What are the costs to start this new career?
The costs for being real estate agent in Virginia are relatively low when considering the potential for a substantial income.
Persons who get their Virginia real estate license are called salespersons, although we tend to say the word agents to refer to salespersons. Salespersons must work under the authority of a broker or brokerage company. Salespersons are usually paid by a split of the commissions received by the broker.
Below are the basic costs, although you should independently confirm costs as they do change over time.
Real estate course and course exam: Our course is $189. If you choose to take the required course exam on your own computer with an online proctor, there is a proctor fee, usually $25. If taking the exam at a local library, there is typically no proctor fee but sometimes a very nominal fee. There is no proctor fee. For the library and in-person course exam, our instructor will review your course exam and provide tips based on subject areas that you missed.
Official Virginia real estate license exam (PSI exam): The PSI exam costs $60. The state of Virginia also charges a $50 fingerprinting fee for their required background check.
License application to Virginia Real Estate Board: $170
You must apply with a broker or brokerage company in order to have a real estate salesperson license. You may interview brokers in your area to determine the best choice for your particular situation.
Realtor® association fees: Roughly $400-600+ per year plus about $100-250 in initial application fees. The total fees depend on the local Realtor association that you join. In order to use a lockbox and enter homes with a lockbox key card and to join the MLS association, one must become a Realtor®. Membership requires one to join the local, state and national associations.
MLS Fees: These vary by region in Virginia but are roughly $30-40 per month.
License renewal fee: $65 every two years for salesperson.
Lockbox and key card fees: Usually about $100 depending on lockbox and key card/key cost.
Company/Brokerage fees: These can vary widely since all brokers or brokerages have their own policies and the agent splits are different for most companies.
All licensed professions require continuing education courses. You will learn about this in our licensing course!