How to Become a Realtor in Canada in 5 Steps
Do you desire to know what it takes to become a realtor in Canada? If so, you can continue reading.
Realtors are well-paid in Canada. Their average earnings are close to the average salary of Canadian workers in general.
More so, they are among the skilled workers allowed to apply for Canada’s permanent residency through the Federal Skilled Workers Program (FSWP) of Express Entry.
The average salary of realtors in Canada per year is about CAD $72,000. Regardless of that, real estate jobs are profitable in Canada and have good prospects.
On this page, we’re going to share the steps to become a realtor in Canada. It will also cover information on their job duties, estimated salary, qualifications, licensing and more.
Who is a Realtor?
A Realtor is a real estate agent who is an active member of the Canadian Real Estate Association (CREA). Established in 1943, the CREA is the largest trade association in Canada.
Active real estate agents who would like to join the association must have a valid real estate license and a remarkable professional conduct record.
In addition, Realtors are required to adhere to an extensive Code of Ethics, so consumers may feel at ease knowing that they are working with agents who are well trained and have sworn to uphold certain professional standards.
What do Realtors do?
Generally speaking, The duties of Realtors goes beyond helping clients to buy, sell or rent real estate, such as office buildings, houses and land.
Here’s a breakdown of a realtors key roles and duties to buyers and sellers.
What does a realtor do when working with sellers?
When a seller wants to sell their property, they’ll generally contact a realtor to act on their behalf.
While having the seller’s best interests in mind, the realtor will use their knowledge of the market to accurately price the property, list it and market it to potential buyers.
When working with sellers, a realtor may perform the following key roles and duties:
- Realtors prepare comparative market research analysis to establish a realistic asking price.
- They identify which assets are a property’s top selling points in that neighborhood.
- Stage the property to make it appealing to buyers.
- Advertise real estate properties to gain the attention of prospective buyers.
- Finally, they draft and prepare documents, such as offers, contracts and closing statements.
What does a real estate agent do when working with buyers?
In turn, buyers will often hire realtors when they are interested in buying a property, such as a home or a new office space.
However, realtors naturally know the ins and outs of the real-estate market; they can use their expertise to match the buyer with a property best suited for their needs and wants.
The following are key roles of a realtor when working with buyers:
- They coordinate and oversee open houses.
- Arrange meetings with prospective buyers.
- They interview buyers to understand what they are looking for in a new property.
- Coordinating appraisals and inspections.
- Negotiate property repair requests and offers on behalf of the buyer.
- Realtors guide buyer through the closing process.
Why is realtor job a good career in Canada?
The following are justifications that show that realtor jobs are rewarding and worthwhile in Canada.
There is a shortage of realtors in Canada. Because of this, even foreigners can become a realtor in Canada through its Express Entry’s Federal Skilled Workers Program (FSWP).
In addition, to qualify for the FSWP program you will first need to meet the pre-qualification criteria.
Realtors earn a substantial salary of CAD $72,000 in Canada. This amount is sufficient to cater for a family of not more than three.
There are good career prospects for realtors in Canada due to its high population of realtors actively working in various provinces and territories in Canada.
Moreover, realtors have more job opportunities in Alberta, Prince Edward Island, Manitoba, Ontario and British Columbia provinces of Canada.
What are the requirements to become a realtor in Canada?
Just like any other jobs, there are some prerequisites to become a realtor in Canada. Basically, you must be:
- 18 years of age and above
- He or she must lawfully be able to study and work in Canada
- Able to provide specific government-issued identification (ID)
- Must have a minimum of Canadian high school education or equivalent
- Be proficient in the English language
Top skills needed to become a realtor in Canada
Generally speaking, a person who wants to become a realtor must possess a number of essential skills. These skills make it possible for you to carry out your job responsibilities as expected.
Whether you’re buyer or seller who wants to hire a realtor for your business or perhaps want to become a realtor in Canada, there are a handful of skills that come in handy in this profession.
The following are top skills needed to become a successful realtor in Canada.
Outshining in negotiation is a vital aspect of any realtor professional career. After all, their most important mission is to represent the interests of their client.
Realtors need to prove themselves repeatedly that they have the abilities to negotiate the best terms, conditions and prices on behalf of their customers.
Again, this is yet a skill that needs to be continuously learned and improved, so an open mindset in this regard helps a lot.
