Many people are interested in real estate because of the large commissions brokers seem to earn each time they make a sale, or help a first time home buyer get a good deal. It also sounds like a glamorous job seeing as you could be rubbing shoulders with wealthy customers. However, becoming a successful real estate agent in Canada is not a simple walk in the park. There are many things that an aspiring broker has to accomplish before he can be legally allowed to broker property deals.
First and foremost, you need to have the proper education to become a full-fledged real estate broker. Your coursework will include introduction to the industry, how it works, and the nature of the market. You also need to go through mathematics training. It is important for a real estate agent to know how to do the calculations for determining commissions, tax costs, home insurance, and the like.
Real estate is fraught with legal procedures and issues. Aspiring agents need to learn the fundamentals of the practice, contract and statutory laws, the procedures for the legal transfer of ownership of property from seller to buyer, the selling rights of homeowners who have purchased home insurance, and become well-versed with the Real Estate Brokers Act.
Each state in Canada actually has different educational requirements for license applicants. In British Columbia, for example, they are required to take The Real Estate Trading Services Licensing Course and the Residential or Commercial Trading Services Applied Practice Course. In Alberta, applicants must complete the Real Estate Associate’s Program (REAP) and online courses from the Real Estate Council of Alberta (RECA). Apply for the courses that will be recognized by the real estate association of your state.
One of the requirements for becoming a licensed real estate broker is to find a licensed broker who can mentor them, answer their questions about the industry, how to deal with difficult customers or a first time home buyer, and basically get as much training as you can under their guidance.
It would be best to find a mentor who’s working at a well-respected firm, and whose own work performance is impressive as well. Start looking for potential mentors while studying. Target the firms that you wish to enter yourself after you get your license. Who knows, this might just be your ticket to employment soon after you earn your license.
After completing your pre-licensure courses, you need to take the written licensure exams to determine whether or not you are ready and capable of becoming a legal real estate agent. The exams will be administered by the real estate associations of each state. Passers will finally earn their licenses.
Comply with the Mandatory Continuing Education (MCE)
The states and real estate agencies may also have differing requirements when it comes to MCE or the Mandatory Continuing Education. Getting your license doesn’t mean you no longer have to study for your profession. In order to renew your license, you must complete 24 hours of MCE classes before it expires. These are courses that brokers take to expand their knowledge and qualify for other licenses, like certification to conduct home inspection.