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.

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.

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.

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.

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.

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.