- After completing the second test, the student has 60 days to have their application in to the South Dakota Real Estate Commission. On day 61, state law dictates they begin the process again from the beginning. The application fee is $225, plus there is a fingerprint charge of approximately $44. The application is on http://www.state.sd.us/sdrec/.
- The license can be left inactive, in which case there are no further requirements until the new licensee activates it. All inactive licenses remain with the Commission in Pierre.
- If the new agent knows which company with which they will be associated they can send the appropriate form along with their application. If they decide later they can send the broker association form later requesting their license be sent to the broker. Once the license is activated, the agent will need to carry errors and omissions insurance.
- If the licensee associates with a firm which belongs to the National Association of REALTORS (NAR) and has access to the multiple listing service (mls), the agent will all need to join NAR, South Dakota Association of REALTORS, and their local board of REALTORS. This is another significant start-up expense to include in planning for a new career.
- Other start up costs may include equipment (computer, cell phone, digital camera, printer), software such as word processor, spreadsheet, email program, and flyer creation software. Additionally may be expenses such as advertising costs, web page, contact manager, signage, business cards, and postage.
Carol’s rule of thumb – figure $4000 - $6000 for start up costs including school, tests, license, board fees, e&o insurance, and miscellaneous business expenses. For more details please contact me, by phone, 605-390-2338, or email caroll@PropertyByReferral.com. I look forward to talking to you!