Should I become a real estate agent in Florida? What is the success rate of becoming a real estate agent? How much does it cost in Florida to become a real estate agent? Is getting your real estate license really worth it?
Becoming a licensed real estate agent is an incredibly rewarding job, but how and for how much? What's the probability of success per statistical terms? Is it worth it?
The Fact is, 80-87% of real estate agents will fail within their first 2 to 5 years of being in the business
If that's not intimidating, idk what is, but I can tell you one thing. If you're able to overcome your failures, you will succeed.
Florida Real Estate Agent Costs Explained
School & Study Materials $70-$1,000+ // At the schools we used average was about $80 without any additional study material. Get 35% at Real Estate Express [online] via our link: https://www.talkable.com/x/b6R9XW
Testing at PearsonVue $36.75 as of November 11, 2021. As a side note you will need to pay that fee every time you fail and need to retake the test. Plan to take it at least 2x.
Fingerprints & Background check $50-$250 depending on who you use.
State filing/application fee $83.75. Side note if you are on low income there is a waiver available for you and some state/county programs may be available to help you with your educational expenses.
Realtor Membership & MLS $800-$2,000/annually depending on your MLS and board dues. If you become a commercial real estate agent you may be able to avoid this, but it's still recommended to become a member so you have access into the MLS.
Desk Fees $25-$500/monthly. Most brokerages have the. If you're expecting to get into commercial real estate and join a company that is a franchise you can expect high monthly desk fees on average. Desk fees usually will cover your websites and E&O insurance. It's important to understand what your brokerage includes in their monthly fees.
Marketing & Branding Materials $150-$500+/monthly. This is very important as it's how you'll be able to get your brand in front of people.
Total estimated range for starting in real estate all in: $1,215-$4,370.5
We recommend to try your best to have $3,000-$5,000 tucked away for start-up costs. It is possible to do it without any money to your name. When there is a will there is a way. You will just need to be more creative. Also keep in mind that it can take about 3-12 months to get your first deal closed. If you are new to an area it can be a little longer since you are going to need to make new friends and start a completely new name for yourself. If you've lived in the same town as you grew up than you may have a little bit of an upper-hand.
Is Getting Your License Really Worth It?
If we had to do it all over again would we? Definitely. Why? It's simple. Real estate is incredibly rewarding once you get the hang of it. Maybe it's your dream to open up a brokerage or property management company in Florida. Maybe you just want to help your friends buy/sell homes. Maybe you want to be the next TOP Producer. If that's the case I say go for it!
Look it's not an easy job. That is why so many people fail. You will go months without a sale. You will go months without income, but it is worth it. Only you decide if you go hungry. Commercial real estate can take longer than residential real estate. Especially in the covid markets we've seen. We once went 6-months without anything because every CRE offer we made got outbid by millions of dollars. Eventually that consistent failure went away as we transitioned into a more corrected market, but we understood that when going into it, and it was tough. However it taught us how to make better offers, how to be more creative, how to be more aggressive, and taught us WHO we work with is REALLY important. Since then we haven't gone a month of not making a sale or rental closing.
This job will make you cry and yell almost daily lol, but it is totally worth it though. The highs are like skyscrapers and they overtake the lows of the job every single time.
Who Is A Good Candidate For This Job
Everyone. You just need to find your self-motivation.
What Skills Are Crucial For This Job
Self-Motivation
People-Skills
Communication
Creativity
Endurance
Discipline
Respect
Care
Passion
Marketing
Organization
Management
Diligence
Attention to details