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In some cases, your brokerage may be willing to help with these expenses. Clearly, the cost of being a real estate agent can add up. But it all comes down to balancing how much to get your real estate license against what real estate jobs pay.
A recent Forbes article pointed out that real estate agents in Texas rank high on the list of top earners in the industry. In fact, Texas holds the 2 spot for top real estate jobs by pay.
So, is getting a real estate license worth it in Texas? Read through the following costs of getting a real estate license:. Namely, those considering taking the state exam are expected to have already completed a predetermined amount of studying.
Consider a couple hundred dollars to be on the lower end of the spectrum. Here is a closer look at some of the most popular states to obtain a real estate license in:. In most cases, these packages include enough training to meet the required qualifying hours. These fees often cover live courses, practice exams, and materials. All of the educational courses tasked with preparing you for the state licensing exam that I am aware of do not include the cost of the test itself.
Therefore, anyone looking to zero in on the actual cost of becoming an actively licensed real estate agent needs to account for the exam as its own line item when they are budgeting costs. And, not unlike the real estate education you have paid for up to this point, state licensing exams will vary in price.
However, fees associated with taking the exam are far from a one-time cost. Those who pass on their first try are free to move on to the next expense — I mean step. Consequently, those who do not pass on their first try are free to take it again, but at a price.
It will not only serve as the foundation for your entire career moving forward, but it will also prevent you from having to take the state licensing exam more than once. If you are granted an active real estate license, you will be made privy to valuable information. More importantly, however, is the responsibility you will find yourself saddled with the moment you acquire your license. If for nothing else, licensed real estate agents have access to any property listed on the Multiple Listing Service MLS.
You will be required to provide the proper authorities with your fingerprints and Social Security Number. Your costs are, therefore, the processing fees associated with each check.
Most of the states I am aware of will require newly dubbed real estate agents to hang their license with a brokerage for at least two years. And, like just about everything else on this list, the fees vary dramatically between brokerages. And if most brokerages are expecting a piece of the pie, even a small percentage can add up to a lot of money over time, but I digress. Not all brokerages want a small piece; some are comfortable taking fifty percent of your commission — a lot more than most are willing to part ways with.
The broker will provide you with office space and a desk to conduct business for a nominal fee — hence the name. Desk fees vary greatly but are generally a flat fee that has been predetermined. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified by the insurance contract.
Since even small transactions coincide with significant ramifications in the housing industry, it makes perfect sense that every licensed agent must have errors and omissions insurance. Otherwise, your license will be suspended immediately if your errors and omissions insurance expires. Learn how to get started in real estate investing by attending our FREE online real estate class. Not surprisingly, many brokers will require their agents to become a member of their local Realtor board.
In doing so, agents are included in the National Association of Realtors and given access to a myriad of tools and information, not the least of which includes the multiple listings service. And the MLS is one of the best tools made available to agents the nation over. But, as you would expect, none of this comes without a price. There are various business expenses investors should expect to pay to maintain regular operations as a real estate investor.
These include the costs of office space, cell phone, internet, computer software, client meetings, client gifts, and more. Essentially, business expenses refer to anything you need to purchase to fulfill your duties as a real estate agent. These costs can vary dramatically depending on your existing real estate business setup, number of employees or partners, and the number of clients you are willing and able to take on.
Location also plays a part, as start-up costs can also change from market to market.
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