OwnerUnlocked

Starting a real estate business: your first-month checklist

The usual order of things. Pick your state below for its exact rules, deadlines and official links.

  1. Check your license and brokerage registration

    Every state requires a license to work as a real estate agent or broker, and in most states the brokerage company itself must be licensed too. New agents work under a licensed broker.

  2. Get errors and omissions (E&O) insurance

    Errors and omissions insurance covers claims that you made a mistake in a deal. Many brokerages require it, and some states do too. See options

  3. Get your EIN

    Free from the IRS, online in about 10 minutes. Banks, clients and payroll all ask for it. You never need to pay a service for it. How to get it free

  4. Open a business bank account

    Keeps the company's money separate from yours, which is what protects your LLC. See options

  5. Set up bookkeeping

    Track every sale and expense from day one so taxes take hours, not weeks. See options

  6. Plan for taxes on commission income

    Commissions usually come with no tax taken out, so set aside money for quarterly estimated taxes. See options

Pick your state

What insurance costs

CoverageMedian per month
Errors and omissions (E&O)$68
General liability$40
Workers' compensation$50
Cyber insurance$129

Source: Insureon, Feb 2025. Your price depends on your work, location and history.