What Does it Take To Be a Real Estate Agent?
What Does it Take To Be a Real Estate Agent?
How to become a licensed real estate agent
Get your pre-licensing education
Agents must complete a province-approved course before they can take the licensing exam—and that means you'll have to choose your education provider carefully.
In most provinces and territories, real estate companies can initiate pre-licensing courses for their agents. In fact, if an agent has a specific company in mind as a partner or sponsor of their future business, there's a good chance the company is running the pre-licensing course that agent must complete.
Be sure that your pre-licensing course is taught by instructors that are approved by the licensing board. In some provinces and territories, instructors must have been licensed agents for a set number of years.
The school may require you to attend classes in person, but online courses are available in most provinces and territories—check the requirements before signing up.
Take the exam
Agents must be licensed by their provincial or territorial licensing board to sell real estate in that province or territory. (Most provinces and territories use the term "Real Estate Council" to refer to their licensing board; other terms include Real Estate Board and Real Estate Commission.)
Licensing examinations take place at regular intervals throughout the year. You'll take the licensing exam after completing your pre-licensing courses, which typically require between 40 and 80 hours of class time.
To pass the license exam (which varies by province or territory), you must answer at least 70% of the questions correctly. That will earn you a "pass" on your real estate license—but remember, it's just the first step.
Become a member of a real estate brokerage firm
Once you've earned your license, you can start working as an agent for a real estate brokerage.
The licensing requirements don't change if you're self-employed or work for a small firm. But if you're joining the team at one of Canada's major realtors—a large national company with hundreds of agents—you'll likely have to meet additional requirements.
Most large real estate brokerage firms require their agents to complete an interview and/or training program before they can start working. And in order to maintain your membership in the company, you may be required to complete continuing education and/or professional development courses on a regular basis.
Be warned: many large real estate brokerage firms require agents to work a minimum number of hours per week. If you're not prepared to put in this time, be sure to investigate other options.
Start networking with other agents, homeowners, and potential clients so you can build relationships for future business opportunities
Many people are hesitant to start networking, but it can be a great way to build relationships with other professionals in your industry. Start by attending local real estate events and meet-ups, or join online groups related to real estate. You can also reach out to agents in your area and ask for referrals.
Building relationships with homeowners and potential clients can also be a great way to grow your business. Start by providing valuable information and resources on your website or blog, and then follow up with them periodically to see if they have any questions or need help with anything. You can also offer free consultations to help them understand the home buying or selling process.
Networking and building relationships take time but can be really beneficial if done correctly. By starting to network now, you will have the chance to get ahead of your competition and meet potential clients before anyone else.
Begin working on listings that are already available or go out there and find new listings to list yourself!
One of the best ways to get more business is by actively working on listings. If you have your realtor license, start looking for homes that are for sale or rent, and contact homeowners to let them know about your services. If you don't have a license yet, offers to help with tasks such as taking photos or making repairs, so you can be the first one homeowners think of when they're ready to sell or rent.
You can also go out and find new listings to list yourself. There are many websites that offer lists of homes for sale or rent, so start browsing through them and get in touch with the homeowners to see if they're interested in listing with you. It's also a good idea to start creating your own personal list of homeowners—those who may want to sell or rent in the future.
Referrals are another great way to get business.
However, you can't just sit around and wait for homeowners to give you referrals—you have to go out there and find them yourself.
Start by sending emails or making calls to past clients, friends and family members who may know someone else who needs your services. Simplify the process by using referral software that allows agents to track referrals and follow-up with homeowners. Networking and referrals can be hard to get started, but once you start getting a steady stream of them, they will most likely continue as your business grows.
To be a good agent, you need current knowledge of the real estate business
You should get familiar with how the real estate market and how it works. Your potential new clients will have a lot of questions for you from legal questions to mortgage advice and where to move the couch for an open house. It's important to be as knowledgeable as possible so that your career in real estate is a long and beneficial one for everyone.
Read local and national news about the real estate industry.
It will allow you to stay informed and know what's going on in your market, as well as alert you if there are any new laws or regulations that may affect home buyers and sellers. You can also read up on other related topics such as mortgages, refinancing and seller financing. Even better, find and talk to a mortgage broker to understand the current and finer points - you two could even work together to get each other leads!
If in doubt, you can leverage your network and ask questions to more experienced real estate agents. Build your network by getting involved with other real estate agents and being active in industry events.
Refine your negotiation and people skills
As you've seen so far, you need to interact with people a lot. But more than that, you also need to be a good negotiator to be a real estate professional. Your clients want to know that they are getting the best deal possible when they're working with you.
To improve your negotiation skills, start by studying the art of negotiation. There are many different books and articles that can help you, so find one that best suits your needs. You can also attend workshops and seminars to learn more about the topic.
Be knowledgeable about different neighbourhoods, including their crime rates, schools, and public transportation options
One of the best ways to be a successful real estate agent is to be knowledgeable about different neighbourhoods. This way, you can better advise your clients on which neighbourhood is right for them.
You should also be familiar with the crime rates, schools and public transportation options in each neighbourhood. This information will help you when it comes time to market the property for sale or rent. You should do your best to remain up to date on how neighbourhoods evolve and how that might affect what buyers and sellers expect.
Attend open houses for potential clients in your area, or host one yourself
When you're starting out, going to open houses is a good way to glean more information about how others do things like stage a house, distribute contact details, and deal with inquiries (about the asking price, square footage, amenities, and more). Seeing successful real estate agents in action is a great way to learn how to become one yourself.
There's much more but this should get you started!
A new real estate career is both daunting and exciting. It's a chance to not only make money but have a job that allows you to work your own hours and eventually start your own company, unlike some other careers where you'll perpetually be working for someone else. Though it will eat up your free time in the beginning, and you may have to think about working weekends, the good news is that it's more than just getting to sell houses. If you work hard and polish up your transferable skills, you can start a fulfilling career where you can work independently, find success, and help people start their own life with a great new place to live.
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