All small businesses have fixed costs ranging from rent to utilities to office supplies. For real estate agents and REALTORS®, there is the added business cost of dues.
REALTORS® may have to pay more dues than real estate agents because of the affiliations with the local REALTOR®, State and National Association of REALTORS®. Additionally, if an agent wants to belong to more than one real estate association depending upon the policies and procedures of that second association, the brokerage for that agent may also have to join the agent.
Another due is an annual payment for a device to store keys for access to residential properties or even fully fenced in vacant land with outbuildings. Here in Mohave County, one of these firms is SUPRA.
Both REALTORS® and Real estate agents are able to download this app, SUPRA, and can access the electronic lock box holding the key or keys with this program. These electronic boxes also must be purchased by the real estate agent.
Then here are the annual dues payable to the local multiple listing service (MLS). Each MLS has different annual dues based upon the number of subscribers.
Finally, some professional real estate agents belong to other professional organizations such as Women’s Council of REALTORS® Arizona or the Commercial Real Estate Development Association. The dues for these professional organizations are specific to each organization.
For a new real estate agent entering the real estate industry, these annual dues can be an unexpected up front cost given the agents have yet to make a sale and earn any compensation.
Annual dues for the professional real estate agent and/or REALTOR® can range from $1,000 to $2,000. For 2024, my dues totaled nearly $1,500.00.
Small business costs include marketing which will be discussed in Part 19.
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