Cost of Becoming a Real Estate Agent in Florida
After deciding to become a real estate agent in Florida, the next question will be how much does it cost to become a real estate agent in Florida? There are a few necessary steps between deciding to be an agent and actually becoming one. These steps will obviously incur some costs, from the initial application fee to the required exam and Florida real estate license course. Having known this, you may want to start budgeting for the process.
Considering the application, exams, and license, becoming a real estate agent in Florida will cost somewhere between $300 to $500 also the amount is usually spread out over a few months to make it even more comfortable to pay. Meanwhile, you can completely recuperate the entire cost of becoming a real estate agent with your first real estate deal.
Other than the cost of becoming a real estate agent, you may need a few hundred dollars more for initial marketing expenses, like complimentary cards, advertising, and membership dues in the case where there are any.
Knowing exactly how much it cost to become a real estate agent in Florida will help plan strategically when you’re planning. In this post, I will explain every process and cost.
Who is a Real Estate Agent?
A real estate agent is a licensed professional who represents sellers or buyers of real estate or real property in negotiation and also manages real estate transactions. They usually work in the interest of their client to get the best deal
Real estate agents are usually paid by commission from a closed deal. When a deal is closed, the agent who managed the transaction will be compensated a percentage of the property purchased or sold. This means that their income depends on their ability to close a deal. A real estate agent usually works for or is affiliated with a real estate broker who is more experienced and licensed.
Types Of Real Estate Agents
Below are the types of real estate agents available and everything you should know about them:
1. Broker
A broker is a licensed real estate agent that handles the marketing and selling of property. A broker can work independently, they do not have to work for a real estate firm, and they can decide to work on a contractual basis with different real estate firms.
The broker conducts his own market research for properties to sell or buy for the customer. The broker advertises, and shows your property, negotiates for the best price, and also advises the client on what to look out for, and the different issues that may arise during the transaction process.
2. Realtor
Realtors are real estate agents that are licensed by the National Association of Realtors, they are expected to follow the association’s code of ethics. A realtor is mandated by law and the ethics code to esteem the interest of the client above their own and to be honest in all their dealings.
Realtors usually have a brokerage company that employs agents, connects together buyers and sellers, then markets the property for a commission.
3. Seller’s Agent
Seller’s agents are a real estate agent who deals solely with selling properties and getting a commission after a successful sale. They have the responsibility of listing properties for sale in multiple listing service databases to allow access by other agents and prospective buyers.
The purpose of the seller agent is to conduct research and find out the appropriate sale price for a property, prepare the property for showing, market properties, and negotiate for the best terms of the transaction
4. Buyer’s Agent
The Buyer’s agent works only with the buyers. They understand your specific needs in a property and search for properties with that specification within your price range.
The buyer’s agent goes through various market listings, establishes their availability and showings, and will recommend the best property for you. They also advise their client on the best financing options available.
5. Dual Agent
A dual agent transacts with both the buyer and the seller on the same property. This type of agent usually has a contract with both parties. The dual agent is mandated by law to explain his role in the transaction, or both parties have a right by law to withdraw from the deal.
When going for a dual agent, you have to be careful cos they sometimes get a little sneaky about information of interest from both parties
How Much Does It Cost to Become a Real Estate Agent in Florida?
Here’s how much it costs based on fees to be paid to become a real estate agent the state of Florida:
1. Real Estate License Courses – $150+
You can find real estate required courses from any Florida DBPR-approved real estate school. The cost for the course usually ranges from $150 to $200, while considering the cost, it’s important to find a school you will be comfortable enough to excel.
2. Fingerprinting Fee – $53.50
All licensed real estate professionals in Florida are required to have a set of fingerprints on file. The fee for this done is $53.50, also very affordable and you can take care of your fingerprinting at the center when you go to take the state real estate exam.
3. Exam Fee – $36.75 per attempt
The exam fee to become a licensed real estate agent in Florida is also very low, you’ll pay just $36.75 per attempt.
Although you may likely not need a second attempt, it is comforting to know that it doesn’t cost a fortune to take the exam fee.
4. Application for License Fee – $83.75
After completing your coursework, you will apply for a license, and it is usually about $83.75 which is quite affordable because there are states who charge several hundred dollars for the license application fee