When the government announced the federal tax incentives for home buyers the real estate market exploded with buyers trying to take advantage of the rebate on their tax return. Now that the federal tax incentive for home buyers has expired people are searching for ways to make the cost of home ownership more affordable. Record low home prices and interest rates are hard to pass up, but having an added cash incentive is what many people need to jump into the real estate market. Smart buyers have discovered a way to save thousands at closing by earning a real estate license.
One of the largest expenses associated with buying a new home are the closing costs and a large percentage of that is commissions. Commissions paid to the listing and selling agents and their brokers’ accounts for thousands of dollars of your money. Buyers who take the time to get their real estate license will not only have the knowledge they need to find the best deal, but one of the commission checks at the closing table will have their name on it.
The average commission for a real estate transaction is 6% split between the listing and selling brokers and agents. This means if you are looking at a $500,000.00 home, the commission on that sale is $30,000. If you have your real estate license, you could leave the closing table with 25% of that commission, or $7500.00.
The costs associated with earning a real estate license are just a couple of hundred dollars and the real estate training required takes only a few weeks. Less time than many buyers will take researching real estate online while searching for the right agent. Instead of looking for the right agent or broker to find you your dream home, you could learn the business for yourself.
Even if your own home is the only real estate deal you ever participate in, you will more than pay for the cost of the real estate license once you close the sale, and you will not even have to wait to file your taxes.
We are not the FHA, VA, USDA, HUD or any other government organization. The content on this blog is intended for information purposes only. 
It is quite disingenuous of you to suggest that obtaining a real estate license and thus being open to a sales commission requires only a few weeks.
In NC it takes much longer. Licensee training now allows one to become a broker. One has to pass the broker’s exam to become licensed. Licensees can’t automatically access the MLS to get the combination to begin looking at homes. They must work under a broker in charge for at least 3 years before working on their own. In-between are several classes required annually. The BIC may want to split commissions as well in exchange for all the training.
This is purely ridiculous! Not that is not possible to buy a house without an agent, but just like any other DIY scenario, there’s a chance that you could end up paying more.
Suggesting that someone get a license, in most states, would end up costing around $1000, plus at least 40 hours of time. When it’s all said and done, the person would still be missing out on the skills and experience of a professional Realtor.
LOL, wow, I’m at a loss for words. This is the perfect example when a little knowledge is a dangerous thing. With ZERO experience, a licensed buyer could be facing huge liability and not have the best representation possible.
It costs significantly more to get your license in the State of Nevada and just because you have your license does not mean you are qualified to represent yourself in a real estate transaction!
I think it is a bad idea to get your real estate license if the only reason is to get a commission on the purchase of your own home!
Thank you for the spirited replies! I don’t think I’ve ever seen this kind of response to any of my blog posts here. I hear you all and although I am not in agreement with some of these comments I will confess that as I wrote this article I was thinking about a couple states in particular where licensing is very inexpensive and the hours required are lower than most other states – the low cost and speed issues are not true in every state. I’m also not suggesting that someone get their license and use it only once for their own home purchase although they can – I tried to communicate that in my “Even if” statement at the end of the article (obviously not clearly enough). My hope is that people will become educated about a process that is hugely important in their financial lives, better prepare themselves to walk through the homebuying process and receive a financial benefit at the end of the thing. In addition I hope they find the experience so interesting and rewarding and that they will begin to build solid careers in real estate. I have no problem with someone telling me “I got my license to get smart and save some money on my own home purchase and loved the experience so much that I do the same for other people all the time.”