This article will attempt to give you a picture of the "ingredients" necessary for success in a Real Estate Career.
Before sharing the basic information about a Real Estate career, you should be aware that the actual Real Estate sales training is provided by the Brokerage that you will ultimately join. Not all Brokers provide adequate training, if any at all. This is something that you must be very specific about when questioning the prospective Brokers whom you are considering. If the Broker can't show you their training program, you are best to assume that none exists.The Real Estate courses you must complete through the Ontario Real Estate Association provide very little in the way of actual Real Estate sales training that will prepare you for a career in Real Estate sales.
At Sutton Group - Admiral Realty Inc., Brokerage, we offer our salespeople access to the most advanced training program available to Real Estate sales people today. This comprehensive Real Estate sales training program covers all the most critical areas of Real Estate sales and provides access to all the presentation and marketing materials that every sales person requires.
Ontario Licensing Requirements
To become a licensed Realtor in Ontario today you need to successfully complete 3 courses (phase I, II & III) with a minimum pass mark of 75% and at a cost of approximately $1800.00. The program has been revamped over the years and it does require some thought and application to successfully complete. During the first two years as a licensed RealEstate agent you are required to successfully complete three additional courses, which can be applied to the Brokers program, in order to renew your license. The goal of the Ontario Real Estate Association today is to have new graduates well equipped to deal with this ever evolving and more complex profession.
Do You Have What It Takes?
The first question you have to ask yourself is why are you considering real estate? While monetary considerations are important, the reason to enter the real estate profession should not be exclusively financial, otherwise you may find out later that the Real Estate business was a disappointing experience. You have to be prepared to work 6-7 days a week (especially in the apprenticeship years). You need to truly be a people person who enjoys dealing with folks from all walks of life and you need to exercise patience and understanding. Remember, your Real Estate client is making the largest financial investment of his/her life and you have to act selflessly to protect your client's interest. If you build a "client for life" philosophy you will be planting your seeds and reaping the benefits for years to come.
Unlike your standard job with "fixed" hours, a real estate career is very unpredictable. You have to be flexible and accommodate your clients' schedules. You may also need to be available on short notice if an offer unexpectedly arrives. If you have a family this can sometimes cause some challenges as plans may have to be cancelled at the last minute.
Your spouse (or partner) is a very important part of your Real Estate career. If they are supportive and understanding your chance of success is greatly enhanced. Both need to be clear about the expectations of this career in Real Estate.
If you decide to pursue a career in real estate, it is important to have some money set aside for the first few months. If you enter the business in financial dire straits and you are in desperate need of selling some homes, this will be quite evident to your client. Additionally, because your income is solely based on sales and commission, there is an element of unpredictability. There may be some weeks and months where you are selling homes in high volumes and there could be periods of time where you don't sell any homes. If you have built yourself a safety net then the fluctuation of income won't be as much of a concern.
There are many disappointments which are an inherent part of this business. You need to be able to "stomach" the disappointments of clients who you thought were loyal to you only to find out they bought a home from another realtor. The most difficult emotional encounters are when you learn that a family member and/or close friend(s) have decided to deal with another realtor. Yes, real estate has its ups and downs!
If a career in the real estate profession fits your profile, it can be an exceptional business. You are your own boss and get rewarded directly for your efforts. Comparatively speaking the cash outlay to start your own real estate business is very minimal. You don't have excessive fixed costs and the return for your time and devotion can be sizeable. However, like any business you have to pay your dues and you shouldn't expect overnight success.
If after reading this article you have concluded this Real Estate career is for you and you can deal with the difficulties of this business, I encourage you to explore this career option further!
I am happy to answer any other questions you may have.
Murray Goldkind - Broker of Record (416) 739-7200
Want to sell in North Toronto. (We are located at Dufferin & Steeles)