Start-Up
Costs
Real estate is a demanding profession with high
standards. Those standards are maintained through comprehensive
education and experience requirements, and supported by the services
of several organizations at the provincial and real estate board
levels.
The following is a brief summary of the start-up
costs associated with a career in real estate. For more information,
new or potential REALTORS® should consult:
Contacting a real estate brokerage may also help potential REALTORS® learn
more about the business.
Provincial Fees
These fees are payable directly to the organizations noted.
Education/Licensing |
Organization |
Fee |
Licensing Course
Financial calculator
|
Real Estate Division, Sauder School of Business, the
University of British Columbia |
875.00
60.00 |
Licencing fee and assessments (two years) |
Real Estate Council of British Columbia |
500.00 |
Errors & Omissions Insurance |
600.00 |
Real Estate Compensation
Fund Assessment |
100.00 |
Residential Trading Services Applied Practice Course or the Commercial Trading Services Applied Practice Course (includes GST) |
British Columbia Real Estate Association |
708.75 |
Total (start-up) |
$2,843.75 |
Every two years
after start-up |
$1,200.00 |
Real Estate Board Fees
These fees are payable directly to the local
real estate board and vary throughout the province. They include:
Fee Description |
Fee |
GST |
Total |
BCREA new member initiation fee |
150.00 |
7.50 |
157.50 |
BCREA annual dues |
198.00 |
9.90 |
207.90 |
The Canadian Real Estate Association (CREA) new member
installation fee |
200.00 |
10.00 |
210.00 |
CREA annual dues |
220.00 |
11.00 |
231.00 |
Total (start-up) |
768.00 |
38.40 |
806.40 |
Yearly after start-up |
418.00 |
20.90 |
438.90 |
Additional real estate board fees may include
a board initiation fee, board monthly/annual dues and listing
fees.
Check with your local
board for specific fee information.
Other Expenses
The following may also apply:
- Mobile phone
- Computer and printer
- Personal digital assistant
- Contact management software
- Website, business cards and other promotional materials
- Business automobile insurance
- Business attire
- Desk and transaction fees
|
