The real estate market of Canada has evolved over the years. If you would like to become real estate agents in Canada, you have come to the right place. To build a strong network, be it local or international, you must always nurture connections from time to time. These connections could help you become a successful real estate agent in Canada, but only when you have a deep understanding of the local market So let’s first understand the key to becoming a successful professional.
Although market knowledge and strong networking are two great pillars of a successful real estate business, there are some more things that will help with a stronger approach.
Great Understanding of the Real Estate Market
Your next client could be in your patio or front yard. Hence, you should learn about the different practice areas of Canada’s real estate market.
Volunteer Your Time and Expertise in the Below Aspects
- Property Management – Grab some knowledge of leasing properties on behalf of the property owner and understand how to deal with the tenants.
- Rural Areas – Learn about the rural areas and know-how to help clients with selling or purchasing farms and ranches.
- Commercial Areas – Get some experience in commercial areas and understand how you can help clients sell, buy, or lease workspace like offices or industrial areas.
- Residential Properties – Learn about in-demand local residential areas and how you can assist clients in purchasing or selling various types of residential properties.
Connect With Local Businesses
It is important for you to get involved with some local organizations. It will strengthen your grip in the market and clients will come to you for local recommendations for houses, condos, schools, or contractors.
Reach out to the regional businesses and learn about what they are about. By doing this, you will eliminate the research on behalf of your clients, which will help them feel confident with your recommendations.
Stay Updated with the Market Trends
- Use local news as your source to stay up-to-date with the latest market trends. Alternatively, you may also reach out to the market demographic in-person to keep your perspectives credible. This will help strengthen your expertise and show your involvement in the community.
- Do a tour of your regional areas to know what’s behind the bar.
- Never miss a new construction opportunity in your surrounding areas.
- Learn all the local routes by heart, including shortcuts, local attractions, schools, and streets.
Following the above steps, you can easily build engagement and develop trust amongst prospective clients.
Know the Costs
Despite having a great market understanding, to be real estate agents in Canada, a license is compulsory. As a result, you can certify your abilities as a successful Canadian real estate broker through the real estate council’s governing authority.
You can choose the governing authority of the real estate council in Canada as per your area of expertise. If you want to practice real estate in Ontario, you can get certified by RECO (Real Estate Council of Ontario). Otherwise, you can get certified by REIQ (Real Estate Institute of Queensland) in case you have to practice your property business in Queensland.
For instance, if you have plans to run your own real estate business in Alberta, then get certified from RECA (Real Estate Council of Alberta).
- The certification fee differs as per your practice area, which includes the course education, licensing, and eligibility charges. For example, if you want to practice only in a residential area, the approximate RECA fee to join the industry is $3,350.
- You are required to renew your license annually with your respective certification authority. The yearly renewal cost ranges between $475 and $650, depending on your license type, practice area, and industry.
- Depending on your trade association or industry type, there might also be a brokerage and an association fee. But it is not necessary to become a certified and licensed professional.
RECA Eligibility Criteria
- At least 18 years of age or older.
- Legally eligible to study or work in Canada.
- Provide the required government identification proof.
- Have a high school education equivalent to Canada.
- Have expertise in the English language.
RECA also cross checks past criminal records, bankruptcies, and civil and regulatory proceedings.
Education is an important pillar that helps individuals become successful real estate agents in Canada.
- Before you finally apply for the license, you will have to attend 6 courses, which you can access by registering on the respective authority’s online site.
- To become real estate agents in Canada, you are required to score a minimum of 70% to clear the exams.
- All the exams will be taken in an online mode via the respective authority’s site.
- There might also be re-licensing educational needs to retain the licence in particular practice areas.
- You will be informed about these requirements as these exams might not occur every year. Although it is a further requirement, it will definitely ensure your proficient expertise to serve clients.
- Once you successfully complete your licenced course with RECA, you could find employment with your licenced Alberta brokerage.
Apply for the Realtors License
Once you have been successfully hired by the brokerage firm, your broker must help you complete your licensing process. And it is the time when we collect the licencing fee from you. You are also fully licenced and registered to work in the Canadian real estate market.
Get Set Go
If you meet the above mentioned eligibility criteria, next you are required to finish the Real Estate Career Information Session. Furthermore, upon completing this session, you will get a certificate which you have to submit to RECA because it is a part of your education eligibility session. All these factors, will aid the process of becoming an experienced
Over to You
Becoming a local real estate agent in Canada is not cumbersome if you meet all the eligibility standards of the respective real estate authority council. As per the rules of Canada, you must have a licence to practise real estate in the country. But it is always good to have a local market understanding, a strong network and knowledge about the latest market trends if you want to become a successful real estate agents in Canada.
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Frequently Asked Questions (FAQs)
To become a successful real estate agent in Canada, you need to enhance your market knowledge and strengthen your network among real estate agents. Also, you need to streamline your business practises and leverage the reputation of your firm.
The maximum pay of a realtor in Canada is between $51.28 per hour and $100,000 per year.
Yes, brokerage and real estate are some of the industries that actually rose during the pandemic. It is also another corollary of a flawless economy that arose from people renting and purchasing residential and commercial spaces in Canada.
In order to become a real estate agent, you need to research the market’s requirements, take a pre-licensing real estate agent course, attempt the licencing exam, and activate your real estate agent licence to consider becoming a real estate agent.
The legal age to buy a property in Canada is 18, and it is also the same age to become a real estate agent in Canada as per NAR (National Association of Realtors).