5 Tips for Building Credit for Your Real Estate Agency

Opening a real estate agency poses a wide variety of challenges, especially when it comes to credit. It can be tricky to navigate this aspect of business, but the right background knowledge can help you succeed. If you’re trying to establish or improve your professional credit in the real estate industry, here are five tips to consider.

5 Tips for Building Credit for Your Real Estate Agency

Make Sure Your Real Estate Business is Registered

Some laws may vary, but most businesses are required to register within their state. Depending on your business model (for example, an LLC or sole proprietorship), you may have already registered with the state. If you haven’t, you’ll likely need to have a business license before you can do so. In any case, being officially registered makes it easier for credit agencies to build your professional profile.

Consider a Business Credit Card

Much like having personal credit cards, having a business credit card is a tool that can help you improve your agency’s professional credit. Your eligibility for a card often depends on your personal credit (since you as the business owner would be the professional card holder), and most companies offer extra benefits for opening a business card.

Work With Companies That Report Directly to Credit Bureaus

Whenever you get the opportunity to work with a supplier, lender or other company that reports your payments directly to credit bureaus, do so. By sending your payment history straight to the companies in charge of monitoring your credit, you can ensure that all your hard work and punctuality don’t go unnoticed. 

Watch Your Personal Credit

Your personal credit makes a significant impact on your professional credit rating. As head of the agency, payments, loans and company credit cards will all be linked to you. If your personal credit history isn’t ideal, you may have a difficult time securing financial aid or opening business accounts.

Pay Everything On Time

Making payments on time is just as crucial for the real estate industry as it is in your personal life. Similar to Stefan Soloviev and his multi-faceted corporation, you and your agency will likely have bills to pay to multiple different providers. From the electric company powering your office to the contractors renovating your properties, make sure everyone receives their payments on time.

As a professional in the real estate industry, you have the power to build great business credit and take your agency to new heights. A bit of planning can make a huge difference in your company’s success.

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About Dequiana Jackson

Dequiana Jackson, Founder of Inspired Marketing, Inc., helps overachieving women entrepreneurs conquer limiting beliefs and create marketing plans that grow their businesses. This includes one-on-one marketing plan development, digital product creation, web design and content marketing. Dequiana is the author of Know Your Business: How to Attract Ideal Clients & Sell More and runs the award-winning blog, Entrepreneur-Resources.net.

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