-leads\/#1be50fdc4032\" target=\"_blank\" rel=\"noopener noreferrer\">Studies<\/a>\u00a0show that the longer a lead sits unanswered, the lower the possibility that it can be converted into a sale: from 80% if you reach out immediately to 20-35% if you wait 30 minutes or more.<\/p>\n<p>However, before you contact a lead, do some research. Look at their prior real estate transactions. Have some questions ready, and be prepared to answer some, too. Write down answers to some of the common questions. Above all, be positive and open-minded.<\/p>\n<p>The focus is on quality instead of quantity. Spend the time to create rapport with potential clients and talk to them like a friend. You are there to help.<\/p>\n<p>And remember that while email is a common choice for business communication, <a href=\"https:\/\/www.messagedesk.com\/blog\/real-estate-sms-text-messaging\" target=\"_blank\" rel=\"noopener\">real estate clients often prefer text messaging<\/a>. To effectively reach potential clients, consider embracing a variety of personalized communication channels. Remember, tailoring your approach can significantly boost your conversion rates.<\/p>\n<h3><b>Ask for Referrals<\/b><\/h3>\n<p><a href=\"https:\/\/www.crowdspring.com\/blog\/business-referrals\/\" target=\"_blank\" rel=\"noopener noreferrer\">Referrals<\/a> are a significant source of leads for real estate businesses. Once you&#8217;ve established a successful relationship with a customer, don&#8217;t hesitate to ask for a referral.<\/p>\n<p>Often, if you do your job well, no additional effort is required to get a referral. People are generally happy to share a positive experience working with someone. A brief reminder at the end of doing business with a customer <a href=\"https:\/\/www.crowdspring.com\/blog\/nudge-marketing\/\" target=\"_blank\" rel=\"noopener\">can help nudge someone<\/a> who might otherwise forget.<\/p>\n<p>However, satisfied clients are just one source of referral business.<\/p>\n<p>In addition to friends and family, business associates and people in your social and professional networks can help expand your pool of referrers.<\/p>\n<p>When asking for a referral, don&#8217;t beat around the bush. A straightforward request is, &#8220;I would appreciate your help growing my business. Would you feel comfortable leaving me a review or referring anyone you know who needs my services?&#8221;<\/p>\n<p>Many resources are available for making such a request, especially on the Internet. Consider using <a href=\"https:\/\/www.getresponse.com\/blog\/real-estate-email-marketing\" target=\"_blank\" rel=\"noopener\">email campaigns<\/a> featuring enticing perks or freebies for the first few clients to refer your business (remember to use an email address that matches your real estate business name and not just a personal email). Even, if you&#8217;re not an experienced email marketer, you can use <a href=\"https:\/\/www.hubspot.com\/products\/cms\/ai-content-writer\" target=\"_blank\" rel=\"noopener\">AI writing tools<\/a> to easily create engaging email copy.<\/p>\n<p>You can also reach out to existing clientele through social media platforms, an easy and more personal way to engage with your connections.<\/p>\n<div class=\"divider-snippet\"><div class=\"pre-title\"><\/div><h2 class=\"title\">Conclusion<\/h2><div class=\"snippet-content\"><\/p>\n<p>When starting your own real estate business, there's much to consider.<\/p>\n<p><\/div><img decoding=\"async\" class=\"logo\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/><\/div>\n<p>But with this guide, you have a proven step-by-step plan that shows you how to start your own real estate business.<\/p>\n<h2>Top Resources for Real Estate Agents and Brokers<\/h2>\n<p>Here are helpful resources for real estate agents and brokers:<\/p>\n<p><a href=\"http:\/\/www.inman.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Inman News<\/a> (leading independent real estate news service)<\/p>\n<p><a href=\"http:\/\/www.realtor.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Realtor.org<\/a> (official membership site for the National Association of Realtors (NAR)<\/p>\n<p><a href=\"http:\/\/www.realtytimes.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Realty Times<\/a> (leading news and advice site for real estate consumers and professionals)<\/p>\n<p><a href=\"http:\/\/www.homeinspector.org\/FAQs-on-Inspection\" target=\"_blank\" rel=\"noopener noreferrer\">Frequently Asked Questions on Home Inspections<\/a> from the Society of Home Inspectors.<\/p>\n<p><a href=\"http:\/\/www.ncrainc.org\/cmss_files\/attachmentlibrary\/Selecting-a-Real-Estate-Professional.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Tips for Selecting a Real Estate Professional<\/a> &#8211; from the Federal Trade Commission.<\/p>\n<p><a href=\"http:\/\/www.irem.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Institute of Real Estate Management<\/a> (international communication of real estate managers).<\/p>\n<p><a href=\"http:\/\/www.nationalmortgagenews.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">National Mortgage News<\/a> (up-to-date information about the mortgage industry)<\/p>\n<p><a href=\"https:\/\/www.crowdspring.com\/how-it-works\/?utm_source=csblog&utm_medium=smb&utm_campaign=cta\" target=\"_blank\"><img decoding=\"async\" class=\"alignnone size-full wp-image-35262\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2022\/05\/06164945\/small-business-blog-master-cta.png\" alt=\"\" width=\"700\" height=\"466\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This guide on\u00a0starting a real estate business helps you avoid mistakes and succeed. We cover everything, from choosing your niche to licensing and more. <\/p>\n","protected":false},"author":2,"featured_media":31025,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1666],"tags":[3159,678],"class_list":["post-30913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-small-business","tag-starting-a-business","tag-startups"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Plan, Start and Grow a Real Estate Business: The Definitive Guide [2024] - crowdspring Blog<\/title>\n<meta name=\"description\" content=\"This guide on\u00a0starting a real estate business helps you avoid mistakes and succeed. 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We cover everything, from choosing your niche to licensing and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/\" \/>\n<meta property=\"og:site_name\" content=\"crowdspring Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-03T21:28:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-02T20:42:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2019\/03\/27130231\/arch-architecture-art-277590-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"699\" \/>\n\t<meta property=\"og:image:height\" content=\"521\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ross Kimbarovsky\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ross Kimbarovsky\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"36 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/\"},\"author\":{\"name\":\"Ross Kimbarovsky\",\"@id\":\"https:\/\/www.crowdspring.com\/blog\/#\/schema\/person\/45a66ce5a05496798744cf14367aa575\"},\"headline\":\"How to Plan, Start and Grow a Real Estate Business: The Definitive Guide [2024]\",\"datePublished\":\"2021-01-03T21:28:31+00:00\",\"dateModified\":\"2026-02-02T20:42:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/\"},\"wordCount\":8204,\"publisher\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2019\/03\/27130231\/arch-architecture-art-277590-1.jpg\",\"keywords\":[\"Starting a Business\",\"Startups\"],\"articleSection\":[\"Small Business\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/\",\"url\":\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/\",\"name\":\"How to Plan, Start and Grow a Real Estate Business: The Definitive Guide [2024] - crowdspring Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/how-to-start-a-real-estate-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2019\/03\/27130231\/arch-architecture-art-277590-1.jpg\",\"datePublished\":\"2021-01-03T21:28:31+00:00\",\"dateModified\":\"2026-02-02T20:42:21+00:00\",\"description\":\"This guide on\u00a0starting a real estate business helps you avoid mistakes and succeed. 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