We often publish blogs about what it’s like to be a real estate agent. We do this because we believe small things, like knowing how to deal with an overbearing mentor, what does it mean to be accountable, and whether you should take advice from a fellow real estate agent, help you become a more successful agent.
But, sometimes, it’s important to consider reality before you became a real estate agent. This blog is for those individuals, the ones that haven’t yet decided if becoming a real estate agent is something they really want to do.
Knowing fact, how much it could cost you to become not just an agent but a successful real estate agent, should help you determine if this is what you want to do. Check out the 4 top costs for most every real estate agent.
Consider these 4 Costs Before Becoming a Real Estate Agent
Education isn’t Cheap…
You must educate yourself before you can even take your pre-licensing examination. As you might expect, numerous organizations offer courses that you can take to ensure you pass the pre-licensing examination.
Then, after you take your pre-licensing examination, you must pass your licensing examination. This might require you to take further educational courses. One you get your license; many states require you to take further courses. Some real estate agents spend $500 a year on additional courses.
Why the extra courses? The real estate industry constantly changes. Real estate agents must keep up on the latest federal and state laws.
Neither is Getting Your Real Estate Agent License
The licensing exam itself costs money. In California, it costs $60. The licensing fee in California costs $245. The costs to take the exam and to get the license vary from state to state.
How Will You Differentiate Yourself?
Marketing yourself can cost anywhere from $200 per month to over $500 per month. It all depends on the type of marketing you wish to do. You should first create a marketing budget. Then, adjust the budget depending on results.
Create marketing goals. If you spend the $75 to $500 it costs per ad per week to put your face on bus benches, you had better have a system to determine your return on investment.
Real Estate Agents Can’t Uber Everywhere
You can’t Uber everywhere. Nobody can Uber everywhere. You don’t won’t to roll up to a listing in an Uber, anyhow. What we’re getting at is that you must spend money on keeping your car maintained as well as spend money on gas.
That could add up to a big yearly expense. Keep that in mind while you budget each quarter or year.
It costs money to just become a real estate agent. Once you do, it costs money to become a successful real estate agent. Because of cost, being a real estate agent isn’t for everyone. However, if you’re an individual who has the call to enter the real estate industry, go for it. The potential benefits far outweigh the costs.