Posted by: Kaplan Real Estate Education
Published: May 28, 2020
A deciding factor when it comes to making big career decisions is often startup costs. If you’re interested in pursuing your real estate license, you’re probably wondering how much you should expect to spend in order to fulfill your prelicensing education requirements. It might not be as much as you expect. In this article, we’ll go over different pricing options for real estate school and explore the pros and cons of spending more vs. spending less.
The Cost of Real Estate School
The cost of real estate school can vary from a couple hundred dollars to just over a thousand. How much you’ll spend on real estate school depends on the type and format of the education you’re seeking and the number of hours of education your state requires. One state may only require 40 hours of education (Michigan), while another might require over 100 hours (California). Find your state from this list to see what you can expect.
There are a few different options available to you, including live online courses, on-demand courses, home study, and prelicensing education plus career prep. These options seek to help you find the best education solution for you, so your experience is as smooth and snag-free as possible. Not all options are approved in all states, so you’ll need to check with the real estate commission in your state to know what course types are approved. Let’s take a closer look at these options and the costs of each.
Live Online Course Costs
The cost of real estate prelicensing live online courses can vary anywhere from $300 to over $900. Live Online courses are a popular option because they combine the benefits of a live classroom with the flexibility of an online course. If you like the stability of having a scheduled class time with a live instructor from the comfort of your own home, live online classes might be the best option for you.
On-Demand Course Costs
If you’re interested in enrolling in an on-demand course, you can expect to pay anywhere from $200 to over $800. On-demand course prices are typically about the same as a live online course or a little less. Even though you aren’t paying for a live instructor to teach your course, you have the added benefit of being able to move at your own pace and schedule. This is a good course option for busy parents, students, and professionals who might not be able to attend a real estate course that has a set schedule. On-demand courses allow you to complete the work on your own time.
Home Study Course Costs
A home study course usually costs much less than a live online or on-demand course. If you are working with a tight budget and have the tenacity and drive to complete the course entirely on your own then, a home study course might be a good option for you. You can expect to spend anywhere from $180 to $600 on a home study course, depending on the state where you are planning to work.
Prelicensing Education Add-Ons
Some real estate schools offer prelicensing education plus extra career prep to ensure you start off on the right path. This option is usually about $100–200 more than the prelicensing education course itself. The knowledge and insight provided in the extra career prep course can prove invaluable when starting out in the field. The additional career prep course is a good option for anyone who wants to make sure they are in the best position to be successful in the world of real estate.
The costs of real estate prelicensing education are relatively low compared to how much you can expect to earn once on the job as a real estate agent. Having savings set aside to cover the necessary startup expenses for your new career in real estate can make your journey a lot smoother. Once you decide to pursue a real estate career, start saving little by little so that you can set yourself up for success.