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The requirements may vary, depending on where you live. In some states and countries, you can get your real estate agent's and broker's licenses at the same time, while elsewhere you may have to be a licensed agent for at least a year before applying for your broker's license. You're into real estate, so you already know that location is important. Make sure that you select a great office space for your business that's easily accessible and offers plenty of parking. You're going to need computer equipment, office furniture, a fax machine, and the usual office supplies. All real estate brokers are legally required to use broker trust accounts to deposit the money they receive from clients while brokering a deal. There is some level of liability associated with a real estate brokerage. Be sure that you're properly covered with good quality insurance. Once you've established your business as a real estate brokerage, it's time to set up a website so that you can market the properties your listing to people who are browsing online for real estate. According to one report, 90% of home buyers start their search online. If you don't have a solid online presence, your real estate brokerage is going to lose market share. Contact a web development company that specializes in creating websites for real estate brokerages. That way, you can be sure that your site not only presents a professional image but is also able to display properties that are in the Multiple Listing Service (MLS). Your website will need to be updated regularly to reflect changes in the real estate market. For example, you don't want people to browse your site and find a property for sale that's already under contract. Hire a search engine optimization company to optimize your website for local searches. That way, when people in your area search for a particular type of real estate listing, your page appears at or near the top of the results list. When you do get to the point where you need to hire additional agents, you'll need a legal agreement in place that spells out their responsibilities and describes your expectations of agent behavior.
Obtain all required licenses. Choose a location for your office. Equip your office. Open broker trust accounts at your bank. Purchase errors and omissions insurance. Set up a website. Prepare an independent contractor agreement.