Working as a realtor can be a lucrative career however proper planning is required as it is a business.
The first step is to get a license through the Real Estate Council of B.C.
Training is set by the B.C. Real Estate Association which is a week long course and required by all aspiring realtors to attend.
They must also choose a Residential or Commercial Trading Services Applied Practice Course, which involves 30 hours of in-class instruction and is a requirement for licensing.
Once that is established, the next step is to join a real estate board such as the Vancouver Island Real Estate Board, VIRB.
“We have a member orientation that is compulsory for them to take to be aware of features and tools,” says Darrell Paysen, manager of member services for VIREB.
“They pay the fees to belong to our organization and whatever fees are associated with the brokerage.”
As a member of a real estate board such as VIREB, realtors also become members of the BC Real Estate Association and the Canadian Real Estate Association (CREA). Only members of CREA can call themselves realtors.
Startup fees to become a REALTOR® can cost up to $3,000 for licensing alone.
Yearly real estate fees cost around $700 plus there are board membership fees, real estate company costs, software and website costs as well as advertising and other marketing costs.
Aspiring REALTOR®s should have a reserve fund to draw from for homes sold on straight commission.
“You’re set up as a small business and need expenses to cover for six months or more,” says Paysen.
“You build up clientele just like any other business.”
He says there are different business models for REALTOR®s to choose from, so a REALTOR® would need to find a brokerage that suits them. The brokerage must also be a member of the real estate board in the area the REALTOR® works.
“We don’t promote one business model over the other,” says Paysen. “There could be a full service model or one with less, with different renumeration.”
Some business models are strictly commission, while others might provide a fee for service.
The model chosen will depend on what an individual real estate agent desires and what is also available in their chosen area.
Every REALTOR® is a licensed real estate agent but not every licensed real estate agent is a REALTOR®.
REALTOR®s have more access to tools, networking, education and software and as such can provide more service to clients.
If you are interested in becoming a REALTOR® in Nanaimo with $0 desk fees, a great learning opportunity with one on one assistance, and a family feel botique Real Estate brokerage in Nanaimo then contact Kathy or Peter Koch today.