How Much Does It Cost To Become A Real Estate Agent In Ontario.

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100 QUESTIONS EVERYONE NEEDS TO ASK WHEN INTERVIEWING BROKERS!

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How Much Does It Cost To Become A Real Estate Agent In Ontario.

Are you thinking of becoming a Real Estate Agent in Ontario? It is certainly an exciting idea. You will be your own boss(maybe), work your own hours (maybe), get paid for how hard you work, which leaves limitless possibilities.

We will talk about all these aspects, but first, how do you become a real estate agent and how much will it cost before I even make any money, or even know if I am any good at it.

To become a real estate agent in Ontario you must:

A. Have an Ontario Secondary School Diploma or equivalent; OR

B. Be at least 18 years of age, complete the OREA Real Estate College(OREA) Admissions Test and attain a minimum mark of 50%.

If you meet those qualifications you must then take 5 courses as laid out by OREA.

These 3 courses are given regularly in various locations throughout the province. They must be taken in order and you must pass the first course before you move on to the second. And you must move on to the second before you move onto the third etc.

Course 1 - Real Estate as a Professional Career
- Fee: $525 (includes Learning Package)
Course 2 - Land, Structures and Real Estate Trading
- Fee: $545 (includes Learning Package)

Both of these courses can be taken in class, by correspondence or by e-learning for the same price. They will also recommended a specific $100 dollar calculator.(Most people don't use it, don't waste your money.)

Course 3 - The Real Estate Transaction - General and The Residential Real Estate Transaction
- Fee:
- The Real Estate Transaction - General $425
- The Residential Real Estate Transaction $425

Course 4 - T The Commercial Real Estate Transaction
- Fee:  $425





These courses can be taken one of two ways:
1) entirely in the classroom (80 hours)
2) half correspondence and half in class(40 hours).
but it must be taken at least part in the classroom with mandatory attendance. 

Course 5 - Real Property Law
- Fee: $505

This courses can be taken in class, by correspondence or by e-learning for the same price.


The total course fees for theses courses are $2850.

These courses must be completed with-in 18 months but some have done The first 3 courses in as little as 4 months, depending on course availability and your ability to travel to less popular areas to take the classes. The 5 course system is new so I can not tell you how long it will take to complete all of them.

Once you have completed the courses you must register with your local Real Estate Board (in Toronto-Toronto Real Estate Board-TREB)and the Real Estate Council of Ontario (RECO) and The Canadian Real Estate Association (CREA). You can only register with these organizations through a licensed Brokerage.

The cost to license: (approximately)

$417 – RECO Insurance (which is prorated)  and are paid yearly due around August.
 
$350 – RECO Registration Fee and are paid every other year on your anniversary.

$44 - RECO Continuing education fee and are paid every other year .

$830 - TREB and are paid yearly due around May
 
$475 CREA and OREA and are paid yearly due around January.

Sub Total: $2 072

Courses and Licensing fees: 

Sub Total: $4 922


*Course fees and Licensing fees can change, please use this information as approximate, and confirm the numbers and due dates.


You are not done. There are more costs to consider, as I said early you have to join a Real Estate Brokerage.

Most Real Estate Brokerages charge you something called a desk fee that can range anywhere from $0 a month to $1,500 a month. You may hear of agents that pay something like $18,000 a year in desk fees to their brokerage weather they sell anything or not.

You must also consider the supplies you will need business cards, for sale signs, open house signs, office supplies, a smart phone, a computer, internet, a car(gas)and respectable clothing.

With in the first 2 years you must complete 1 elective course to maintain your license. For a cost of $505, plus your annual fees. Some people do these courses right away to get them over with, and some people work for a year to make a little money and see if they like the profession before they start the second set of courses and fees.

When deciding on a Real Estate Brokerage besides the desk fees you should also consider other factors. What is the commission split? Which means when a property is sold and the commissions are paid how much does the brokerage get and how much does the agent get? Now this can vary, some are 60%/40% meaning the brokerage gets 40% of the commission and it can go up to 90/10 or even 100% for the agent but read the fine print and ask questions. Some of the 60/40 may offer that you don't pay a desk fee. And the 100% may pay a lot for the desk fees. Or there may be transaction fees. Some Brokerages have levels you start at 70/30 then reach a level of selling and change to 80/20 or 90/10. Some have a "cap". Be careful does the "cap" mean you stop paying or does the "cap" mean you just pay less.

