The Cost of Becoming a Real Estate Agent in Utah

Starting your career in real estate is a very exciting time. You are choosing complete autonomy over your income, your schedule, and your entire business model. As a new real estate agent you are starting your own business, but unlike starting a brick and mortar business the barrier for entry is actually quite low. We will break down each individual cost of becoming a real estate agent in this article.

When you compare these costs with the average salary of a Utah real estate agent, which is $81,840, with the potential to make six figures, you will find that the cost of entering the real estate industry is much lower than comparable salaries in other industries which may require a four year degree or more. Stringham students typically finish their real estate coursework in just six to eight weeks and are ready to take their license exam, find out more about how to become a real estate agent in Utah here.

Course Cost Breakdown

  • Real Estate Online/ Live Classes = $595.00
  • Real Estate Exam Prep Course = $74.95
  • Exam Prep + Real Estate License Bundle = $647
  • Become a Real Estate Broker = $695.00
  • Full Real Estate Broker Exam Prep Course = $74.95
  • Exam Prep + Broker License Bundle = $747

Course Cost Breakdown

  • Real Estate Online/ Live Classes = $595.00
  • Full Real Estate Exam prep Course = $74.95
  • Prep XL + Real Estate License Bundle = $639.95
  • Become a Real Estate Broker = $695.00
  • Full Real Estate Broker Exam Prep Course = $74.95
  • Prep XL + Broker License Bundle = $739.95

Pre-License Course

The first step in your new career as a real estate agent is to take a pre-license course. The state of Utah requires that you complete 120-hours of pre-licensing courses at an approved Utah real estate school. These courses will cover the principles and practices of real estate, laying the foundation for your career as a real estate agent. These courses can be completed online or in person, and typically cost between $400-$600.

License Exam

The next step is to take your Utah license exam. This exam currently costs $59 and is offered at PearsonVUE test centers. There is no limit to the number of times that you can attempt the exam. You have one year from the time you complete your pre-license course work to pass the exam and apply for your license. If you don’t pass the first time be sure to sign up again as soon as possible, the exam schedule does fill up.

License Application

Once you pass your Utah license exam it is time to apply for your Utah real estate license. You have 90 days from the time you pass your exam to apply for your real estate license and the cost will be $152. You have now covered all of the requirements and cost to become a real estate agent. From here we will discuss a few of the costs you may encounter as a practicing real estate agent.

Costs Of Running A Real Estate Business

Once you have completed your education, passed the exam, and have your real estate license it is time to consider the costs of running your business. As an agent, your clients will rely on you for your knowledge of the local real estate landscape, your understanding of real estate law, and your negotiation skills. Having the power of an association behind you as well as access to local listings and market data can be useful tools that will help you better serve your clients. To gain access to these tools it is likely that you will need to join a local real estate association as well as sign up for a Multiple Listing Service.

Association Fees

There are many benefits to membership in a local real estate association. If you plan to represent residential buyers and sellers you will want to consider all the opportunities that joining an association affords you. Memberships in Utah are typically paid annually and cost between $700 to $1300 a year. If your broker is a member of a local real estate association you will be required to join the same association.

Multiple Listing Service

Multiple List Service is another great resource for real estate agents and a tool you will likely want to take advantage of in your business. Multiple Listing Service gives you access to up-to-date listings, sales, history, comparables, and more. In Utah, access to this service is paid as a monthly membership but typically costs around $600 a year.

Physical Costs

The final costs to consider for your new real estate business is the physical cost of running your business. You will want to consider what budget you will allow for expenses including:

  • Business Cards
  • Yard Signs
  • Travel Expenses (driving to showings and listings)
  • Laptop
  • Smartphone
  • Wardrobe
  • Office Space (may be provided by your broker)

You may have assistance with some of these things from your broker, such as office space, business cards, and yard signs. But ultimately you are running your own business and the cost of providing the best service to your clients falls to you.

Total Cost

Now you have all the tools you need to plan for the cost of your new career as a real estate agent. When adding together the costs of education, examination. licensing, and real estate agent tools and expenses the cost of entry totals between $1918 to $2618. This is a low barrier to entry for a new, exciting, and lucrative career. It is just a fraction of what you would pay to open a brick and mortar business or enter a new career requiring a higher education degree. Get started on your journey to freedom in your career, sign up for Utah real estate school today.

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