Mercury vs Relay vs Brex vs Novo: Best Business Bank Accounts for Real Estate Brokerages & Agencies
Graduating from an independent agent to owning your own real estate brokerage means a big leap in financial responsibility. You're no longer just managing your commissions; you're handling agent payouts, marketing budgets for listings, office expenses, and strategic growth. The right business bank account for your real estate agency is a critical decision. It impacts how smoothly you manage cash flow, pay agents, track expenses, and prepare for audits. We've cut through the noise to compare four leading fintech-first banking options – Mercury, Relay, Novo, and Brex – specifically for real estate brokerages. Picking the wrong one won't sink your firm, but the right choice will save you time, fees, and major headaches as your agency grows.
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The Quick Answer for Real Estate Agencies
Mercury for growing real estate brokerages that manage substantial operating capital, need robust financial tools, and plan for future integrations with real estate software. Relay for real estate firms that want to clearly separate funds for agent commissions, marketing campaigns, taxes, and office overhead. Novo for solo brokers or new agencies just starting out who need a fast, simple, and free banking solution for their initial operations. Brex for established brokerages with multiple agents and staff who need integrated corporate cards for business expenses and streamlined expense management.
Side-by-Side Breakdown for Brokerages
Mercury: $0/month. FDIC coverage $250K standard, with options for $5M+ through a sweep network. Best features for brokerages include advanced treasury management for larger operating balances, an API for connecting with specialized real estate accounting software or CRMs, and team permissions for your office manager or bookkeeper. Best for rapidly growing brokerages.
Relay: $0/month (Pro $30/month). FDIC coverage $3M through a program. Best features for real estate agencies are the ability to open up to 20 checking accounts (e.g., one for agent commissions, one for marketing listings, one for tax savings, one for office expenses), dedicated bookkeeper seats for your outsourced accountant, and team debit cards for agents or administrative staff. Best for brokerages focused on clear fund separation.
Novo: $0/month. FDIC $250K. Best features for solo brokers or new agencies include fast setup, integrations with payment platforms like Stripe or Square for any non-commission income (e.g., consulting fees, training materials), and built-in invoicing for external vendor payments. Best for independent brokers and very early-stage agencies.
Brex: $0 basic, varies for full platform. FDIC $6M+ through sweep. Best features for growing firms include corporate cards for principal brokers, lead agents, or administrative staff (for expenses like listing photography, staging, MLS fees, advertising, travel to conferences), and integrated expense management for easy reconciliation of agent-related or office costs. Best for brokerages with multiple employees and significant team expenses.
When a Real Estate Brokerage Should Choose Mercury
Mercury is a strong default choice for real estate brokerages planning to scale their operations, increase agent count, and handle a higher volume of transactions. The clean interface makes managing your operating funds straightforward. The treasury sweep feature is important once your agency holds significant cash flow, offering FDIC coverage well above $250K. If you're building a tech-forward brokerage, the API access can be used to integrate with custom reporting tools for agent performance or connect to your real estate CRM. If your brokerage seeks a small business loan or other financing, having a robust bank like Mercury can present a professional image to lenders.
When a Real Estate Brokerage Should Choose Relay
Relay is purpose-built for real estate brokerages that need to segment their money. If you practice the 'Profit First' system or simply like to mentally (and physically) separate funds for different purposes, Relay excels. You can open up to 20 checking accounts for your brokerage – think one for agent commission payouts, another for marketing new listings, one for quarterly tax savings, one for office rent and utilities, and even one for future growth initiatives. This makes managing different cash flow streams incredibly clear. The dedicated bookkeeper seat feature is also excellent for real estate firms that work with an external accountant, streamlining financial collaboration and audit preparation.
When a Real Estate Brokerage Should Choose Novo
Novo is the fastest and most forgiving option for solo brokers or new real estate agencies just getting off the ground. If you're an independent broker transitioning to your own firm, managing personal commissions and initial business expenses, Novo's quick setup and user-friendly platform are ideal. Its integrations with platforms like Stripe or Square are useful for managing any non-commission revenue, such as fees for training or consulting. It's genuinely free with no minimum balance, making it perfect for agencies with fluctuating early-stage cash flow. Its limitation is less sophisticated features compared to Mercury for rapidly growing teams.
When a Real Estate Brokerage Should Choose Brex
Brex makes sense when your real estate brokerage has a team of agents and administrative staff generating significant business expenses. If you're regularly paying for listing photography, staging, online advertising (like Zillow Premier Agent), travel to industry events, or office supplies, and need corporate cards for your principal broker or lead agents, Brex combines banking, corporate cards, and expense management into one platform. It's most compelling for brokerages with 5-50 employees where tracking individual expenses for tax purposes and reimbursements becomes a real challenge. For a solo broker just starting, the full suite of features might be more complex than needed; start with Novo or Mercury and consider Brex as you scale your team and expense volume.
The Verdict for Your Real Estate Business
Mercury is the best choice for real estate brokerages aiming for significant growth and needing robust financial tools. Relay is ideal for budget-conscious agency operators who need clear separation of funds for commissions, marketing, and taxes. Novo is perfect for fast setup for solo brokers or very new agencies. Brex is best suited when your brokerage has a team, and integrated corporate cards and expense management become a critical need. All four are free to open; while you can switch later, updating payment details across your MLS, marketing vendors, and payroll systems is a hassle worth avoiding. Choose the one that fits your real estate agency's current stage and future goals.
How Your Real Estate Agency Can Get Started
All four of these business bank accounts can be opened online in minutes. To apply, you will typically need your brokerage's EIN, LLC formation documents (or other business registration), and a government-issued ID. Mercury and Relay sometimes have a short review period to ensure compliance. Novo is generally the fastest for approval, often allowing you to begin banking the same day. Apply with the business bank that best aligns with your real estate agency's operational needs today and your growth plans for tomorrow.
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FREQUENTLY ASKED QUESTIONS
Are these real banks or fintech apps?
They are fintech companies that partner with FDIC-member banks to hold your deposits. Your deposits are FDIC-insured, but you are not banking directly with a chartered bank.
Can I use one of these and also keep a traditional bank account?
Yes. Many founders use Mercury or Relay as their primary operating account and keep a local credit union or Chase account for in-person cash deposits.
What if I am not approved?
Mercury and Relay can decline applications, often due to business type or state restrictions. Novo is generally more permissive. If declined, try another option or use a traditional bank while you build account history.
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