You have a choice as an Real Estate Agent, you can work for a brokerage as an independent or you can work for a team. Teams offer certain perks, maybe they will give you leads or guarantee a salary. Some teams, you are building their business and some teams will help you build yours. Some teams it will be like a job with a boss and others are a little more independent.

You should also consider what kind of training does the Brokerage offer and its costs. Some will offer free training and some don't. The courses given buy OREA teach you about Real Estate but they don't teach you customer service and marketing. Some Brokerage offer no training, some offer a lot of training at the beginning but then little or nothing, some offer a lot and some will tell you they offer it, but they really don't. Get some kind of proof, maybe ask to see a class.

Some Real Estate Brokerages will talk to you now and explain their programs and policies, but a lot won't speak to you until you are at least registered for course 3. I recommend you speak to a lot of Brokerages to find out the pros and cons of each. Remember you pay them, to work for them so ask a lot of questions, don't be afraid. For a more info about choosing a brokerage, click to find out a Few New Agent Mistakes.

Hope you find this information useful. I have much more to share including...

100 QUESTIONS EVERYONE NEEDS TO ASK WHEN INTERVIEWING BROKERS!

Just send me an email and I will happily pass the

information along to you no obligation.

I hope this answers all you questions. If you have anymore questions please feel free to contact me.

I chose to sign with a Brokerage called Keller Williams if you are interested in finding out about them. Contact me and I will tell you when the next open house is or I will set up a meeting for you. I can even get you into the training classes. Free with no-obligation.

Have a Great Day

Sherry

Sherry Rubinoff

 

Sales Representative,

Keller Williams Referred Realty Inc. Brokerage

*Each office is independently owned and operated.                                                           

*Not intended to solicit buyers or sellers currently under contract.

*Course fees and Licensing fees can change, please use this information as approximate, and confirm the numbers.

This Months Free Real Estate Business Development Training Calanders

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Click to register for a single class or register and get this calender sent directly to you every month.

 

Space is Limited

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Or Call 647-201-2939

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New Agent Mistakes

A FEW WORDS ABOUT YOUR CAREER IN REAL

ESTATE….

When you think about it, picking the right career and company in any type of industry is not something you do every week. Perhaps that’s why many new licensees who go out looking for a Real Estate Company to affiliate with often aren’t totally prepared to pick the right combination of company and broker for their particular personality. In truth, the residential real estate industry has a poor track record of developing systems to help new licensees make more educated decisions about who they ought to join.

Mistake #1:

Not interviewing enough companies!

Make no mistake; picking your broker has a lot to do with your eventual success in the real estate industry. So talking to at least more than one broker seems to make obvious sense, and it does! A very high percentage of new real estate agents often go to work for a broker that was recommended to them or a good friend of theirs happens to mention that you can come to work “at our place.” Sometimes this is fine; sometimes it’s a disaster. The key is to talk with at least three (3) brokers in your area so you can gather enough data to feel comfortable comparing your notes. One of those three will likely be a good fit and you’ll know it when you complete the interview process.

Mistake # 2:

Not grasping that companies are not the Same!

As is true in almost any industry, most brokerage companies tend to fall into three distinct categories: 1) Young growing companies 2) Mature larger operations and 3) Older companies with owners looking to sell or retire. These companies can either be independent operations or belong with a franchise affiliation. Other than the fact that most real estate organizations belong to the local Board of Realtors, the differences in how those companies operate can be as varied as snowflakes. In addition, younger companies may be more aggressive and active risk takers where a more mature operation is more apt to stay with “what we’ve always done.” The key is to recognize what type of company you’re talking too. The questions we include in this package (The Interview 100) are designed to help uncover those issues that will be of concern for you. If you go in understanding there can be marked differences in how you, as an agent, are treated by the organization, you’ll be able to identify just what type company you’d fit in with.

Mistake #3:

Not starting with enough financial capacity!

If the company you’re talking too has an economic program based solely on commissions collected by you, you’ll need a financial cushion to get started. It is a very difficult task to get into real estate on a shoestring. Most agents today would offer that the average amount of time one can safely expect to have to go without expecting that first commission check should be somewhere around five to six months. Yes, it is possible to do that faster, and no doubt brokers can tell you stories about their fastest “rookie” agents doing it in three months, but the realities are that there is a lot to learn and invariably, the new challenges need 100% of your focus without the added concern about where money is coming from.

Mistake #4:

Who’s doing the interviewing?

