Other Costs Associated with Being a Real Estate Agent
In addition to the expenses directly related to obtaining your real estate license, there are other costs to consider as a new agent. These include brokerage desk fees, REALTOR® dues, marketing materials, and living expenses during the initial months of building your client base.
Brokerage desk fees can vary widely, ranging from zero to $3,600 per year. It’s important to research and choose a brokerage that aligns with your goals and provides the necessary support and resources for your success.
Becoming a member of the National Association of REALTORS® (NAR) and your local real estate board is a common choice for many agents. The annual dues for NAR are $150, and local board membership dues can range from approximately $900 per year.
Marketing materials are essential for promoting yourself and your properties. Budgeting anywhere from $200 to $3,000 per year for business cards, flyers, signs, and online advertising can help you establish a professional presence in the industry.
Lastly, it’s crucial to consider your living expenses during the initial months of your real estate career. As it may take time to close your first deal and receive a commission, budgeting for living expenses is essential for a smooth transition into the industry.