5 Steps to Become a Successful Real Estate Agent in Canada
Posted On November 11, 2020
The real estate occupation provides varied career opportunities. As a real estate professional, you will assist people in buying and selling property. This can be homes, farmland, commercial or industrial space. You also have an option to indulge in property management, land development, mortgage banking, urban planning as well as real estate appraisal.
As a professional in real estate, you may opt to become an office assistant, licensed agent assistant, or rental agent. You can work in a large realty organization, the mortgage division of banks, or other lending institutions.
In this article, we shall discuss the 5 steps to becoming a successful real estate agent in Canada.
The basic requirements of becoming a licensed Realtor in Canada are:
You must be at least 18 years old. (depending on the state, maybe 19)
You must own a legal residency in Canada.
It is essential for you to have completed the prescribed pre-license education. (The duration may change in different provinces and territories)
You should have completed the real estate license examination.
Pursue a Pre-Licensing Course
It is necessary to pursue pre-licensing training from a certified institution in Canada before appearing for the real estate licensing exam. The duration of training may differ significantly based on where you live.
The pre-registration course for the real estate industry in Canada includes knowledge about choosing real estate as a career, land structure, and real estate market and transactions in general, residential and commercial real estate transactions as well as real property law. Pursuing a pre-registration course in Canada requires 18 months. You can opt to take Pre-licensing courses either in person or online.
The Licensing Exam
To become a successful Real Estate Agent in Canada, you’ll have to complete a series of Salesperson Licensing courses. On completing the pre-registration process, you’ll have to apply for initial salesperson registration, which is a 12-month process. And later, the Articling Segment, comprising four segments from which you must select one.
These segments are Principles of Appraisal, Principles of Mortgage Financing, Principles of Property Management, and Real Estate Investment Analysis. Articling Segment is a 24-month course. To become a real estate agent and work in a real estate brokerage in Canada, it is necessary to opt for one among these.
Select a Brokerage to Become Partner with
There are many real estate brokerages, all offering different fee structures, cultures, training, and development procedures. Some agents initiate giving interviews at brokerages during their courses. Interviewing during Phase 3 is recommended by experts. With this, once you finish your licensing requirements, you can hit the ground running.
We encourage our agents to be the best and have many innovative plans in place, to support them fully. The most popular one is Sign Deal Today Get Paid Today – our realtors get paid their commission, the same day they sign a deal.
Apply to the Securities Commission for Your License
Applying to the Securities Commission for your license is an essential step to becoming a qualified real estate agent in Canada. The Securities Commission has a licensing fee and the process includes a criminal background check, which takes about 24-48 hours.
Get Ready to Perform
Many Real Estate agents work as independent contractors and so, have a lot of flexibility to work in the way they want to. The most important step to becoming a successful real estate agent in Canada is that you should always maintain the paperwork for taxes and other expenses, keep records of your car mileage and gasoline costs, your home utility bills as well as client meals and gifts. Being an independent worker, you have the responsibility to keep a track of all business expenses, which may include:
Signage –You’ll need custom signs with your name to place at your listing and thereafter.
Association fees – You’ll have to pay annual dues to the local association you would be joining.
Lockbox services – Keys for listings are put in access-controlled boxes. So, you will have to invest in the boxes and the services for access.
Advertising –Promoting your name to the external world may prove to be an expensive procedure. For advertising, you may reach out to third-party vendors who offer different advertising options for agents, as well as launch a business website.
Miscellaneous –There will be some additional expenses, for printing business cards, office supplies like computers, transaction folders, and a printer.
When you choose to work with Save Max, most of the expenses are taken care of by the Brokerage so you can focus on your business without any worries.
As a newly minted realtor, you may face challenges in the Canadian housing market, such as converting leads to transactions, access to MLS listings, and knowledge about the property market. You can also learn a little bit more about why 90% of real estate agents do not continue to work in the real estate market.
Successful agents know that they need to take things slow, educate themselves about the business and connect with people. To know more about how to be a successful agent, fill in the contact form below and we shall get in touch with you.