It only takes a few weeks to go from where you are today to becoming a licensed real estate agent. With the promise of making six figures. But, is it too good to be true? We're breaking down the true cost of becoming a realtor.
Sophia Martino left the real estate business after the housing market collapsed.
"Since then I have been patiently standing by watching for signs of recovery," says Martino.
Now she's studying to become a realtor again along with hundreds of others at Key Realty School.
As the housing market rebounds, COO Michael Federwitz has seen an influx of students signing up. They needed to move to a bigger location.
"In contrast to things like college degrees and so forth, it's much easier to start the profession and start generating income quickly," says Federwitz.
But is it really that easy to cash in as a agent? Well, you need to spend money, to make money.
Expect to pay around $200 to $500 for a class. Then $100 for the testing fee. And $125 for the licensing fee. So you'll immediately have to spend somewhere around $425-$725.
And then comes the million dollar question.
"What kind of memberships and marketing plans are we going to participate in to yield success?," says Federwitz.
Joining organizations like the Greater Las Vegas Association of Realtors, will cost around $1,300 a year. Other variable cost : broker charges, transaction fees, gas, and marketing. All combined, you'll end up spending around $3,000-$5,000 a year or more.
Lar Valdez has been a broker-agent for 32 years. She's paid her dues and has advice for those who are just starting.
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"Render good service. Like my clients, they refer me. They come back to me," says Valdez.