Believe it or not, you are. Most potential agents think they are being interviewed, but the reality is that it is you who should be in the hiring position. Think of it this way, you’re about to hire this broker as your trainer and consultant for the next few years and pay them “X” amount every year for that privilege. Are they worth what they want you to pay them? That’s what’s at the heart of using this program. By asking all 100 questions attached to this interview packet, you’ll be doing the interviewing and it will be a snap to show the brokers you’re quite serious about this decision. Most importantly, the answers you get help to make a straight “apples to apples” comparison.

Mistake #5:

Asking to verify what’s being said!

You’ve heard the term, “the proof is in the pudding.” Whenever a broker makes a statement that can be backed up with data or something you can see, you need to ask for that. For example, they expound on their new agent training program, you ask to see a copy of the material. They say they have 48% market penetration, you ask to see the actual numbers. They say they have a mission statement, you ask where it is posted? In other words, almost everything a broker talks about can be visually witnessed, if indeed it exists. If they say they have a training calendar, you’d like to see it. In short, ask for the proof that something exists. One of the greatest follow-up tools you can use in this regard is to ask to see a copy of their roster. Then write down three agents’ names at random, and make a point of calling them that night to ask them some of the same questions you felt might need re-visiting and to gain an overall feel for the office. This will be a very enlightening conversation. You now find out if they not only talk the talk, but also walk the walk. As we say, “the proof is in the pudding.”

Mistake # 6:

Realizing how critical Training and Accountability are!

If you are a new agent to real estate, the ability of the Broker to get you trained and then offer career accountability are critical indeed! Pre-licensing courses can vary tremendously in what they teach new agents to real estate. Many of those courses are, by their very nature, geared to help you with a licensing exam, so their value in the real world may not be that high. New agents have needs that create special training in at least no less than four core areas. Financing, contracts, and working with both buyers and sellers are the least that you should expect in any new agent course. Look at who teaches it and how the course is structured. Having the ability to work in the field is helpful while you’re training. If the company uses a “mentor” be very careful that the mentors are of the quality you’d want to learn from and that the system is highly structured. The most critical step for new agents is what happens after the training is over? Is there a type of “career start” program geared to get you on the right track with what you are supposed to do? This is the hidden weakness of many companies in that many have programs for new people, but it is in their lack of follow-up systems where leadership and accountability are missing just when they’re needed most!

Mistake # 7:

Where’s the Leadership?

Perhaps the most misunderstood ingredient in most agents’ successful careers is the impact having a strong management team and agents that think like partners in the organization. If you truly have leaders running the company, they will inspire a high level of learning and accountability into the company. Look at the most innovative and profitable companies in any city, USA, and you’ll find a learning based environment where everyone is constantly the “master” student. Strong leadership has a habit of creating a strong “culture”. When you ask experienced agents why they are with their company, their answers invariably tend to the “I like the people I’m working with” variety. It means, they like the atmosphere, the culture that the leaders in that office have created. Top agents gravitate to this type of atmosphere, and smart new agents sense that they want to be around these types of winners. Consequently, when you start asking around about different firms in an area, you’ll find that 20% of the best firms, tend to have some of the best people, the old “20/80” rule.

Mistake # 8:

Realizing who actually drives the Industry!

At the heart of all real transactions, there was an agent who developed a relationship with a customer, who turned into that agent’s client. Real estate is a very local, “what’s going on in your city” type business. A recent National Association of Realtors study indicated that buyers and sellers actually are more apt to choose an agent, not a company. There is a revolution now occurring in the industry, and many brokers are becoming wise to the fact that, indeed, they don’t actually control the customers, their associates’ do. So the goal of you, the potential associate, is to find a broker who believes that you are the central reason that the firm is or should be successful, not the company. Keep in mind, this is not the goal of many companies who might have you believe that they are the reason you have success. As you gather the answers to the questions in your interview packet, which type company you’re visiting with will become “loud and clear.” The choice will be easier to make, and you should be well prepared to meet the challenges and opportunities in one of the last great bastions of capitalism! Best of luck making the right choice!

Hope you find this information useful. I have much more to

share including...

100 QUESTIONS EVERYONE NEEDS TO ASK WHEN

INTERVIEWING BROKERS!

Just send me an email and I will happily pass the

information along to you no obligation.

Sherry Rubinoff

Sales Representative,

Keller Williams Referred Realty Inc. Brokerage

647-201-2939

sherry@sherrysellstoronto.com

*Each office is independently owned and operated.                                                           

*Not intended to solicit buyers or sellers currently under contract.

Written by Elizabeth McDermott