Exploring the Rewards and Realities of a Career in Real Estate Sales
In this current market of real estate, it is as if all the buzz is in the sales of residential real estate. The housing market in BC is booming and prices are on the rise. Every year, more and more realtors complete the licensing course and successfully pursue a career in real estate and earn the right to call themselves ‘REALTOR®’. A career as a realtor may be rewarding, but it comes with many challenges and responsibilities. There are several requirements one must fulfill before they are licensed, real estate professionals.
Real Estate Agent sounds like a good career, but it comes with a lot of hard work and challenges. If you are a hard worker, problem solver, and good learner then this industry is for you, and you will get rewarding results.
You will not be bored because, unlike other typical fields, you will learn every day. You will meet different people with different personalities, desires, and needs, and with different challenges.
This is a good career for people who are looking for a flexible work schedule. You can make all your schedule by yourself according to your availability. I believe if you have a small kid, this job gives you the flexibility to spend time with them and to work according to your availability.
Some of the Basic Requirements
As a real estate professional, the onus and burden fall on the licensee to ensure they uphold professionalism and keep their clients’ interests always first at heart. For an application to be successfully approved by BCFSA, the applicant first must meet some basic requirements.
They are:
- Be of good reputation.
- Meet the minimum age requirement of 19.
- Meet and fulfill the educational requirements for the required licensing level, as well as the English Language Proficiency exam (CELPIP-General).
- Must have not been refused a license, convicted of an offense, or disciplined by a professional body for a reason that reveals the applicant to be unfit as a real estate professional/licensee.
In addition to the aforementioned, applicants for licensing must also satisfy one of the following employment criteria to be eligible to work in Canada:
One must hold one of the following statuses’
- Canadian Citizenship
- Permanent Resident Status
- Hold a valid work permit/visa; or
- Are you a landed immigrant
Some of the Mandatory Requirements
After these requirements, there is one more obstacle to Canadian English Language Proficiency (CELPIP- General). The person needs to get a minimum of level 7 in all sections i.e., Reading, Writing, Speaking and Listening, OR the person needs to get credentials for a bachelor’s degree or higher at a recognized institute or university, where English is the primary language, and the university is outside Canada.
Step 1: Now if you have passed your CELPIP exam you are already halfway. Now next step is to register for Real Estate Licencing Course. University of British Columbia’s Sauder School of Business is the most common place where people take admission.
There are different options like Property Manager, Real Estate Trading Services, Managing Broker, or Strata. Real Estate Trading Services is the one that needs to be chosen as Real Estate Agent. After registering UBC will send you two books
- Real Estate Trading Services Licensing Course Manual and
- Real Estate Trading Services Licensing Course Examination Practice Questions.
You have to self-study the books to prepare for the exam. UBC gives two years to complete the course. All the Assignments need to be submitted during the first year.
Some students complete their course within 4-6 months. So, It depends on you. 70% marks are required to successfully pass the Examination.
Step 2: Apply for the applied courses after passing your exam. Choose a residential or commercial applied course in whatever field you are interested in. This is important because that is the specialization field where you will be pursuing your career.
Step 3: Now after completing at least two components of the applied course you can start looking for Real Estate Brokerage that suits for you. Where your values resonate with each other. When you found your broker then you can apply for a license.
Step 4: Cheers! After this much hard work now you have a license in your hands. You are eligible to work real estate agent. Make sure to complete your applied course within the first year of your registration.
Step 5: Make sure to renew your license after every two years.
Now that we’ve got the basic introductions out of the way, we can move on to the real deal. As a first step, you will now need to register for the required licensing course. The most common institute students take the course is the University of British Columbia’s Sauder School of Business. This course is offered to anyone that has met the basic requirements.
When registering, you will choose “Real Estate Trading Services Licensing Course”. The course is meant to be completed at your own pace, meeting the requirements of busy adult learners. UBC gives you up to two years to finish the course and you will have to complete the assignments within the first year. There are twenty assignments, none too long. Upon successful completion of the licensing course, with a passing mark of 70% or higher, you will now need to register yourself for the applied course.
With the applied course, you will decide whether you will focus on residential real estate or commercial real estate. You should choose carefully because your focus in the beginning (or in general) will be what you learn in the applied course.
Overhead Cost
To jumpstart your career in real estate will take a hefty toll on your bank account. Aside from the licensing course which will cost you $1150, you will need to diligently save for the future expenses that you will incur after successful completion of the course.
Namely, they are…
- BCFSA Licensing & Assessment Fees ($2000)
- CELPIP-General ($300~)
- Criminal Record Check ($90~)
- Real Estate Board Fees ($1000~)
- Advertising Costs (Free – $$$)
- Smartphone, computer, printer, website, internet access, car lease, car insurance, business clothing, etc.
Brief Summary
To briefly overlook all the steps, let us briefly recap. After you have met the basic requirements you’ll need to work in steps before you can successfully become a REALTOR.
Step 1: Register & Complete the Licensing Course & Exam
Step 2: Talk to real estate brokerages that are a good fit for you when you’ve obtained your license.
Step 3: Register for BCFSA’s “Applied Practice Course” for either residential or commercial trading services. Once you begin the course, submit your licensing application to BCFSA. Make sure all the relevant information is correctly understood as part of your application. (Including an original criminal record check and brokerage certification).
Step 4: Congratulations! If your application is approved, you are now a real estate agent. But… not quite a realtor yet. Once you have received your license, you must complete all remaining components of the applied course within six months.
Step 5: To officially become a Realtor, your next step is to join your local real estate board. Joining a board also makes you a member of the BC Real Estate Association (BCREA) & Canadian Real Estate Association (CREA).
Step 6: Maintain your real estate license and Realtor designation by completing BCFSA’s mandatory licensing courses, like Legal Update, and 18 hours of professional development through BCREA and/or your member board every subsequent two years after first-time licensing.
If you’re looking to become a Licensed Realtor in BC but don’t know where to begin, I’d be more than happy to give you advice about what you need to become a successful licensed realtor agent in BC. I can also give you advice on “The Most Common Mistakes People Make When Selling Without an Agent“
If you’re looking for a dedicated agent to handle the sale of your home or help you purchase your next one, look no further. My former clients can attest to how hard I’ll work on your behalf. Contact me today to find out how much your home is worth, and I’ll send you a free copy of my book that shows home sellers how to get top dollar for their homes in the shortest amount of time!
By FSBC.ca
With contributions of Pushpinder Kaur Chana and Hammad Gondal (Rental Property Managers) First Stay Realty Inc.