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. 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. 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. 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. 4

   Open a business bank account

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

5. 5

   Set up bookkeeping

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

6. 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