I’m going to share the approximate costs to get your real estate license in Texas and it’ll likely be similar in your state.
Sales Agent Application = ~$150-200
This is the fee you pay to the state board when you first submit your application for your real estate license.
Real Estate Education = ~$400-600
This is the fee for the online courses you have to take to get your license. There are many course providers out there & I’ve shared more about some of the options in the blog - The Best Places to Get Your Real Estate License. You should also look around for coupons like on Groupon which could further reduce the price of the courses. If you take in-person classes, this will likely be more expensive.
Exam Fee = ~$30-60
This is the fee you pay to take the final exam to get your real estate license.
Fingerprint Fee = ~$30-50
This is the fee for the state board to run a background check & get fingerprints done.
Misc Fees = ~$10-20
Each state may have some miscellaneous fees they charge, but they shouldn’t be much.
National Association of Realtors = ~$150-200 per year
This is the fee to become a member of the National Association of Realtors.
Texas Association of Realtors = ~$150-200 per year
This is the fee to become a member of the Texas Association of Realtors. This fee would likely be similar in your particular state.
Local Association of Realtors = ~$300-$500 (one-time fee) + ~$30-70/mo
This is the fee to join your local association. There’s usually a one-time set-up charge & then a monthly charge for your membership.
MLS = ~$30-50/mo (sometimes charged quarterly)
This is the fee to access the local Multiple Listing Service (MLS) where all of the agent’s properties are listed.
Supra = ~$15-30/mo
This is the fee you pay to get a digital key to unlock key boxes on houses you are showing/selling.
Total Startup Costs = ~$1,500-$2,000
Total Ongoing Costs = ~$1,200-$1,500/year = ~$100-125/mo
*Note: I didn’t include typical office/desk fees that most national brokerages charge because I’m assuming you’ll find a flat fee broker to work with.
Remember, the average home in America is $300,000. If you just help someone buy/sell one home, and you’re using a flat fee brokerage that charges you $500 of your commission, you’d make: $300,000 x 3% commission = $9,000 - $500 (to brokerage) = $8,500.
After taxes, that one deal would cover all of your startup costs & your ongoing costs for 3 years or more!
Even if you don’t do many transactions per year, having your license can be a great way to earn extra income for your family!
