As a real estate agent, it’s important to have a business checking account that can keep up with the unique financial needs of your profession. From managing property transactions to paying commissions and expenses, a good business checking account can save you time and money. In this article, we will explore the best business checking accounts for real estate agents and how to choose the one that’s right for you.
Relay offers a simple two-tier pricing plan. You can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.
Bluevine business checking comes with no monthly fees. Plus, the account provides an impressive list of benefits such as integration with online business tools, sub-accounts to help you manage your finances, and two free checkbooks.
Chase Business Complete Checking comes with Chase QuickAccept which allows card payments to be processed on your mobile device, so you receive deposits the same day to help manage cash flow within your business.
What we like
In person customer support (except Alaska & Hawaii)
Axos Bank business interest checking account earns a competitive rate for cash held within the account, and you'll get your $10 monthly fee waived by holding a minimum balance of $5,000. If you keep a decent amount of cash in your account, this could be an ideal account.
Lili’s business checking account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.
Novo allows easy integration with third-party accounting software, including Quickbooks and Xero. You can also link your Novo debit card to your Google Pay or Apple Pay Wallet. Novo also syncs with your Stripe processing account and easily integrates with Slack to get automated updates on your bank account.
If you are looking for a business checking account that is easy to use and with almost no fees, you might want to consider Novo. The bank account is also accessible in the app store for both iOS and Android devices.
What we like
Free ACH transfers, mailed checks, and incoming wires
NorthOne helps you manage your finances with its invoicing app, budgeting tool by creating an unlimited number of sub-accounts with the envelope functionality, and integrating with a suite of business tools and software.
What we like
Budgeting tool to help manage your finances
Smart integrations with business tools
Send invoices from the app
Low minimum deposit
No hidden fees
Unlimited transactions with no fee
What we don't
$10 monthly fee
No in persona customer support
Features to look for in a business checking account for real estate agents
When it comes to choosing a business checking account, there are several features that real estate agents should look for. These include:
Multiple account access: As a real estate agent, you may need to share access to your account with other team members or colleagues. Look for a checking account that allows for multiple users and different levels of access.
High transaction limits: Real estate transactions often involve large sums of money, so it’s important to have an account with high transaction limits.
Online banking and mobile app: With a busy schedule, it can be difficult to find time to visit a bank branch. Look for an account that offers online banking and a mobile app, so you can manage your account on the go.
Low fees: Real estate agents often have to pay out commissions and expenses, so it’s important to have an account with low fees to save money.
Advantages of having a business checking account for real estate agents
Having a business checking account as a real estate agent comes with many advantages, including:
Keeping personal and business finances separate: Having a separate business checking account will help you keep your personal and business finances separate. This will make it easier to manage your finances and make sure you’re not mixing up personal and business expenses.
Easy tracking of expenses: With a business checking account, you can easily track all of your business expenses, making it easier to manage your finances and prepare for tax season.
Better interest rates: Business checking accounts often come with better interest rates than personal accounts, which can help your money grow faster.
Increased financial credibility: Having a business checking account can help realestate agents establish their business as a credible entity, which is important for obtaining loans or credit.
What are the drawbacks of a business checking account?
Despite the many benefits of a business checking account, there are also some drawbacks to consider. Some of the most common drawbacks include:
Higher fees: Business checking accounts often have higher fees than personal checking accounts, which can add up over time.
Minimum balance requirements: Some business checking accounts have minimum balance requirements, which can be difficult for real estate agents to maintain.
Limited ATM access: Some business checking accounts may have limited ATM access, which can make it difficult for real estate agents to withdraw cash when they need it.
Limited check writing: Some business checking accounts may have limited check writing capabilities, which can make it difficult for real estate agents to pay for expenses or make payments to clients.
Business checking account options for real estate agents
There are several business checking account options available for real estate agents, including:
Basic business checking: This type of account is great for small businesses, including real estate agents, who don’t need a lot of features or services. It usually comes with low fees and high transaction limits.
Interest-bearing business checking: This type of account offers interest on your account balance, which can help your money grow faster. It’s great for real estate agents who have a high volume of transactions.
Analyzed business checking: This type of account is designed for larger businesses, including real estate agencies. It comes with detailed account analysis and reporting, which can help you manage your finances more effectively.
Fees and charges to consider
When choosing a business checking account for real estate agents, it’s important to consider the fees and charges that come with it. These can include:
Monthly account fee: Some business checking accounts come with a monthly account fee, which can add up over time.
Transaction fees: Some accounts come with transaction fees, which are charged every time you make a transaction.
Minimum balance fee: Some accounts come with a minimum balance fee, which is charged if your account balance falls below a certain amount.
How to choose the best business checking account for a real estate agent
When choosing a business checking account for a real estate agent, it’s important to consider your unique needs. Here are a few things to keep in mind:
Think about the type of transactions you’ll be making. If you have a high volume of transactions, look for an account with high transaction limits and low fees.
Consider the features you need. If you need to share access to your account with other team members, look for an account that allows for multiple users and different levels of access.
Compare fees and charges. Make sure to compare the fees and charges of different accounts to see which one is the most cost-effective for you.
Check the interest rate. If you want to earn interest on your account balance, look for an interest-bearing business checking account.
Look for online banking and mobile app. With a busy schedule, it can be difficult to find time to visit a bank branch. Look for an account that offers online banking and a mobile app, so you can manage your account on the go.
