A successful career in New York real estate is highly desirable. This profession allows you to choose your work schedule and map your career. A real estate agent’s income is dependent on experience and hard work. You are not tied to an office for eight hours a day. Instead, you get to meet new people and know new areas of your city.
A real estate career does not guarantee success, but agents who put in the time and work often do exceptionally well for themselves. After a few years of building a client base and getting to know the industry, agents can make over six figures.
New York Real Estate License Cost
The cost to get a real estate license in New York is between $219 and $745 and takes 4-6 months on average. This means you can begin your new career and be just as, if not more, financially successful without debt or years past from earning a degree.
Below is a breakdown of the total licensing cost, including education, exam fees, and application fees.
Real Estate School – $149 - $350+
Choosing the right real estate school is essential for your success. Make sure your school is state-approved, has a high pass rate, and offers support to its students.
There are many real estate options. Some online new york real estate schools, such as VanEd, are 100% online and can be completed anytime, anywhere. VanEd 75-Hour Pre-License course package also includes online support from instructors and monthly payment plans to help you split the cost of your courses over a 2 or 3 month period. Other schools offer in-person classes and little to no support from real estate instructors.
To better understand which school is right for you, check out this blog: Online vs. Classroom Real Estate Courses - Which Is Better?
Exam Fee – $15 per attempt
Many people need to take the New York State real estate exam more than once to pass. It costs $15 each time you take the test. Make sure you study as much as possible to keep from retaking the exam.
Salesperson Licensing Application Fee – $55
The real estate exam application fee is $55. You will also need to pay a fingerprinting fee of approximately $40.
What Are The Costs to Renew a Real Estate License in New York?
Even after students pay for their 75-hour pre-license education, exam fees, licensing fees, and background checks, there are periodic courses that real estate agents must take to maintain and renew their license.
Continuing Education – $70-$250
After pre-licensing, agents must take Continuing education courses. These Continuing Education (CE) courses keep real estate agents up to date on the laws of their state, serve as an information refresher, and allow real estate agents to learn more about the real estate industry.
How often agents and brokers need to take CE courses varies depending on their licensing state. View all New York license renewal requirements. CE is an excellent opportunity to gain knowledge and update your skills to advance even further in the industry.
Many brokerages pay for their agents’ CE courses. Ask your sponsoring broker if CE is something they offer.
Future Costs: Marketing, Desk Fees, Commission Splits
When you become an agent, there are costs associated with your work that are atypical in other jobs.
Many agents pay for their marketing. Marketing fees could be social media ads, print ads, postage, design work, headshot photography, or anything else you use to stand out from the crowd. Certain brokerages help with some of this marketing. Ask your brokerage what they offer to help get your name known in the industry.
Most agents split their commission with their broker. Because many brokerages offer guidance, clients, reputation, CE, and marketing, this is how an agent pays back. Many of these commissions are split 50-50. Experienced agents may opt to pay a desk fee at a brokerage instead of splitting their commission. A desk fee is a set price an agent pays every month to remain at a brokerage.
Learn more about commission splits, desk fees, and how real estate agents get paid.
Is a Real Estate Career Worth It in New York?
A successful career in real estate is highly desirable. It is a profession that allows you to choose your schedule and map your career. Being a real estate agent, you take away what you put into your work. Hard work means growing income. You are not tied to an office for eight hours a day and get the opportunity to meet new people regularly.
A career in real estate never guarantees any amount of success, but those who work at it can do exceptionally well for themselves. After a few years of building a client base and getting to know the industry, agents can make over six figures.
Many careers require a two-year or four-year degree. Just one year of tuition at a university costs an average of $10,740 in tuition for in-state students and $27,560 for out-of-state students. This tuition fee does not cover textbooks, housing, or other expenses associated with university life.
However, becoming a real estate agent typically costs less than $700 for everything, including education, a background check, exam fees, and licensing fees. Many schools offer courses that are 100% online so students can access their courses from their own homes and complete coursework at any time. Real estate school is also self-paced, so you can complete it any time. It takes a short time to complete, averaging from three months to one year.
If you want to advance your career by gaining certifications or becoming a broker or appraiser, you can take more online courses and become certified. Your career is entirely under your control.
Written and Published by: VanEd