Starting A Brokerage
30 STEPS TO GETTING SET UP....
First a foremost you should follow any state guidelines that are in place to get your broker's license and what protocol they have in place for licensing a company as well. In Texas, they both have to be licensed. For instance in my case, I (Katie Cooper) have to have the education requirements and take the test to become licensed and then I had to license Home Sweet Home Real Estate Group as well and I have to keep up with both of those licenses each renewal. The TEXAS REAL ESTATE COMMISSION Has all their protocol on the website under: GET LICENSED.
- What will your brand be? What is the name of your company? What is the domain?
- You will want to begin the design and set up of your website.
- Choose which business structure you are going to create. CLICK HERE FOR OPTIONS. In most cases you probably want to be set up as an LLC. Check out THIS VIDEO FOR MORE INFORMATION ABOUT CREATING AN LLC. You will likely need this completed and approved by your state prior to applying for an entity brokerage in your state.
- If you set up an LLC, it is likely that you should also have your accountant set up an SCORP for tax purposes. CLICK HERE for more information about Scorps.
- You will need to apply for an EIN number, this is likely a better solution than using your social security number. CLICK HERE FOR MORE INFO. Once you have this, you will need to prepare a brokerage W-9.
- Once you have your LLC and your EIN, you can go set up a business bank account and credit card. I suggest that ALL Business expenses are on those accounts.
- In some states you also need to be registered with the treasuer for state tax. In Texas it is via this site. CLICK HERE
- You will need to start getting E & O insurance quotes, you may consider CRES Insurance. CLICK HERE
- Once you have finished all of your state protocols and your LLC is set up, you will need to reach out to your Realtor board to set up your brokerage with them.
- You state may require you to have a policies and procedures manual. If you are in Texas, The Texas Assocation of Realtors has one you can purchase on their website.
- You will need a company logo, you could check out Fiverr or Etsy for logo creation. If you are canva savy, you may be able to create the logo in that program.
- Canva is a great program to create branding documents and marketing pieces.
- Set up professional email, you could consider google or godaddy.
- Set up you google my business profile, this is easy to set up if you use google email.
- Are you going to recruit agents? If so, you will need an independant contractor - contract. You could prepare your own or your association may have one. If you are in Texas, TAR has one available to use.
- How do you plan to recruit agents? What will their commission splits be? What will their expectations be?
- What will your file compliance lists look like? What documents will you require per type of file? You should create a one page checklist for each file type for your agents to follow.
- Will you implement a brokerage CRM for agents to use?
- How will you train agents?
- What document and electronic signature program will you utilize? Perhaps something like DotLoop?
- Will you require an office Intranet with transaction compliance like Backagent?
- Set up your social media pages. If you have a team of Realtors, create a team FB group for ease of communication and sharing.
- Design your signs in Canva or hire a sign company to design them for you.
- Will you have a uniform business card design or let agents design their own?
- Will you use supra boxes or combo boxes?
- Will you utilize a showing service like Showingtime.com
- What marketing channels will you pursue and have your team pursue? Such as door knocking, mass calling, mass texting, open houses, farming, community events, etc.?
- How will you manage your state rules for notices to consumers? Will you implement a standard email signature?
- How are you managing your accounting? Are you using something like Quickbooks and are you balancing things or is your accountant? Don't let this get behind, in some states your entity could loose it's license if taxes are not up to date.
- Have you built a team of agents yet? If so, you may want some team headshots and pictures. We have great examples CLICK HERE
KEEP US IN MIND FOR ANY REFERRALS IN THE HOUSTON/COLLEGE STATION/WOODLANDS/HUNTSVILLE MARKETS.