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After Getting Your License
There are a few additional costs to consider as a new real estate agent. Remember, you’re essentially launching your own business and it obviously involves some fees. Most of these expenses are tax-deductible. Moreover, all of your initial expenses will pay for themselves when you close your first deal.
Here are some of the most common expenses as a active real estate agent in North Carolina:
Real Estate License Cost in North Carolina
How much does it cost to get a real estate broker license in North Carolina.
To become a real estate agent in North Carolina, you should expect to invest about $520. That includes the mandatory pre-licensing course, your background check, the application fee, and the State examination. Candidates generally take from 12 to 24 weeks to complete the whole process of getting their real estate license in North Carolina. After activating your license with a broker-in-charge, you will be able to launch your real estate career and start earning commissions.
However, obtaining your real estate license is just the first step of your new career in North Carolina. You’ll need to invest time and money to maintain your license and be competitive in the real estate market.
Still, it’s a small price to pay when you consider how lucrative a career in North Carolina real estate can be.
Here is a breakdown of the costs to obtain your North Carolina real estate license:
Candidates are required to complete a 75-hour online or classroom pre-licensing course. That fee may vary depending on the school and education package.
The North Carolina Real Estate Commission requires a criminal background checked to approve your initial application. It is recommended getting fingerprinted at least five days before completing the initial application. That fee may vary depending on where you have lived.
You must submit an application to the North Carolina Real Estate Commission. It is recommended to submit the application online to expedite the process. It takes about 10 days to get your application approval. Once approved, you will receive an email notification in order to schedule your state exam.
1. Pre-licensing Education
2. Background Check
3. Initial Application
4. Scheduling Your State Exam
Total Real Estate License Cost
Estimated Cost: $250 per Year
There are many benefits of becoming a member of your local Realtor® association. In doing so, real estate agents are included in the National Association of Realtors listing and given access to useful tools and information such as the multiple listings service (MLS).
Estimated Cost: $367
All new North Carolina real estate agents must complete 90 hours of post-licensing education prior to their first renewal deadline.
The license renewal date is between 18 and 24 months after receiving their initial license. The education contains practical instructions and information about real estate business planning, marketing, prospecting, and closing the transaction.
Estimated Cost: $900 per Year
There are several business expenses real estate agents should expect to pay to maintain regular operations in North Carolina. These may include the cost of office space, phone, internet, computer, client meetings, and more. Essentially, business expenses refer to anything you need to spend to be efficient and competitive as a real estate agent. These costs may vary depending on your business plan and location.
Estimated Cost: $1,000 per Year
Marketing yourself as a real estate agent is the most important aspect of a successful career. This means getting the word out about how you can help potential clients. A few costs to consider include business cards, a website and various types of advertisements (social media, flyers, boards, etc.).
Professional Liability Insurance
Estimated Cost: $1,100 per Year
Many potential clients require proof of professional liability insurance before contracting with a real estate agent. This policy, also called errors and omissions insurance (E&O), can help cover legal expenses if a real estate agent is sued for unsatisfactory performance or a work mistake.
Estimated Cost: $150 Every Years
Continuing education will be required for the rest of your real estate career. North Carolina real estate agent must complete 8 hours of continuing education every year by June 10.
How Long Does it take to become a real estate agent in North Carolina?
It takes generally from 12 to 24 weeks to get a real estate agent license in North Carolina. However, if you plan diligently, you can get the entire process done in less than 8 weeks.
How Much Do Real Estate Agents Make in North Carolina?
The average income of real estate agents in North Carolina ranges from $41,284 to $197,397. These earnings vary depending on location, experience, specialty, and average hours worked.
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