Being a real estate agent is a great way to make money! There are several ways to become an agent, but most require you to have at least a bachelor’s degree or higher. Fortunately, there are many schools across Canada that offer business degrees with specialization in real estate.
There are also various certification programs for agents, such as those offered by The Royal Canadian Association of Realtors (RCAR), National Association of Realtor Associations (NARA) and others. These certifications verify that you know what pieces of the puzzle comprise being a successful realtor.
Overall, becoming a real estate agent is a pretty simple process if you are willing to go into it with the right mindset. You will be helping people achieve their dreams of owning a home, which can often be quite satisfying.
Becoming a real estate agent may not seem like a lucrative career path at first, but you get through this stage quickly. Plus, you don’t need much capital to get started, just your own personal savings.
Build your business plan
So you have decided that real estate is the career path for you, and you want to be a professional real estate agent! Before jumping into the process of becoming an agent, make sure you understand the basics of being a real estate agent.
You should know what a broker is, how agents get paid, and what restrictions there are when it comes to owning a home.
Brokers can only own one house, while agents can own as many houses as they like. This way, they don’t need to worry about paying monthly mortgage bills or property taxes every month.
Agents also earn more money than brokers because they do not require clients to use their services. As such, they make more per client compared to brokers who depend on revenue generated from service fees.
There is no official educational program to become a real estate agent in Canada but there are some courses that can help you learn the ropes. Programs vary in length depending on which province you live in, and whether you are training as a beginner level agent, intermediate level agent, or professional level agent.
Fund your business
So you have made the decision to become a real estate agent! Before you start looking at how to be a real estate agent, you must first determine if this is really what you want to do. If it is, then you should prepare for some significant costs including licensing, professional training, advertising, and marketing.
Most people begin their journey into becoming a real estate agent by working as an apprentice realtor. This is great because they are trained under an experienced broker or agents who can show them the ropes of being a successful agent.
However, before you apply for your licence as an agent, you will need to prove that you have enough money to fund your initial expenses. These include paying for your professional training, buying advertising materials, and investing in a car license and insurance. In addition, many communities require you to pay a brokerage fee per agent (this cost varies depending on the area).
Pick your team
As mentioned before, being a real estate agent is not like being an accountant or lawyer where you can do it all by yourself. You will need to have someone help you with your career!
That person can be you as an individual, but also there are teams of people who work together towards one goal. These teams include agents, brokers, mentors, owners, managers, and more!
Agents usually hold themselves out as professionals and thus should be admired, not criticized for their hard work. If you’re looking to become an agent, make sure to admire those agents that succeed so you can learn from them!
Brokers are paid slightly higher than agents because they handle negotiations, business deals, and overall marketing for a property. They may earn slightly more per transaction, but they often spend time working outside of transactions (marketing) which makes their income lower compared to individuals agents.
Know your market
As mentioned before, being able to identify your ideal client is an integral part of becoming a successful real estate agent. If you are not sure who your clients will be, then it is time to work on finding this out!
There are many ways to do this, but one of the most effective strategies is by listening to people around you. Find out what qualities their most recent sellers or buyers had that worked for them and learn from those lessons. You can also go through repeated conversations to determine if someone seems like they would make a good seller’s or buyer’s representative.
By doing these things, you will find that you are developing strong relationships which will help you gain more knowledge about the real estate industry. These relationships could even lead to new jobs!
Also, attending events such as open houses and sales presentations is a great way to gather information. Many agents attend at least two a week to keep up with the ever-changing field of real estate.
Choose your location
Finding a real estate agent position is not like finding a new job, as there are no formal requirements to be an agent. However, being affiliated with The Royal Association of Realtors (Realtors) is a great way to become familiar with the profession.
By becoming a member of this organization, you show that you are professionally invested in the real estate industry. This gives potential employers confidence that you will be professional and dedicated to your career.
The RAIR also offers courses and seminars for agents to attend, which can help solidify their knowledge about the business. If you’re already have some experience under your belt, attending one of these events would be perfect opportunities to showcase it!
There are many ways to get into the real estate industry without having to work full time as an agent. You can start off by working part-time as an assistant broker, or even better – owner broker.
Choose your team
As mentioned earlier, being a real estate agent is not easy. It takes a lot of work and preparation before you can even begin thinking about becoming an agent. But once you do, it’s a great career path!
Before you start looking at educational courses or brokerships, make sure you have done all the necessary things to be qualified as a real estate agent. This includes having your salesperson licence, being registered with ReMax (if you are working for them) and ensuring that you meet their requirements.
Also, don’t forget to look into the regulations in your area! For example, in Ontario, you need to be licensed by both The Royal Association of REALTORS® (ReMax) and the Office of the Superintendent of Business Services (OSBS).
Start working with clients
The next step in becoming a real estate agent is talking to people about houses! This can be done by either approaching individuals at house looks-outs or through open houses, property tours, and/or online listings.
If you are more of an talker than a listener, then that’s okay! Many real estate agents start out that way before investing time into meeting other members of the brokerage.
Your potential customers will likely come across advertisements for homes and brokers as they search around for their home buying or selling experience. If they see someone’s picture and notice something strange about them, like how they never seem to smile, they may assume the person does not have much going on for him or her outside of work.
This could hurt your business because there is a stigma attached to professionals who do not enjoy what they do. People will think that you don’t like being a part of the housing market, which isn’t true – just yours!
Some agents earn a good living from taking calls while listening to music or doing anything else beyond watching the clock run down until closing. Others learn to manage their stress levels and keep up daily routines even when they feel like things are falling apart.
It takes a lot of self-confidence to be able to put yourself out there and interact with others, but if you are confident in yourself and your abilities, this can be easier to do.
Marketing is an integral part of being a real estate agent. Your marketing strategies will vary, depending on what type of home seller you’re working with and what area of the market they’re in.
As we know, selling a house can be tricky at times. The sellers may need some time to settle on whether or not to list their property, and if they do decide to put it up for sale, then they must find a buyer quickly!
That’s why as a realtor, your job is to make sure that the buyers are aware of your listing and that they’re looking actively to buy a home like yours. You can do this by putting up signs, distributing flyers, publishing advertisements, hosting open houses — anything that gets people attention and encourages them to look at homes like yours.
In fact, successful agents spend around one third of their time promoting their listings (and themselves as professionals) through various channels.
But how does someone who never intended to become a Realtor get started? Well, you don’t have to be a professional yet, but you should try doing something related to the industry before jumping into becoming a full-fledged real estate agent.