I hope this article will serve to provide a better overall picture of starting your career in real estate and most importantly, how to succeed for the long-term.
The most important factors that will differentiate you from other agents are: skill, training, and experience. Hence, proper sales training and support is vital to a successful career in real estate and that’s where each brokerage differs. What new real estate agents are unaware of is that actual real estate sales training is provided by the brokerage you join. Not all offices will provide support and training, if any at all. That’s why you must be very specific when interviewing prospective brokerages that you are considering joining. If they are unable to show you their training program, then it’s probably because they do not have one. The real estate courses provided by the Ontario Real Estate Association can only teach you the basics of the industry, all hands-on and “real” experience will come through-out the years. That’s why I truly believe that having a brokerage that supports and trains effectively, can help jumpstart your career in real estate.
Sutton Group – Tower Realty Ltd. offers a successful in-house “Mentoring Program” and we’re also a certified mentor of the Brian Buffini’s 100 Days to Greatness program. Both these programs will give you complete real estate sales training covering critical areas and concepts that enables our real estate agents to succeed. Not only do we have these programs in-house, we also offer many presentation and marketing materials that every real estate agent needs. We are committed to your success!
For more information about our Mentoring Program, click on here.
Ontario Licensing Requirements
In order to become a licensed real estate agent in Ontario, you will need to successfully complete 3 courses (phase I, II & III) with a minimum pass mark of 75% and at a cost of approximately $1800.00. The program has been revamped over the years and it does require some thought and application to successfully complete. During the first two years as a licensed real estate agent, you are required to successfully complete three additional courses, which can be applied to the Brokers program, in order to renew your license. The goal of the Ontario Real Estate Association today is to have new graduates well equipped to deal with this ever evolving and more complex profession.
For more information, visit OREA.
Is Real Estate for You?
The majority of real estate agents today work 6-7 days a week with work hours extending late into the night. You will need to be prepared to work long hours, especially when you’re just starting out. You need to be a people person and truly enjoy working with individuals from all walks of life. Patience and understanding should be your strongest assets because your clients are making the biggest financial investment of their lives and they will look to you for professional advice therefore, acting selflessly and honestly will help you go a long way in building a client relationship. Once you create that amazing experience with them, they’ll be more than likely to want to share that with others and before you know it, you have a client for life.
The real estate industry is very unpredictable and is not your typical career with set hours of work. You must be flexible to accommodate your clients' schedules and you will more than likely need to be available on short notice should an offer unexpectedly arrives. If you have a family this can sometimes cause some challenges as plans may have to be cancelled at the last minute.
Setting aside money is important especially for the first few months. Once you’ve signed on to a brokerage, you will need to pay to register with Real Estate Council of Ontario, Toronto Real Estate Board (or another board), insurance fees, and also any fees your new brokerage will charge. This ends up being quite a hefty bill upfront. Also, your income will solely be commission based so there may be some weeks and months where you are selling homes in high volumes and there could be periods of time where you are inactive. That’s why having the financial stability for the first few months will alleviate some of that stress so you can concentrate more on your career.
The Toronto Real Estate Board has over 29,000 members and is one of the biggest of its kind. Needless to say, a career in real estate is highly competitive; it has many ups and downs but if a career in the real estate fits your profile and you are extremely dedicated to make it work, then it can be an exceptional business. You get to be your own boss and get rewarded directly for your efforts. Like any business you have to pay your dues in order to reap the rewards, you shouldn't expect immediate success.
I hope this article has helped answer a lot of your questions, but should you have more, I am happy to answer them!
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