Stepping into the world of real estate as a licensed agent involves certain initial investments. If you’re surprised by the potential costs associated with kick-starting your career, you’re not alone. Here, we’ll provide an overview of the common expenses you’ll encounter on your journey to acquiring your license. Keep in mind, these costs can fluctuate depending on your location.
Educational Investment: Licensing Course and Exam
Your first step into real estate will likely be an educational one. Licensing courses can range anywhere from $150 to $800, while the licensing exam may cost between $75 and $150, with variations depending on the number of attempts.
Initial Background Checks:
- Background Check: $35
- Fingerprinting: $35
Licensing and Association Fees:
- State License Fee (e.g., Oregon: $230)
- Realtor Association Fee (National, State, and Local): $700 (Prorated annually, this estimate is as of January 1st)
- Local MLS Fee: $200 ish each quarter (This varies widely)
Business Essentials:
- Brokerage Monthly Fee: $0-$99/month (Depending on your chosen brokerage)
- Business Cards: $50 – $150
- Professional Headshot: $150+
- CRM (Client Relationship Manager) Software: $25-250/month (May be included in some brokerage packages)
- Personalized Real Estate Website: $25 – $1500/month
If you’re Listing Properties:
- Lockboxes: $50-$100 each
- Property Signs: $65 – $100 each
- Open House Signs: $35 – $85
- Property Photographer: $200 – $500 per home
- Home Staging Services: $100 – thousands
Understanding the financial commitment to become a real estate agent can better prepare you for a smooth start in your new career. Ensure you budget effectively and strategically for these necessary expenses. Your investment today can set the stage for a rewarding and successful career in real estate.