Ria Mavrikos's Guide to Real Estate Studies in British Columbia
I know what it's like to question whether or not becoming a REALTOR® is the best career path for you, because I was there once. In the end, it's up to you to assess your own professional priorities and make a call. Is it time for you to switch occupations? Want to work part-time or not at all? Or perhaps you are a recent college grad.
You can set your own hours and determine your own salary in the real estate industry. You get to set your own schedule, earn as much as you want, make connections with fascinating people, and live in aesthetically pleasing locations.
I've outlined the five necessary steps to become a REALTOR® in British Columbia below. This simplified version will at least give you an idea of what needs to be done. While I provide some anecdotes from my own life, it's important to remember that everyone's circumstances are unique.
Although I got my real estate trading services license via a slightly different route (I finished the Diploma in Urban Land Economics program at the University of British Columbia with a brokerage specialization), the process was largely the same for me.
First Step: Deciding If A Real Estate Career Is Right For You
What I've found so far (and this is something you'll hear but never believe haha) is that it can take months before you receive your first commission cheque and months between commission cheques.
As a result, having a good mental attitude, learning new things consistently, and building solid relationships are all crucial. Working as a REALTOR® allows you to direct your own professional trajectory, manage your own time, and own your own business.
Every day is different, whether you're working on a marketing strategy for one of your listings, showing a new home to a first-time buyer, visiting an open house, negotiating and doing due diligence on an offer, helping a client find their dream home, or looking at luxury properties.
Both homebuyers and sellers can take advantage of the services offered by real estate agents. Real estate agents are obligated to put their clients' needs before their own.
A listing agent is a REALTOR® who represents a seller, while a buyer's agent or selling agent is one who represents a buyer.
Realtors will brief their clients on the market, the home-buying procedure, and the selling procedure. Taking your clients by the hand and guiding them through every step of the way to guarantee the highest quality service and experience possible.
Here are some of the prerequisites for enrolling in the Real Estate Trading Services course:
- I am 19 years old.
- "having an impeccable reputation" (a background check is necessary).
- Required level of English fluency
- Possessing the necessary work authorization to perform duties in Canada (i.e., being a Canadian citizen or permanent resident)
Second, put money away for yourself.
Before going into real estate as a full-time job, you should have at least three to six months' worth of savings. Considering your options and settling on a strategy that works for you specifically is essential because everyone's predicament is unique.
Beginning REALTORS® always have the option of working part-time. Since I did it for the first year and a half after getting my license, I think it's a good option. Not only does this alleviate the burden of saving up a large sum of money, but it also ensures that you continue to receive some form of financial support.
The Third Step: Acquiring the Necessary Training and Permits
UBC's Real Estate Division offers a Real Estate Trading Services Licensing Course, for which you must register and sit for exams.
There is no set schedule for completing the course's modules and assignments, but you'll need to have everything done within a year of signing up. You can take the same training for either residential or commercial real estate.
You must enroll in a face-to-face applied practice course after passing your exam. Applied practice courses can be taken on a number of different dates, and typically span two days. Course slots fill up fast, so choose your dates as soon as you find out your exam results.
In addition, if you want to focus on commercial or residential real estate, this is the time to enroll in the appropriate Applied Practice Course.
One Applied Practice Course is all that is required. Prior to submitting your real estate license application, you must complete the Applied Practice Course's prerequisite modules.
You should begin looking into local brokerages to "hang your license" at after you pass the exam but before you finish the Applied Practice Course. To become a licensed real estate agent, one must be a part of a real estate agency.
Fourth, locate a real estate agent or broker in British Columbia.
It's a good idea to talk to multiple real estate agencies before deciding which one to work with. Although you may be eager to sign up with a brokerage, it's important to take your time and find the best fit.
Location, office design, desk fees, commission splits, support staff, advertising, new agent training, and ongoing education and resources are just some of the ways in which real estate agencies can vary from one another.
Brokerage applications are submitted to the BC Financial Services Authority (previously the Real Estate Council of British Columbia - RECBC) and require the signature of the managing broker. Submission of a background check, a government-issued photo ID, and information for processing a credit card payment are all necessities.
"Application for Representative, Associate, or Managing Broker Licence Form" is the name of the document you'll need to fill out. The managing broker of the real estate agency you want to work for must approve your application. For this agency to work in your area, they must join the local real estate board.
Yes, your application has been accepted. You'll be able to spend six months at the brokerage of your choice finishing up the Applied Practice Course.
Phase 5: Become a REALTOR®
The time and effort you put into studying, taking the exam, and finishing the course of applied practice have paid off. The last step is to sign up with the Real Estate Board in your area. There is a local board in Victoria called the Victoria Real Estate Board (VREB). When you join the board, you automatically join the BCREA and CREA, the two largest real estate organizations in Canada. Since you are now a REALTOR®
You and your clients can benefit greatly from the following perks of board membership.
- Ability to search property listings through the Multiple Listing Service®
- Get as many home sales reports as you want.
- Constant guidance and training
- Ethical norms and commercial practices
A Few More Things:
Maintaining your real estate license and being eligible to apply for renewal every two years requires substantial participation in continuing education. During your first two years in the business, you'll need to earn 18 PDPs and complete required coursework through your local real estate board or BCREA.
Costs Related to Acquiring a License and Operating a Business
We've finally reached the exciting part, haha Though it's rewarding to be your own boss, it's important to prepare for the costs associated with doing so.
- Up-front expenses include lodging (if taking the exam or the applied practice course outside of town) and the Real Estate Trading Services course registration fee.
- Membership dues and commissions charged by a brokerage firm each month
- Appliances: Electronics, Cellular Phone, Printer, and Office Equipment
- Lockboxes, directional arrows, open house signs, and for sale signs
- Promotion through various media (including print, online, and offline social gatherings)
- Training programs for those who need to renew their licenses
- Total vehicle costs (including fuel, insurance, maintenance, and lease)
I appreciate you taking the time to read this and hope it helps you in your real estate endeavors.
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