Cost of Getting Started
Up To and Including
Your License
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Our cost of completing all the education you need to get your license is $1200.
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While not required to obtain your license, we do offer 4-hour blocks of additional tutoring for $200. This can include time focusing on both content and testing strategies.
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PSI Testing charges $98 per attempt. There are two tests - a national and a state test. It is the same fee if you take just one test or both tests in a single sitting.
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The South Dakota Real Estate Commission has a $225 application fee that is submitted with your application. As a part of your application, you will also need to do a fingerprint background check for $43.25.
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If you purchase your E&O insurance as a part of the state plan through the Real Estate Commission, the cost of the full year for 2025 is $187. It is then prorated by month based on your application date. You may also purchase E&O coverage through an office policy depending on which brokerage you associate with.
Associations
If you join an office that is a member of the local Realtor association, you will need to join as an individual as well. This membership will include the local, state, and national associations as well as your MLS access and lockbox dues if applicable. Some of these fees may be prorated depending on the date you join. This page represents full annual costs which are subject to change.
You may join more than one association, but will only pay your state and national portions through your primary association.
If you join an office that is not a member of the association, you will not need to pay any of these fees.
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Total annual dues including local, state, national, and MLS dues are $1422.
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Total annual dues including local, state, national, and MLS dues are $1,569.36.
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Contact the association through your broker for dues and fees.
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Application fee of $350.
Total annual dues including local, state, national, and MLS dues are $1,634.
New Business Expenses
This section of expenses is the most difficult to predict. It will depend on your business model, what your brokerage provides, and what your budget allows.
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Most agents use both yard signs for listings and open house directionals. Cost will depend on what style of sign you have, how many you order, if you just need name riders, and what the signs are made of. For a (very) rough estimate, figure $100 per sign if you are purchasing full, custom yard signs.
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How do you plan to get the word out? A website can cost as little as $5 per month, even less if your brokerage provides a site. Professional mailings can be produced and sent, but will cost $1 per piece or more. The cheapest billboards will be a spot on the electronic billboards and can run $750 per month or more. Want to host a VIP party? Plan on $1000 or more depending on the event. But this is a relationship business so find those places you can connect with people. Everything from a $5 coffee to a PTA membership can connect you with a lot of people. Don’t forget your business cards!
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Some associations actually provide lockboxes to their members as a part of the regular dues. If you need to purchase your own through the association, plan on $150 per box. If you need a basic combo lockbox like is often used on new construction, you may find them as low as $10 per box.
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Now that you have your license, you will need to complete 30 hours of continuing education in your first licensing period. Cost will depend on where you get your education, but in-person classes will be $25-$30 per hour of class.
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You will be sharing your compensation with your brokerage. This may be a percentage of every closing, a flat monthly fee, or a combination of the two and can vary greatly between brokerages (and even agents). Whatever you agree to, make sure it is an investment that you are getting something of value from.