With the economic growth and flourishing real estate market, becoming a real estate agent in Canada seems to be the right career choice. However, just like any other career, being a real estate agent comes with its own set of challenges. In this blog post, we are going to breakdown the requirements to become a successful real estate agent in Canada.
Is it the right career choice for you?
The first and foremost thing is to decide whether this is the right career choice for you or not. To start with you can do an internship in any brokerage firm or become an assistant for a licensed real estate agent. This helps to get a hang on how things are done in the real estate market. Do this at least for a few months to make an informed career choice.
Education and professional licensing
Now that you have realized you want to become a successful real estate agent, let’s take things to the next level. The basic requirements for you to become a professional real estate agent in Canada is one should be of 18 years of age, should be a high school graduate and a resident of Canada.
Each province in Canada has real estate regulators who generally set the education and licensing requirements. Accordingly, one should complete the required courses and pass a written exam to become qualified.
Once qualified, you can apply for the license to become a real estate agent. It is advisable to become a member of the local real estate board and the Canada Real Estate Association (CREA)
In some provinces, one needs to do articulating which means supervised practicing under senior, well-experienced realtors for a certain period of time.
A real estate agent is not only about buying and selling residential properties. There are many more career opportunities, one can pick as their interest. Commercial real estate, real estate appraisal, property management, property financing, etc are the other options one can consider.
You can work in large real estate companies, mortgage division of a bank or lending institution or can start practicing on your own. To start with you can look out for opportunities through various job portals.
Know the investment
There are no returns without any investments. Right from the education to applying for the license, there are costs involved in each and every stage. Being aware of it helps to plan your investments efficiently. Though the course fee depends on the province you choose, here are a few well-known courses and its fee structure,
- The Ontario Real Estate Association (OREA) charges $1430 for The Broker Registration Education Program. The fees for The Salesperson Registration Education Program total $3,580 which includes articulating.
- The UBC Sauder school of business offers Real Estate Trading Services Licensing Course for $1150.
- The Real Estate Institute of Canada offers various extensive courses which you can check here.
Apart from the course fee, you have to pay the license fee around $400 which should be renewed twice a year and the membership fee for organizations like CREA, TREB costs anywhere around $800-$1000.
Real estate is a people’s business. To become a successful real estate agent, one should earn the trust of the people. Invest time and money to show people that you are a trustable real estate agent. Have a professional website made for your services. Always carry a business card and be available through calls and messages to connect with your prospects. You can also volunteer, take part in community events, conduct welfare programs to increase the visibility and trustability.