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The REAL Cost of Being a Richmond Realtor

By
Real Estate Agent with RVA Home Team 0225195925

The REAL Cost of Being a Richmond Realtor

The Real Cost of Being a Richmond Realtor, Shannon Milligan, Home Sweet Henrico, Keller Williams Realty Richmond West

I was sitting down the other day to start my real estate business plan for the upcoming year and it got me thinking about the real cost of being a Richmond Realtor. I have not been so diligent in the past when it comes to keeping up with costs, but this year I want to reach just beyond my grasp. And I firmly believe if you want to achieve it, then you need to clearly spell it out. My husband calls it my WDYWFY = What Do You Want For You.

The dreaming big part is not difficult for me in my business plan. But, coming up with the real cost of being a Richmond Realtor is more challenging. I'm just not a budget person, that's why I married my husband ;) But, I AM a business owner and as such it is important for me to get down to the nitty gritty and know my back office business as well as I know how to give exceptional service to my clients. They are equally as important.

So, what is the real cost of being a Richmond Realtor? If you are thinking about becoming a Richmond real estate professional, here is a small sample I think you will appreciate:

-MLS yearly: $660. This does NOT include the one-time set up fee.

-Supra Key yearly: $196

-Brokerage yearly renewal: $75

-Brokerage yearly office fee: $528 (This includes the use of a website, not an actual office.)

-Active Rain yearly: $468 (This will go down $10 at each 100K point mark...50,000 more point and it will be $348 per year)

-Business cards yearly: $70 (This can vary depending on how many cards I go through)

-Cell phone yearly: $1440 (May vary depending on usage)

-Advertising yearly: $2500 (Fluctuates)

-Email yearly: $60

-Closing gifts: $1000 (varies on how many closings I have)

-Networking organization fees per year: $300

I can go on and on and on...this doesn't even include the pop-by gifts, cost of continuing educational credits, the donations made on behalf of Home Sweet Henrico, sign costs, gas,  etc. But, I think you get the idea. Just with the items above, that cost comes to a grand total of: $7,297.

This is the very BASICS of the real cost of being a Richmond real estate agent. I won't even get into the time factor, because those who are in the industry already know and those who are not won't believe me until they are in it. This business can be 18 hours a day (I refuse to do the 24/7 deal...I need my sleep and you want me to sleep so I can be the BEST I can be for you) and your family and friends will be making great sacrifices as well.

So, the REAL cost of being a Richmond Realtor is at the bare minimum approximately $7K. But, this business can also be very rewarding and helping home buyers and sellers achieve their dreams? PRICELESS!

If you would like to learn more about becoming a Richmond real estate agent, please contact me, Shannon Milligan at Home Sweet Henrico with Keller Williams Realty Richmond West, and I would be more than happy to buy you a coffee (add that cost to the list!) and tell you all you need to know about becoming a Richmond Realtor.

 

 

Posted by

Shannon Milligan, Associate Broker/Realtor

RVA Home Team

Winning with Integrity

eXp Realty 

6802 Paragon Place #410, Richmond, VA, 23230

804-248-8207 (cell)

www.rvahometeam.com

 

 

 

Comments (6)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Nice outline of the costs of being in biz...helpful to new realtors to think about this, too.

Jul 30, 2012 04:16 AM
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Shannon this is a very dilligent thorough article, thanks for sharing

Jul 30, 2012 05:35 AM
Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

Thank you both for the comments! It is no where near the corrrect amount as I am not finished. But, it is a rough idea for new agents.

Jul 30, 2012 08:57 AM
Mike Hogan
The Hogan Group at Keller Williams Realty - Mechanicsville, VA
MBA

Good lord...you have me calculating my own costs in my head. This is a good exercise even for experienced agents...

Jul 30, 2012 11:37 AM
Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

Mike - I know! My husband has done this for me most years, but I realized I need to know exactly how much I spend and on what! After doing this, I am going to promptly hand it back over to my husband since he is in finance and loves this stuff, but I am glad I did it as every "CEO" should know every aspect of their business!

Jul 30, 2012 11:49 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Shannon - I don't think the general public realizes how much we spend or really make when the deal closes. 

Jul 31, 2012 11:59 PM