Becoming a Real Estate Agent in Virginia can be a fun and rewarding career.
Note: This may not be all-inclusive, and each firm and agency is different and may have different costs and fees.
What are the Costs of being a real estate agent in Virginia?
A pre-license course approved by the Virginia Real Estate Board is required for all new agents. After passing the course, one must take the license exam which is run by the company hired by the VA Real Estate Board.
The costs of being a real estate agent in Virginia are relatively low when considering the potential for a substantial income. People who get their Virginia real estate license are called salespersons, although we tend to say the word agents to refer to salespersons. Salespersons must work under the authority of a broker or brokerage company. Salespersons are usually paid by a split of the commissions received by the broker.
Getting your Virginia real estate license:
- Real estate course and course exam: $189-$500 or more
- Official Virginia real estate license exam: $60 plus $50 fingerprinting & background check.
- License application to Virginia Real Estate Board: $170 Apply with a broker or brokerage company. You may interview brokers in your area to determine the best choice for your situation. One must initially work under a broker as a salesperson. A broker license requires at least 3 years of actively licensed as a salesperson.
After you are licensed with a broker:
In order to use a lockbox for listings and get a key card to enter homes for sale or rent, you must join your local MLS. The MLS for entering and searching listings has separate fees. Anyone who is not a member can only handle referrals with a referral company. With the application fees, the ballpark figure would be 1,000-$2,500 for the first year and less after that.
- REALTOR® association fees: (National, state and local) – Annual fees: $500-850 (includes local, state and national Realtor associations) plus one-time application fee. Fees vary. Paid annually.
- MLS Fees: $36-80/month (usually paid quarterly)
- Errors and Omissions insurance: Fees vary
- License renewal fee: $65 every two years for salesperson
- Company / Brokerage fees: These can vary widely since all brokers or brokerages have their own policies.
Brokerage company fees may include: (Not all apply at Century 21 Nachman!)
- Franchise fees 3-8% off the top before your agent split. This is typical in all major franchise companies.
- Mentor fee – This is where beginners may be teamed up with another agent on a transaction. The other agent gets a portion of the new agent’s commission.
- Training fees – monthly
- Technology fees – monthly
- Desk fees – monthly
- Office support fees for facilities, computers, coffee fund,
- Printing and copying fees – Fees vary
Become a Real Estate Agent in Virginia Today!
