How do you get a real estate license? Before I go into the steps, let me preface everything with this… Real estate is a job that takes hard work! If it was super easy people wouldn’t need real estate agents. Yes, there is money to be made and I sincerely hope if you enter the business that you can reap the fruits of your labor to bless your family and the people around you. Em and I truly believe real estate is one of the best vehicles to reach our financial and personal goals. The steps below for attaining a license are specific to PA and my personal experience! If you’re looking for your state’s requirements visit the Association of Real Estate License Law Officials (Arello) Website.
My 7 Step Journey:
- I met with people who are already in the industry to learn as much as I could. These were people I trusted and respected, not just strangers trying to sell me their brokerage.
- I completed 60 hours of classroom work in Real Estate Practices and Fundamentals.
- I passed the Real Estate Salesperson State & National Exams.
- I had a background check by the state of PA.
- I associated myself with a real estate brokerage.
- I joined the Multiple Listing Service (MLS).
- I joined the National Association of Realtors.
The cost breakdown for entering into real estate is roughly:
Real Estate Class $250
State and National Exam $56
Background check $10
MLS* $175+ activation fee $100
REALTOR Association $700+ activation fee $125
Key fob (get’s you into listing) $15 monthly + activation fee $50
Broker Dues* $250
Business cards* $50
These numbers are not exact and the numbers with asterisks are subject to change depending on who you work with. Overall, I’d recommend budgeting between $2,000- $4,000 to start in real estate. You will have to pay for printing, websites, a phone dialer, meals with clients, mileage, insurance, client gifts, training and more. We paid for everything in cash thanks to a simple excel budget. Debt is dumb, so if you have to work two jobs to start, make it happen. We did it and lived to tell the tale. Real estate is a business, so expect for expenses to grow as your business grows. Budget, ask questions, work hard and keep people first!