Many brand new real estate agents are completely unaware of the costs of hanging out that REALTOR shingle. Regardless of how big or well-qualified a broker you sign on with, the fact is that starting in the real estate business means effectively that you are starting your own business! So in order to do it successfully, you must plan for all the costs involved.
The following is a detailed - but not exhaustive - list of the expenses any new agent can expect to incur:
- Real estate school
- Licensing fees
- Fingerprinting (even if you have been fingerprinted in the past)
- MLS setup fees
- Necessary computer hardware and software
- Local and national industry organization fees
- Web design/maintenance/SEO
- Database management
- Graphic design
- Blog platform
- Offline advertising
- Business cards, postcards, flyers, car decals
- For Sale & Open House Signs
- Office rental fees
- Phone service
- Support staff
- Automobile upkeep, insurance, and fuel
- Transaction fees
- Networking and business development
- Continuing education
Becoming a Real Estate agent is not a job to undertake lightly. You want to make sure you've budgeted appropriately, and that you are fully committed to the investment in your success. An unfortunate number of promising real estate careers die a quick death for lack of proper planning and cash flow.
Let me know if you have any other questions about the real estate business.
Are Thinking of Becoming a Phoenix REALTOR?
Do you live in the Phoenix, Arizona area? Are you thinking about making a change in real estate companies? Give me a call at 602-595-8900 or e-mail me.
Let's talk about your marketing strategies - and how you can better TEACH others to refer business to you.
Anna "Banana" Kruchten
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