How Much Does it Cost to Become a Real Estate Agent?
The road to becoming a Real Estate Agent is an investment of time and finance, and understanding the overall cost before diving in is important to make the process smoother. The requirements to get started vary from state to state, so we’ll be focusing on my home state in Arizona. In a previous post, we discussed how long it takes for a real estate agent to begin making money. We received questions from our readers about how much it cost to become a real estate agent, so in this post, we’ll be covering all of the fees involved in the process of becoming licensed in Arizona as a real estate professional.
I’m Evie Brown, and I’ve been a REALTOR® with the National Association of REALTORS for over seventeen years. I’ve helped many people transform their lives and establish themselves as blossoming real estate agents in Arizona. I’m happy to mentor agents with my knowledge and experience, and I’m always looking for new agents to join me at eXp Realty.
This number can vary widely depending on where you choose to take your courses. The school you choose needs to be approved by the Arizona Department of Real Estate (AZRE) with a minimum requirement of 90 hours. If you’ve already done some research and have some schools in mind, you can use this resource provided by AZRE themselves to confirm that it is an accredited school.
Licensing Exam: $75
After completing your courses (including course exams), you’re ready to take the licensing exam. Once you pass this with a score of 75% or higher, you can move on to getting your license.
Fingerprint Clearance Card: $67
Before you can apply for your salesperson license, you must receive your Fingerprint Clearance Card. It can take up to 10 weeks to receive this card, so I recommend you apply for this during or immediately after your course.
License Fee, Including Recovery Fund: $60
This license is when you’ll finally be able to legally become a real estate agent. The license application fee itself is $50, with an added $10 for the recovery fund. The recovery fund is crucial in protecting agents against fraud and misrepresentation. For more information about the recovery fund, check out this post from the AZRE.
Finding a broker: Varies
This answer is hard to put a general price on, because it’s up to the individual brokers to decide what they want to charge. Some can charge a flat fee per house closed on, some charge additional monthly fees, others charge a percentage of the commissions you earn. I’m a Realtor with eXp Realty, and I love it. I’m also always looking for additional agents to work with me. If you have an interest in working with a brokerage that’s best of the best, give me a call! If you’d like additional information on what brokers can do for new agents and how to pick the right one, I’ll be making another blog post all about it so keep an eye out for it!
Optional Additional Costs: $150-$500
As with many investments, you get out what you put in. There are many things you can do to help succeed, from marketing to administrative costs. If you find a good broker, they can help guide you in using your money to further your career. One thing I personally HIGHLY recommend is to consider joining the National Association of REALTORS or the Arizona Association of REALTORS. Membership isn’t exactly cheap, but you get more than your money’s worth through additional education resources, additional connections and networking, and community support.
Overall, the cost can range from $752-$1,902, not including the cost to work with a broker. If you’d like a resource with other specific fees as well as the cost to maintain your license, here is the fee schedule from AZRE. While that sounds like a lot of money to put in, the money you can earn once you break into the industry makes the investment more than worth it. Being a real estate agent can be challenging, fun, and lucrative all in the same breath, and I wouldn’t trade this career for any other!
If you haven’t checked out my related article on how to pick a real estate school that’s right for you, please do so! If you have any questions or would like more information, please feel free to contact me. I’m always happy to help!
– Evie Brown, REALTOR®
(602) 577-7410 direct line/text