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If you’re considering a real estate career, you may also be wondering how to finance it. The majority of residential sales professionals, commercial agents and property managers are self-employed independent contractors who earn commission-based incomes that vary from month to month. Building up your business and income may take some time.
Typical real estate startup costs vary by state and the arrangement you have with a sponsoring broker. For instance, they may cover some amount of insurance, office supplies and advertising. Your upfront costs may include:
- Pre-licensing class
- Exam and licensing
- Association membership
- Marketing and branding
- Continuing education
- Computer equipment
- Customer management software
- Miscellaneous business utilities
If you don’t have ample financial runway to pay startup costs and cover your budget for at least six months, your real estate business could crash and burn quickly. As the owner of your business, you’re solely responsible for its success or failure.
Consider using one or more of these eight funding options to increase your chances of success.
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