"You make real estate look so glamorous... you dress so nice, you are always in a good mood.. people look up to you .. you have nice things.. I want to be more like you."
Becoming a realtor isn’t all fun and games .. sure we make it look easy.. we smile...we make social media posts about selling real estate . . I mean, if we didn't would you even know we were realtors?
It’s harder than you think.
A lot has changed since 1999 when I got my real estate license. Back then it was through OREA or the Ontario Real Estate Association. We did the first course by correspondence, the second was in a classroom and the third was part correspondence finishing up in class. There was an exam after each segment that was essay type answers. From there I was in the articling phase, which is working under a Broker/ Brokerage for the next two years to trade in real estate and finish up with the balance of two more courses.
NOW? Now the education is provided by RECO (the real estate council of Ontario). The path looks like this:
Registration is through Humber College. They provide flexible options of online learning/ correspondence and in class Simulations.
Now, successful completion of all 5 courses prior to registration is required. Exams are multiple choice. Fees are paid as you go. See below:
Once the education requirements are met and before registration with RECO, you would choose a Brokerage to work with.
AND that's where I might come in.
There are many real estate brokerages to choose from. Each Brokerage may offer something different.. in relation to service and fees.
People think that once they get to this part it's signing up for a gravy train.. but it's not that simple.
Here's an example of fees that you pay:
Board Fee's - you have to belong to a Real Estate Board, locally we are the Kawartha Lakes Real Estate Board. This gives you access to the MLS data & history . . the same data collection that 22 other real estate associations use and share. We also have access to the Durham Real Estate Association that shares and collects data with the Toronto Regional Real Estate Board.
RECO license fee, education and renewal fees.
Advertising - newspaper, radio, social media. .. all these things cost money.
Phone - You use it, you pay for it.
Vehicle Expenses - gas, maintenance, repairs, insurance.
Computer, computer programs, CRM database programs and a quick book kind of program to keep track of your expenses, paper, envelopes, stamps, client gifts.
Signs and cards too.
PLUS your Brokerage will need to get paid.
Commission Splits - this is when the Brokerage shares your commission with you in exchange for support like below.
Some work with realtor's on a desk (office) split/ fee. so in exchange for an office, phone system, support, some supplies, data entry of your listings and liaison between lawyers when your offer becomes firm. Often in exchange for a monthly office bill - your Brokerage will only charge a deal fee instead of a commision split.
Sometimes there is a work from home program as well.
Bottom line - being in real estate can be expensive to maintain if you are not selling houses.
Having an income set aside for a year or so in advance is recommended.
Our office is on the smaller side - by design. Our agents are vetted before we would consider hiring. Let's face it, often we spend more time with our "work family" than our real families.. At the hiring stage we need to make sure that each person is going to jive with our mission statement and values. We share our experiences in real time mentorship. There are some "homework" things our new realtor's do, but mentorship is personal, one on one. We want to maintain our atmosphere.. for everyone, including a new agent.
Feel free to message me directly if you think you would be a good fit.