Congratulations on your choice to begin a career in real estate! You are entering a field that is in high demand and high earning potential, chances of getting a real estate license is harder than excellent. However, be wary and do not let the potential rewards of the industry blind you. Real estate agent is an extremely competitive field. Many college graduates often make the mistake of entering the field, only to find that they lack the abilities or skills needed to survive.
For those that are unsure about entering this field, it is recommended that you re-evaluate and assess your skill sets to determine the suitability of career as a real estate salesperson. We have created a Comprehensive Real Estate Licensing Guide to help you with this. Becoming licensed is only the beginning of your career. However, before you even reach that point, you will need to spend your time and effort to complete the relevant courses, keeping in mind that you will also need to budget for the course and licensing fees which can range anywhere from $500-$3000 in total.
If you believe this is a career that you are truly passionate about, then you have come to the right place. We have created a one page guide for the real estate licensing requirements in the province of your choice, along with links to external resources for more information if you need to know more. The goal of this guide is to make it as simple and easy as possible for you to understand what is required of you to acquire your real estate license in the province of interest. Real estate in Ontario, as one of the biggest market in Canada, but also the hardest to get license and deals. However, there are also high quality real estate license courses available in Toronto and the rest of Ontario, specifically catered to help you get your real estate license in Ontario and launch your career!
In Canada, each province has its own industry regulator. Each province is unique in the fact that licensing requirements may vary depending on where you would like to register as a real estate salesperson. However, the procedures in each province are quite similar in a sense that you will first need to take some courses, complete certain exams, (eg. Language Proficiency Index (LPI) exam in BC), and submit an application to the real estate industry council for registration. (click here for general real estate license exam study tips)
Can’t wait? Click the licensing requirements page to find out how to become a real estate agent today!
The Role of a Real Estate Salesperson
Aside from the daily activities of assisting clients with their buy and sell transactions, there are other responsibilities that are expected of a real estate agent to fulfill. Due to the fact that Real estate sales is a regulated profession, the salesperson needs to put a large effort in maintaining a good reputation so that the clients can place their trust on the agent. All agents should also act in the client’s best interest, placing their interest above his/her own. Finally, it is crucial for the salesperson to show honesty and integrity. These are just a few of the duties that are owed by the salesperson to their clients – more of this should be covered in your real estate licensing courses.
Essential Skills Required for Success
Previous experiences in sales is obviously an advantageous skill to have when it comes to doing business. As a real estate salesperson, interacting and communicating with people will become a daily routine so people skill will become a necessity, especially when it comes to providing a service. Good service will often translate into word of mouth referrals by your clients and will greatly benefit your career as a real estate salesperson as these often result in new future clients. Other important skills to have are problem solving, negotiating, organization and planning, research and social skills among others.
For new entrants into the industry, joining an established brokerage is an ideal choice. They would take care of many paper work and other miscellaneous task, while you can focus on getting more deals closed. Also, these days, there are may real estate books and real estate apps on the market that can give you great advice or make your life more convenient.
“How much do real estate agents make” will largely depend on where you work and which career path you choose to follow. For example, you might ask, “What is my income potential as a real estate agent?” As a real estate salesperson, a large portion of your income will be primarily based on commissions. Given that a typical house sells for $600,000, if we assume 3% commission rate, if the house sells, this translates to a profit of $18,000. Now if you were to make three of these deals per year you would have earned a salary of $54,000, comparing to the average salary of $46,000 in Canada – not bad at all!
As a real estate agent, if you are able to land many clients in rich and attractive neighbourhood, your income from each deal will be much more lucrative than other lower income areas. Also, there are many career paths available than just being an real estate agent or broker (here are the differences), you may also look into Mortgage Broker, Mortgage Specialist, Condo Manager, or ultimately start your own brokerage.
The question now becomes, are you only going to make three deals per year and spend the rest of your time on vacation? Since the reward is high and there is no limit as to how much you can possibly make, a logical person would do the best they can to make as many deals as possible. Of course, this is merely an example based on simple assumptions to help you grasp the main idea. Keep in mind there are also insurance fees.
Besides the traditional residential property, a real estate agent can broaden the business scope by tapping into other market segments such as commercial real estate or look into farm land for sales. There are many factors to consider in this field that determine your ultimate success in the real estate industry. If you are serious about this field, focus on your services and how you can best use your abilities to assist clients to achieve their real estate objectives. Big money often comes from word of mouth referrals and the reputation of the agent.
The Pros and Cons
Being a real estate salesperson is very much like running your own business. It is not your typical 9-5 job and there is no limit as to how much you can make. The harder and smarter you work, the bigger your income potential. You get to meet and interact with many different new people and no one day will be the same, especially when it comes to real estate transactions. Since it is a highly entrepreneurial professional, there are tax benefits for real estate agent as well.
Remember, the real estate market is cyclical, sometime a slow market can present many great investment opportunities for the long run. An experienced real estate agent can spot the opportunity before the market and take advantage of them, such as foreclosure investing. They can also advise you on how to increase your value without breaking the bank. Aside from the potential income factor, one of the biggest factors that attract people to this industry is the ability to set your own work schedule and vacations. However, running your own business might not sound as exciting for some people. If you are someone that expects a stable monthly income and absolutely cannot survive without getting paid on time, then you might need to reconsider your options.
In real estate, even when you have closed a deal, sometimes you are not immediately paid and you will need to find other ways to make ends meet. These are just some of the factors you may need to consider as high reward often comes with large drawbacks.
Ready to pursue a career in real estate sales? Click here to visit the licensing page for more details! or click on the table below.
|New Brunswick||Newfoundland and Labrador||Nova Scotia|
|Prince Edward Island||Quebec||Saskatchewan|