Considering a Career in Real Estate? Whether you are looking at a career for the first time, or looking to make a switch from your existing job, a career in real estate does offer a very interesting, diverse and potentially rewarding career path. Real estate encompasses so much more than the real estate transaction. The industry includes everything from residential and commercial sales, to property management and development.
The Canadian real estate market is quite varied from location-to-location, with pricing and accessibility to housing. From the bustling markets in Toronto and Vancouver to the quieter yet promising opportunities in smaller cities, each region offers its own set of opportunities and rewards. In recent years, real estate has enticed many people to join the field and uncover a new career path because of the flexibility and potential financial rewards. However, real estate is not without it’s challenges. Over the last couple of years, fluctuations in mortgage rates and growing concerns over affordability of housing across Canada has caused some uncertainty in selecting real estate as a career. It is important as you start out on this journey to do your research and understand if this is the right career path for you.
As you get started, there are things to consider:
Need for Stability vs. a Variable Income. Real estate professionals often enjoy high earning potential. However, real Estate, outside of a few exceptions, is a commission-based career. Highly impacted by the economy, the need or desire to buy or sell a property varies greatly and while it may see trends, it generally can be unpredictable. It is also important to have a good understanding the Canadian market. Aspiring real estate professionals should research their chosen market thoroughly, including understanding number of home sales to number of agents locally, mortgage rates and overall house sales as it does have potential impact on your career path.
Strong Communication Skills: Strong communication skills are essential for building relationships with clients, negotiating deals, and collaborating with other industry professionals. It is important to be able to pay close attention to details, both written and verbal, as real estate deals involve intricate contracts and legal documents. Attention to detail is critical to avoid costly mistakes.
Strong Negotiation Skills: Real estate transactions typically involve negotiations. Being able to advocate for your clients' interests while finding common ground is a critical skill for this industry. If this is something you struggle with, there are a variety of courses available to help you hone your skills.
Market Knowledge: Understanding local market trends, property values, and economic factors is key to providing informed advice to clients. It is important to have a strong understanding of not just the local market, but also how various elements may impact your clients for their short and long term goals.
Adaptability: The real estate landscape can change rapidly. Whether it is adopting new technology, changing regulations or navigating a volatile market, being adaptable and open to new strategies is crucial for your long-term success.
Flexibility: Real estate offers flexibility in terms of work hours and locations. Many agents work in several markets, perhaps a city and it's surrounding areas. This allows you to diversify and expand possibility of a larger client base. Hours in real estate, while seemingly flexible, can often go beyond the traditional "working hours" when clients are available to view a property or to sit down for discussion. Yes, agents can essentially set their own hours, but, it is important to understand that hours are driven by circumstances and clients' needs.
Ready to get started? Here’s what you need to know…
Educational Requirements: Every province or territory in Canada has different educational requirements. Obtaining the appropriate education and ensuring you meet the mandatory requirements is an important first step in your career as a real estate professional. As every province has different educational requirements and schools, it is recommended that you start by researching the specific educational requirements for your province or territory.
To aid in your research, here is a list of the provincial real estate regulatory bodies or educational providers. (Please note that this is not an exhaustive list, and it's important to verify the information directly from the respective provincial provider).
- British Columbia: BC Financial Services Authority
- Alberta: Real Estate Council Alberta (RECA)
- Saskatchewan: Saskatchewan Real Estate Commission (SREC)
- Manitoba: Manitoba Real Estate Association (MREA)
- Ontario: Real Estate Council of Ontario (RECO)
- Quebec: Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ)
- New Brunswick: New Brunswick Real Estate Association (NBREA)
- Nova Scotia: Nova Scotia Real Estate Commission
- Prince Edward Island: Prince Edward Island Real Estate Association (PEIREA)
- Newfoundland and Labrador: Newfoundland and Labrador Association of Realtors (NLAR)
- Yukon Territory: Yukon
- Northwest Territories: Northwest Territories’ Municipal and Community Affairs (MACA)
- Nunavut: Real Estate Licensing
Licensing and Registration: The next step is obtaining the necessary licenses and registrations. Most provinces require individuals to complete a pre-licensing course, pass an exam, and undergo a background check (criminal and financial) before they can practice as real estate agents. Be sure to check with the local regulatory real estate body in your province or territory to ensure you are complying with your local and provincial laws.
Other things to keep in mind as you start your career…
Remember, this is a career not just a job. You are acquiring new skills and knowledge regularly. If you are just getting started, you can always gain experience by working as an assistant to an experienced real estate professional or in a brokerage. This hands-on experience will provide valuable insights into the day-to-day operations and challenges of the industry.
Here are some other helpful tips to get you started:
Finding the Right Brokerage: Your choice of brokerage can significantly impact your career path. Look for a brokerage with a supportive culture, robust training programs, and a strong, positive reputation. No two brokerages or teams are the same! So take the time to interview several until you find the right one for you. And, of course, you will want to consider the commission structure and find the right fit for you.
Coaching and Mentorship: As a rookie agent there is a lot to learn on the job. While you have may have completed your courses, seeking guidance from experienced agents through coaching or mentorship programs can be immensely beneficial as you get started in your career. In fact, many continue to work with a mentor or coach well into their careers for ongoing support and guidance. A mentor can provide insights, share their experiences, and offer advice that textbooks provide you.
Ongoing Learning: Real estate markets are ever-evolving. To stay competitive and operating at your best for your clients it is important to continue learning. This includes staying updated on market trends, new regulations, and innovative technologies which can be through traditional courses, by attending events, workshops or seminars, as well as reading the latest through your local boards and associations.
As you explore your different career options, know that while it can feel scary and overwhelming, this is really a very exciting time as well. Choosing a career in real estate can be a fulfilling journey for those who are willing to put in the effort and dedication required. We wish you every success in your career path.
And remember, you’re not in this alone. If you need support or guidance, we can recommend a number of wonderful coaches or put you in touch with an experienced agent or broker who can help guide you through.
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