A career in real estate provides many benefits. You’ll be able to enjoy a flexible schedule that allows you to work from anywhere you want and set the hours that best fit your lifestyle. You’ll also have the opportunity to run your own business with virtually unlimited income potential. This allows you to achieve the kind of work-life balance that makes your life more enjoyable and fulfilling.
If you’re thinking about getting a Colorado real estate license, it’s important to understand the costs involved. While no college degree is required, there are still certain costs associated with the licensure process. Below, we’ll break down these costs for you so that you can understand what you need to budget for as you embark on your new real estate career.
Before you can get your Colorado real estate license, you must first complete 168 hours of education from an approved Colorado real estate licensing school. These courses will provide you with the knowledge base you need to navigate the real estate industry and build a successful business.
When considering Colorado real estate course options, it’s important to evaluate more than the cost of the program. While cost is an important factor, you want to make sure you choose a Colorado real estate course that will provide the proper foundation to set you up for success. Other factors to consider include:
At Colorado Real Estate School, our real estate licensing courses start at $399. All of our course packages include our Insider’s Ultimate Exam Prep System which features a full suite of instructional aids, including live webinars, videos, practice exams, and other tools to help ensure you’re ready to ace your exam. These exam prep services, which typically cost $149, are free to you as part of your real estate licensure course.
You need to pass the Colorado real estate licensing exam in order to get your license. The cost of this exam is $44.95. If you don’t pass the exam on your first try, it will cost $42.50 each time you retake it.
Prior to submitting your licensure application, you will need to undergo a background check. This includes getting fingerprinted and undergoing a criminal records check. The costs for these services are:
All active licensed real estate agents must carry errors and omissions insurance. This important insurance coverage protects you in the event that a claim is filed against you for negligent or subpar work.
The cost of errors and omissions insurance is $239 if you purchase your coverage from the Colorado Real Estate Commission’s recommended provider and select the basic limited liability insurance coverage plan. You also have the option to purchase errors and omissions insurance from a different provider. If you choose this option, the cost of your insurance will depend on:
In some instances, all or part of these insurance costs may be covered by your brokerage.
Once you’ve completed all the steps above, you’re ready to apply for your license. In Colorado, the application fee for a real estate broker’s license is $485. Keep in mind that this fee is nonrefundable, so it’s important that you’ve completed all the other stages in the process and can provide all the required documentation prior to applying for your license. If you’re unable to provide the proper documentation, your application could be denied, and you may lose the fee.
Most, but not all, real estate agents join realtor associations. There are national, state and local associations. National Association of Realtors (NAR) dues cost $150 at the national level, and this gives you access to a variety of important tools and information you’ll need as an agent, including the multiple listings service (MLS).
The total annual amount that real estate agents pay in annual membership dues is approximately $600. This includes all dues associated with national, state and local associations. Each association sets their own dues, so the exact amount you will pay depends on the specific cost of dues for your state and local associations.
You’ll need to renew your real estate license every three years. There are two components associated with your license renewal:
The Division of Real Estate requires all active and inactive real estate agents to complete 24 credit hours of continuing education courses every three years. Half of those credit hours consist of Annual Commission Update (ACU) courses, while the other half are elective credit hours.
Your continuing education costs will vary based on the provider you choose and the elective courses you take. You can view a list of the Colorado Real Estate School continuing education courses and their associated costs here. All of our continuing education classes are offered online in an advanced video format that gives you the ability to pause, stop and repeat sections. You’ll also have plenty of time to access our online courses, ensuring you can fit your continuing education requirements into your schedule.
The cost to renew your real estate license is $387 every three years. These fees are due by December 31 on the year your license expires, and there is a 31-day grace period.
While the costs associated with getting your Colorado real estate license aren’t insignificant, they are rather minimal compared to the cost of entry into many other professions. You don’t need a college degree to become a licensed real estate agent, and the costs associated with getting your license are exponentially lower than the cost of a degree at an accredited four-year college or university.
As a result, you’ll be able to avoid getting saddled with the massive amount of student loan debt that many Americans face at the start of their career. Instead, you’ll be able to start earning a lucrative living at an early stage in your career while remaining debt free.
In addition, home values in Colorado are not inexpensive, giving you the opportunity to earn a lucrative commission on many of the deals you close.
If you’re interested in getting your Colorado real estate license, Colorado Real Estate School can set you up for success. As Colorado’s leading education source for real estate licensure, we can provide you with the knowledge and tools to not only pass the Colorado real estate exam, but also set you up for success as a new agent.
Our online real estate courses replicate a classroom experience in the comfort of your home while allowing you to work through the course materials at your own pace. You’ll benefit from our exclusive Experts on Demand Approach™ which is focused on helping you pass your real estate exam and establishing the foundation for career success. As part of this unique approach, you receive:
We also back up our courses with our TruSupport Pass Guarantee™. If you don’t pass your exam, our team will analyze your results and work with you to create a personalized test success plan. As part of this plan, you’ll have extended access to all our course materials as you study to retake the exam. At Colorado Real Estate School, we’re committed to making sure you pass your real estate exam, and we’ll provide you with the support, tools and resources necessary to help you achieve your goal.
Contact us today to take the first step in getting your Colorado real estate license.
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