Many wish they new before they took the plunge and started their pre-license education to become a real estate salesperson or broker. The first heads up is that your pre-license education is not about the day-to-day aspects of what you'll do in the business; it's about the real estate laws in your state and applicable national laws that effect real estate transaction in your state. And no one will talk about the costs that you'll be asked to pay shortly after you begin your career as a real estate agent. If I knew up-front all the costs involved, I would have more pro-active in saving additional money to spend on marketing instead of all these start-up costs. Which by-the-way recur on an annual basis. Other costs such as marketing and desk fees are additional. This list is just the basic get you started, so you can plan. Mandatory. -Pre-license Education. $175-$500 -State license test examination fee. $25-$100 -Application for State License. $75-$100 -Errors and Omission Insurance. This protects you and your broker from lawsuits against you from home buyers and sellers. Roughly $500-700 per year. -Local Board of Realtors(R) Dues. These can run from $100-300 per year. Doesn't always include Multiple Listing Service dues, which run $400-$1,000 per year. -State Board of Realtors(R) Dues. Plan on $100-$200 per year. -National Association of Realtors(R) Dues. Roughly about $300 per year. |
