License Real Estate

The 6 steps to become a real estate agent in Massachusetts

1. Education. Estimated Costs: $200 to $1,000. It’s not uncommon for each state to have its own set of requirements — prerequisites if you will — for those looking to become licensed real estate agents.
2. State Licensing Exam. Estimated Costs: $85 to $200 per test. All of the educational courses tasked with preparing you for the state licensing exam that I am aware of do not include the cost of the test itself.
3. Background Check. Estimated Costs: $50 to $100. If you are granted an active real estate license, you will be made privy to valuable information. More importantly, however, is the responsibility you will find yourself saddled with the moment you acquire your license.
4. Hanging Your License With A Broker. Estimated Costs: Varies by brokerage. Most of the states I am aware of will require newly dubbed real estate agents to hang their license with a brokerage for at least two years.
5. Errors & Omissions Insurance. Estimated Costs: $350 to $400/year. As Investopedia so eloquently puts it, “errors and omissions insurance is a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions.
6. National Association of Realtors Membership. Estimated Costs: Sign up fee plus $120/year. Not surprisingly, many brokers will require their agents to become a member of their local Realtor board.
7. Business Expenses. Estimated Costs: $500 -$1,000/year. There are various business expenses investors should expect to pay to maintain regular operations as a real estate investor.
8. Marketing Costs. Estimated Costs: $1,000/year. After completing your real estate licensing education and certification process, the most important part begins: marketing yourself as an agent.
9. Continuing Education. Estimated Costs: $50-$300+/year. Throughout your entire career, your real estate education will continue. This includes post-licensing classes and special education for specialized areas of the real estate market.

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