A career in Real Estate can give you the freedom you might crave! You have the flexibility to work your own hours, the potential to earn what you want and the option to keep your existing job. Considering all of the property that changes hands in Canada, there’s always work in the real estate business.
Table of Contents
- What to Expect from a Career in Real Estate
- Do I have the right personality for a career in real estate?
- Do I need previous experience to become a real estate agent?
- Fast and affordable training
- Choose your own niche (or not)
- Other real estate jobs with your license
- What is the Real Estate Agent salary in BC?
- Ready to start your career in Real Estate?
What to Expect from a Career in Real Estate
A career in real estate provides you with the flexibility and freedom to set your own hours and pace. You decide your hours of work. If you’re a parent, you can work around your children’s schedules and never miss a concert again! If you are considering retirement, part time employment or supplemental income this might be the perfect career fit for you.
That said, real estate agents often work long hours, because the more time you spend talking to clients, marketing homes and taking potential buyers on property tours, the more money you’ll make.
Keep in mind that your salary is primarily, if not entirely, based on commission, so how much you make is up to you.
Spending time outside of the office
If you’re successful, then you’ll be spending most of your time out of the office. Be prepared to keep track of files, sale and marketing paperwork, and contact numbers organized in your car or electronic mobile device. The key to working on the move is staying organized. This will ensure you make it to your showings and other appointments on time.
Meeting new people every day
As you show houses, you’ll meet hundreds or even thousands of interesting people, each with their own tales to tell. In addition to dealing with a wide range of prospective buyers, the real estate industry requires you to interact with brokers, lawyers and many others. If you’re a good conversationalist who has no problem relating to all kinds of people, a career in real estate is for you.
Setting up and showing houses
As a real estate agent, you’ll spend a lot of time setting up open houses and making sure everything is perfect for every prospective buyer. If you like the idea of getting paid to tour beautiful properties, then you’re ready to sign up for a real estate course.
Do I have the right personality for a career in real estate?
You’re very persuasive
At the end of the day, a job in real estate is all about pointing out the features. As you lead prospective buyers through homes, it’s your job to show what is appealing. Most of the time, the properties will speak for themselves. But in some cases, you’ll need to get a little creative. If you enjoy the thrill of looking for the good in everything, real estate could be your ideal field.
You’re social and outgoing
If you’re an independent and social person, then a career in real estate may be ideal for you. You will need to be outgoing and purposeful when you attend social events. It is also important to maintain a pleasant demeanor whenever you’re in public. You never know when you could get the chance to sell someone’s home or find a new client the perfect abode.
Do I need previous experience to become a real estate agent?
Who chooses to become a realtor? Moms, single parents, retirees, high school graduates, bankers, lawyers, airline pilots, farm workers, musicians, actors, school teachers, fire fighters, corrections officers and police officers. In other words, anyone from any background can choose real estate as a career.
Do you just know or have been told you would be great at Real Estate? There’s a reason people tell you that. They can see in you what it takes to be a good salesperson. Are you a self-starter? Do you like flexibility? Do you like to work your own hours, create your own schedules? Then Real Estate is for you!
Successful people in real estate are goal-oriented, persevering, self-motivated, ambitious and people-oriented. But most of all have a love and passion for real estate property and for helping people.
Fast and affordable training
Real Smart makes it possible for you take a 10 week part-time course (or even faster with our self paced course or private tutoring), study productively, write the UBC Exam and pass. You could be in your new career potentially earning 6 figures for a relatively small investment! Compare this to 4 years of university with an average cost of $35,000 per year.
Choose your own niche (or not)
What’s great about the Real Estate industry is that you can choose your clientele. Meaning, you can choose to work with first time buyers, be the condo specialist or work with million dollar listings. It is up to you.
Whatever you choose, remember you have the flexibility to do one or all of them. There is no limit. You are your own boss. You have control over how you spend your time and how much you earn. The possibilities are endless.
Other real estate jobs with your license
Although most people start out as representatives in a Real Estate Company, there are many other areas where the license can be used. Including but not limited to: office administration (either in a Real Estate office or other organization), Land Assembly, Selling Farms or Acreages, working with New Home Construction or Development Companies, Selling Recreation Property, working as a Referral Specialist and more. You can also become a rent to own specialist or sell commercial small or large businesses.
What is the Real Estate Agent salary in BC?
You typically earn a commission, which is a percentage of the sale price or flat fee negotiated with the homeowner when you list a home. You will receive this fee after the home is sold and has completed and transferred title. How many houses you sell directly correlates to how much income you earn.
This is why it is very important to connect yourself to a company that has successful realtors, excellent training and the best industry reputation.
Here’s an example of what you can earn:
For a sales price of 1 house at $450,000, the commission could be 7% on the 1st $100,000 and 2.5% on the balance, making the commission $15,750.
The listing salesperson typically gets 56% (of $15,750 = $8,820) and the selling salesperson typically gets 44% (of $15,750 = $7,245).
*There is no set commission structure, so look at it as just an example.
Every Real Estate company has different commission split structures. You will find out the company’s structure once you are in the interviewing stage.
But don’t worry. We help our Real Smart graduates with this!