How expensive is it to become a broker?

6 Replies

I am wondering how expensive it would be to become an independent broker? Has anyone looked into this? No employees just you. 

Typical start-up cost ect?

Your profile says you are already an agent. Do you have the one year of full time experience working under a more experienced agent or the 90 hours of classroom time? 

Yes I am an agent. And yes those requirements are not an issue. The start up cost and running cost are my main concern. 

I would imagine it wouldn't be that expensive. There's the extra educational requirement, which will be a few hundred dollars. And as a one-person operation, you can work from home. If you don't like that idea, you can rent one of those executive suites for a few hundred dollars a month.

One thing that will get you are the fees for your association and MLS, if it's like here. I have to pay the fees for both my office and myself. My MLS fees are killing me. I have to pay over $300 a quarter. If I had my personal license under another broker I would only pay about $60 a quarter.

In my state you cannot work in a home office. It is one of the requirements to have an office space. RI is known to be difficult lol.

Not knowing your fees from your current broker, it is hard to say what your expenses will be. You can look up on the web what fees the state charges to take the exam and fees to apply for your license. From there, you pay for everything you want yourself. A website, CRM, Errors and omissions if the state requires, state fees to create an business entity, MLS start up fee and dues, business cards, signs are just the beginning.

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