Yearly Cost of Holding a License?

Question

This has probably been asked before, but I'm just curious as to what costs I can plan to incur while holding my license on a yearly basis in the state of IL.

If I were to ONLY access the MLS and not actually do any deals with my license, what expenses could I expect to budget for holding and maintaining my license on a yearly basis?

Thanks!

Bryan L. · Answer

Like he said, much variation.  But you're probably going to be somewhere between $1000 - $2000 minimum.

Account Closed · Answer

It depends who you sign with. It varies wildly.

If the broker is % based you won't pay much monthly, but they also expect you to work. On the other hand there are some brokerages that charge flat fees per transaction, or some that charge a flat fee per month (even if you never show up at the office they don't care).

What you choose really depends what your end goal is.

Anthony Hornbeck · Answer

Thank you for your reply.

To clarify, it's not that I don't want to do any deals, I'm just working to figure out the fixed costs of holding the license.

Account Closed · Answer

As you mentioned this has been asked a million times.

The answer is it depends who you sign up with, but regardless, there are going to be fees. You're going to have to pay a broker one way or another, MLS access, E&O insurance if your broker doesn't cover it, post licence education (might vary depending on your state), continuing education, etc. That's if you don't pay for desk space, if you spend 0 on advertisement, if you walk to the office or exclusively stay home..

It's a lot of time and effort if you plan to "not actually do any deals". Just my 2 cents. I mean, you only need to do 1-2 transactions in one year to more than cover all your expenses.. isn't it worth it?