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How to Become a Commercial Real Estate Agent in Virginia

Published: 08-01-23 Category: Marketing

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Despite recent lulls in the office market, Virginia's commercial real estate market has been on the rise rapidly thanks to retail and industrial growth. Wherever there is commercial property for sale, there is a need for commercial real estate agents. Motivated and independent professionals can find a lucrative niche working as commercial real estate agents in Virginia.

Here, we'll cover the main steps you need to take to get your real estate license and start working as a commercial real estate agent in Virginia. We'll cover education requirements as well as the license exam and application.

Let's get started.

How to Become a Commercial Real Estate Agent in Virginia

Virginia has three basic eligibility requirements to get your commercial real estate license:

Be at least 18 years old;
Hold high school diploma or equivalent degree; and,
Be a US citizen or lawful resident.

Note that you do not need to be a Virginia resident or even live in the state to get your Virginia real estate license.

#1 – Finish 60 Hours of Pre-Licensing Coursework

The Virginia Department of Professional and Occupational Regulation (DPOR) mandates potential agents complete a total of 60 coursework hours from a state-approved course vendor, like the ones listed below:

Aceable Agent;
Albemarle Area School of Real Estate;
Brooks Real Estate;
Central Virginia Community College; and,
NorthStar Real Estate Academy.

Courses are available in-person or online. Course materials cover the gamut of common real estate topics, like:

Property ownership;
Land use regulations;
Financing;
Disclosures;
Contracts;
Leasing;
Title Transfers;
Fair Housing laws & regulations.

The minimum passing score for the Virginia real estate license course final exam is 75%.

#2 – Pass the Virginia State License Exam

How to Become a Commercial Real Estate Agent in Virginia

Virginia's real estate license exam takes 150 minutes and consists of an 80-question national section and a 40-question state section.

The national section contains 11 topics that cover federal property regulations, while the state section contains specific questions pertaining to buying and selling real estate in Virginia.

You need to answer at least 56 questions on the national section and 30 questions on the state section to pass. Your results are valid for up to a year after the date you passed the exam. If you wait longer than a year to submit an application, you'll need to retake the exam.

#3 – Select a Sponsor Broker

Virginia real estate agents need to work with a broker to buy, sell, and lease commercial real estate. Your choice of broker matters because it can help you build the right professional relationships to get ahead in the real estate sales industry.

Brokers act as mentors and will show you the ropes, so it's crucial to get the right professional fit. Ask the following questions when vetting a real estate broker sponsor:

What kind of property do they specialize in (i.e., residential, industrial, office space, etc.)?
How do they pay their agents?
Are there opportunities for promotions and career advancement?
Will they support further education and career development?
What kind of marketing materials do they use?

Don't hesitate to reach out to local brokers to ask about sponsorship. You can also join a professional organization, like the National Association of Realtors (NAR), to network with other real estate professionals.

#4 – Submit a Real Estate License Application

After finding a sponsor broker, you can submit a complete real estate license application. Virginia, unfortunately, doesn't currently have an online application for the real estate salesperson license, so you need to print and mail the completed form.

When completing the application, you'll have to include a certificate of course completion and provide your sponsor broker's license number. You can still complete the application if you don't have a sponsoring broker yet, but your license will be inactive.

As part of the application, you'll need to get a PSI fingerprint and complete a criminal background check. You can still get your license even if you have a felony on your record. The Virginia DPOR accounts for recent behavior and rehabilitative efforts when evaluating applications.

#5 – Finish Post-Licensing Coursework

The Virginia DPOR requires all new license holders to finish a 30-hour post-license educational curriculum. The 30-hour course load includes nine courses on the following subjects:

Real Estate Law and Regulations: 6 hours;
Fair Housing and Civil Rights: 2 hours;
Ethics and Standards of Conduct: 3 hours;
Agency Law: 3 hours;
Contract Writing: 6 hours;
Escrow Requirements: 3 hours;
Real Estate Finance: 2 hours;
Current Industry Trends: 2 hours; and
Risk Management: 3 hours.

If you don't complete these courses within a year, your license becomes inactive. You can reactivate your license if you complete the post-licensing education within an additional year.

Renewing Your Virginia Real Estate License

The way you renew your Virginia real estate license depends on whether you are a new (first-year) or experienced salesperson.

First-year license holders only need to complete the 30 hours of post-licensing coursework and don't need continuing education (CE) credits. Experienced sales agents (second-year or higher) must finish 16 hours or CE on:

Ethics and Care Standards: 3 hours;
Fair Housing: 2 hours;
Real Estate Agency: 1 hour;
Real Estate Contracts: 1 hour;
Legal Updates: 2 hours; and
Electives: 8 hours.

CE credits must come from a state-approved CE course provider.

Getting Your Virginia Real Estate Broker License

Agents that want to work independently or supervise other agents must become a real estate broker. Potential real estate brokers must complete 180 hours of coursework, including three courses on real estate appraisal, real estate finance, and real estate law. You can also complete the courses at an accredited four-year university.

Note that any CE credits and broker pre-license coursework are completely separate and you cannot use hours from one to satisfy requirements for the other. You must complete both separately to renew your current license and get a broker license.

How Long Does It Take to Get a Real Estate License in Virginia?

It depends on how quickly you tackle the coursework, but you could potentially complete the pre-licensing classes and become a commercial real estate agent in Virginia in as little as four months.

You'll spend most of that time completing the 60 required hours of coursework and studying for the state licensing exam.

How Much Does a Real Estate Agent Make in Virginia?

According to ZipRecruiter data, the average annual salary for a commercial real estate agent in Virginia is $88,303, or about $42 an hour. The top 10% of earners make over $130,000 a year, and the top 1% average over $150,000 a year.

Average salaries for commercial real estate agents are about 12% lower than the national annual average salary for commercial real estate agents at $100,487.

Do Realtors Make Good Money in Virginia?

Yes, you can make good money in Virginia with a career as a commercial real estate agent. Although Virginia real estate agents make less than the national average, they earn nearly 50% higher than the average Virginia annual salary of $60,066.

The typical commercial real estate agent in Virginia is in the top 25% of earners in the state.

Even better, Virgiinia's cost of living is reasonably modest, so an $80,000+ annual salary can go far even in more expensive cities like Richmond or Virginia Beach.

How Hard Is It to Pass the Real Estate Exam in Virginia?

According to test data from the CE Shop, the first-time pass rate for the Virginia real estate license exam is 49% for the national portion and 53% for the state portion. A pass rate of ~50% is low and is comparable to states like Florida, which has pass rates as low as 45%.

Fortunately, there is no limit to how many times you can take the state license exam. If you only fail one section, you can retake just that section on further attempts instead of the entire exam.

How Much Does a Virginia Real Estate License Cost?

A typical Virginia real estate pre-licensing course costs anywhere between $150 and $500, depending on the institution. The license exam costs $60 an attempt, and you'll also pay a $150 one-time license application fee.

Assuming you pass the license exam on the first try, you're looking at a bill of at least $350 on coursework and relevant administrative fees to become a commercial real estate agent in Virginia. It also costs $65 a year to renew your real estate license.

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