Apparently, the reason why clients choose to hire you as their realtor is far beyond your ability to buy or sell a house.
Educate your clients along the way. As a realtor, if you think there’s something your clients might not understand, take your time to explain.
In fact, first-time buyers will need much more support than someone who regularly purchases properties for business.
You must anticipate these needs and be prepared to walk less-experienced clients with simple processes. It is also important to be patient and be ready to explain the same concepts and terms over and again with new clients.
Problem Solving Skills
Problem solving is another useful skill every realtor must possess. The most successful professionals in this field dedicate time to tackle challenges and figure out how to overcome difficulties.
Such problems can range from selling a house that has been on the market a long time to coping with a client who has unrealistic hope.
Time Management Skills
None the above are close to useless if you can manage your time efficiently.
Meeting deadlines and providing clients with information they need within a reasonable timeframe will motivate your clients and help them adopt a positive attitude towards you.
Successful realtors come from different backgrounds and have different personalities and styles of doing business and what they have in common are the skills needed to succeed.
Knowledge of the Industry
The greater your knowledge of the real estate industry, the better equipped you’ll be to support your clients. You can as well use this knowledge to market yourself to prospective clients.
To build a reputation, you’ll need to provide a great service to every of your clients using the knowledge gained from the industry.
5 Steps to become a realtor in Canada
Becoming a realtor who can legally buy and sell property in Canada is straightforward. Simply by acting on the following steps, you’ll find it very easy to become a realtor in Canada.
- Begin your real estate certification.
- Join a brokerage agency.
- Apply for licensing and take the licensing exam.
- Complete an articling/professional practice.
- Get your first clients.
Step 1: Begin your real estate certification
The first step in becoming a realtor in Canada is by completing the basic real estate licensing course in your province.
However, each province administers their own certification courses through sanctioned real estate councils or association boards.
For instance, British Columbia provides real estate education through UBC Sauder’s Real Estate Division.
Nova Scotia on the other hand, offers training through the Nova Scotia Real Estate Association. Each province handles educational certification in different ways.
Step 2: Join a brokerage agency
The next step is to find an agency to sponsor your real estate license application. You’ll want to meet with various brokers to find which you can work with.
Since you will work with this agency for at least your first couple of years. Additionally, if there are any aspects you are unsure about, it is important you address and resolve them now so they don’t become an issue later on.
Step 3: Apply for licensing and take the licensing exam
Since the agency has agreed to sponsor your application, it is time to submit your application for a real estate license.
Licensure varies across provinces; most provinces require a written licensing exam in order to receive your real estate license.
Once your application is approved, you’ll need to pay your licensing fee. Of course, in some provinces you can become a member of a professional organization and pay applicable dues.
Step 4: Complete an articling/professional practice
Upon approval of your license, many provinces expect the new real estate agent to complete certain articling educational requirements.
This is essentially a period of supervised training where the freshman realtor receives training from senior professional in the industry most likely with their chosen brokerage agency.
Step 5: Get your first client
Once you’ve finished your articling period, it’s time for you to get your first real estate client by advertising your services.
Even though your budget might be tight starting out, you’ll need to invest in some basic advertisements such as business cards, property signage and a functional website.How to Become a Spy in Canada in 5 Steps
Frequently Asked Questions (FAQ)
How long does it take to become a real estate agent in Canada?
It takes 9-12 months of training to become a realtor in Canada. Since real estate agents are a regulated profession in Canada, you’ll need to first register with your provincial real estate board.
Once your provincial real estate board has accepted you, you can begin taking courses known as ‘pre-licensing training.’ The pre-licensing courses will provide basic knowledge about:
- Real estate as a career
- Land structure
- Real estate trading
- Residential real estate etc.
What education is required to become a realtor in Canada?
You’re not required to have any college degrees to become a realtor in Canada. To begin your career as a realtor, you only need to possess a high school diploma (or equivalent).
How much does it cost to get a real estate license in Canada?
On average, the cost of getting your license in Canada ranges from $3,000 to $7,500.
In addition, the cost of acquiring your license in Canada will vary depending on the province you live in and the educational institutes you attend for your training.
In conclusion, becoming a realtor in Canada could be interesting and rewarding. It takes foresight to achieve a greater height in such profession.
Newly minted realtors need to take things slow, educate themselves about the business and connect with people. Therefore, this article provides a useful guide that would be very helpful to you as a potential realtor in Canada.