How to start your own real estate brokerage in 2017

If you're thinking of taking the leap, here's what you'll need to know
  • There are no step-by-step instructions on how to get started, but there are rules and the license applications, plus resources at the Department of Commerce.
  • The process is mostly about filling out forms and paying fees and doing it all in the right order.
  • Decide on a business structure (consult a professional), make a list of everything you need and set a start date.

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Here we are at the end of another year, thinking about the year that was and about what we want next year to be like. People start searching the internet to learn how to become real estate agents, while real estate agents search for information on how to start their own real estate company. Taking the leap When I had a regular-type job, I used to dream about being self-employed. That was mostly all I thought about during the 1990s, but I was afraid to leave what I though was a secure job. I took the leap 15 years ago, when I first became a real estate agent and an independent contractor all at the same time. I was terrified for months. A little less than two years ago, I started my own brokerage. Maybe I did it for all the wrong reasons -- but I felt like I had to do it or I would regret it. Now I wish I had done it sooner. What you need In Minnesota, we need a broker’s license, a business name and a tax ID number to get a company real estate license. Once the company l...