Expenses

 

It is important to know exactly how much of an investment you'll need to launch your new career. The expenses should be completely covered in your interview, but here is a basic list of what to expect as an independent contractor:

  • Board of REALTORS® Dues (Est. $400-600 Yearly)

  • Errors and Omissions Insurance (Est. $400-900 Yearly)

  • MLXchange Fees (Est. $40-80 Monthly)

  • Continuing Education (Est. $200 Every 2 Years)

Additional:

  • Insurance (Health, Disability and Auto)

  • Taxes

  • Personal Promotion and Marketing Postage

  • Cell Phone

  • Business supplies such as a computer and/or laptop, a camera, tape measure, real estate calculator, and a briefcase.

 

Be sure that the company you associate with explains exactly what they provide versus what will be your own expense. This list varies greatly throughout the industry.

 

It is a good idea to have several months worth of income reserved because, as an independent contractor, you will earn income on a straight commission.

 

This means you will not receive any commission until a transaction closes, and it can take a few months to start seeing an income. 

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© 2018 Courtesy of Berkshire Hathaway HomeServices The Preferred Realty

Information provided considered, reliable but not guaranteed.