Are you considering a career as a real estate agent in Virginia? Before you make this important decision, here is an overview of how much it costs to take this career path.
Costs Prior to Getting Your Virginia Real Estate License
Let’s talk about the Virginia salesperson real estate license first. This is the license for those just starting out as a real estate agent and qualifies you to work for a licensed real estate broker. 60-hour salesperson’s pre-license course: This varies by provider, but Aceable, for example, costs $199. Virginia real estate license exam: $60 Fingerprinting and background check: $52 License application fee: $150 If you were to take Aceable’s salesperson’s pre-license course, pre-licensing costs altogether would run you about $460.
Say you’ve been working as a salesperson for a while, and you’re ready to take the next step as a Virginia real estate agent. You’ll want to get a broker’s license, which qualifies you to run transactions on your own and to supervise salespersons and associate brokers. 180-hour broker’s pre-license coursework. Broker applicants must pass a Real Estate Brokerage course, as well as the three broker-specific courses of Real Estate Appraisal, Real Estate Finance, and Real Estate Law OR two of these broker-specific courses and a broker-related course (options include Real Estate Contract Law, Real Estate Math, Real Estate Property Management, and many more!). To satisfy the broker education requirement, you can take broker courses that are approved by another state. Or, you can get your education hours at an accredited college, university, or community college. It’s hard to put a cost on the 180-hour broker coursework since the ways to fulfill it vary so much, but a good estimate for the entire 180 hours would be about $850. Virginia real estate license exam: $60 Fingerprinting and background check: $52 License application fee: $190
Total pre-licensing costs for a broker would be in the ballpark of $1,150.
Costs After Getting Your Virginia Real Estate License
Once you have either your salesperson or broker’s license, there are some maintenance fees to consider as a real estate agent:
Realtor Association fees: You don’t have to belong to NAR or VAR, but if you do, the costs for both together will equal about $400-500 per year, plus initial application fees of about $100-250.
MLS fees: The cost to belong to a multiple listing service (or MLS) costs about $65/month. Lockbox and card fees: Runs around $100. License renewal fee: $65 every two years for a salesperson; $80 for a broker. Continuing education (CE): After your first year as a salesperson, you’ll need to take 30 hours of CE. After that, you have to take 16 hours of CE per two-year renewal period. Brokers have to take 24 hours of CE per two-year renewal period. CE costs will vary widely. Company and brokerage fees: Varies widely. This could be anywhere from $25-$500/month.
You might also need to reinstate your license if you let it go inactive. Here’s some more info on renewal and reinstatement fees.
Want to Know More About Being a Real Estate Agent in Virginia?
If you’d like to learn more about the pre-license coursework, here’s a good primer!