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Cost To Become A Real Estate Agent Ontario – So You Are a New Ontario Real Estate Agent Licensee, Now What?

By Andrew John Cocks | Real Estate Agents Ontario

Cost To Become A Real Estate Agent Ontario – So You Are a New Ontario Real Estate Agent Licensee, Now What?

Cost To Become A Real Estate Agent Ontario

A new Ontario real estate agent, wow, congratulations! Now what? Chances are you are probably still flying high with excitement after all the hard work and study you just went through. Time to take a well deserved break before jumping into the realty sales game. An opportunity to think about things like what kind of properties to specialize in, what kind of Brokerage to be part of, and a good time to review and list some old and new goals. Cost To Become A Real Estate Agent Ontario

Now that you have your passing marks, and you took some time off to celebrate, a decision to join an Ontario realty Brokerage firm needs to be made.

This is a requirement since you must be employed by a Brokerage registered with the Real Estate Council of Ontario or R.E.C.O. You will fill out a new registration with your employer and your employer (realty Brokerage) will also fill in its section and authorize same. These forms with your fees and dues payable to R.E.C.O. will be sent by either yourself or your new employer. Upon successful qualification, based on the information you provided on the application, you will be issued your brand new Ontario real estate license certificate.

There are many different types of real estate Brokers and Brokerages to work for in Ontario. Variations among them like, residential vs commercial and/or industrial and leasing, office expenses, commission splits, services provided for you, training, office space for your desk and phone, franchise office vs independent etc etc.

One main difference which is vastly overlooked by many new realty agents starting out in their careers, is whether the real estate Brokerage is a member of their local realty board. The difference is vast since being a member means that all registered agents with that Brokerage have to be members as well. Being a member entitles the agent many beneficial privileges and services but it also comes at a yearly cost. If the Brokerage is not a member then the yearly cost is avoided by the Brokerage and all its registrants and no services or privileges given either.

Here are some steps you should consider:

1. In Ontario under the R.E.C.O. rules and regulations, you must be registered with them through an Ontario Brokerage within 1 year of passing your final exam. If you fail to do so, you will have to start from “scratch”. Therefore, your first step ought to be whether to jump in as per the steps that follow or park your Ontario real estate license and hold it active with a Brokerage that provides a low cost “keep your license active” service. If you decide to park your license by holding it active, you can do so indefinitely subject to the Brokerage policies. When you decide to take your license off hold then all you need to do is request to transfer it to another Ontario Brokerage of your choice. One more thing, if you park your license, make sure it will be a month to month contract to ensure flexibility. If you are asked to pay a yearly membership or parking fee, inquire whether they have other options available for you.

2. Decide what type of real estate in Ontario you want to sell/trade. Residential homes and condos, investment housing like apartment buildings, industrial buildings, commercial properties, office buildings, leasing etc

3. a) Based on your decision in step 2, interview the Broker/Owner of a few real estate Brokerages in Ontario that specialize in that field since they will be able to assist you in the “know how” of that selection. Learn about their support, and commissions payable to you and learn about their office policies. Compare them to the other Brokerages you interview. Pick the Brokerage the fits in with your personal goals. Cost To Become A Real Estate Agent Ontario

3. b) Depending on your selection in step 2, you may or may not require the services of your local Ontario real estate Board. Most active residential salespeople will want to be members of their local Board because the multiple listing service will be extremely beneficial in sales. However, some commercial salespeople elect to be registered with a Brokerage that is not a member of any Board. Commercial is often a field where agents develop their own purchasers for their in house listings and prefer to sell or lease commercial properties without the assistance of other agents from other Brokerages through the m.l.s. system. If I lost you here, sorry…make sure you ask the Brokers you interview to explain the pros and cons. You may get a different view from each Broker.

As a new Ontario real estate agent, Licensee, you may want to consider taking it slow before you jump in and incur all kinds of expenses right off the start. It may prove you well to initially join an Ontario realty Brokerage firm that will allow you to hold your registration or license there with them at a low cost before deciding to go full out with a franchise Brokerage or any other Firm that provides all the services that you will eventually require in your career. In the real estate Brokerage world this is also known or referred to as “park your license” or “hold it active” with a non board member Brokerage in Ontario.

Park your license and holding it active does not only apply to new Ontario real estate agents. There are Brokerages out there that provide this “parking” or “holding” real estate licenses for all registrants including Brokers, associate Brokers, Realtor, sales rep’s, husband and wife real estate teams where there are 2 licenses active etc etc.

If you had previously done your homework and have already selected the Ontario Brokerage you wish to join and be employed by, then great, jump in with gusto and make it happen. For the many new real estate graduates out there, taking the slow road may be a better way to ensure you make the right decisions for yourself. It is amazing how many well intentioned people decided to become a real estate agent in Ontario with a long term career in mind only to have that dream cut short. The expenses that will be introduced to you in this field can be shocking especially if it takes a while before you notice some commissions coming in.

Give yourself a fighting chance. It really is a great business to be in right into your later years. Your just around the corner from receiving that certificate (real estate license) in the mail that you have worked so hard for. Shop around for that Brokerage and interview at least 3-5 Offices/Firms. Jump in with a full service real estate Brokerage with full real estate board membership or park your license for a while and take your time doing your due diligence. The choice is yours. Cost To Become A Real Estate Agent Ontario

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Cost To Become A Real Estate Agent – Park Your Real Estate License With a Low Cost Holding Brokerage Company in Ontario, Canada

By Andrew John Cocks | Ontario Real Estate Companies

Cost To Become A Real Estate Agent – Park Your Real Estate License With a Low Cost Holding Brokerage Company in Ontario, Canada

Cost To Become A Real Estate Agent

What if someone told you to become a real estate agent trading in properties, whether it be homes or condos or even the commercial sector dealing with office buildings and/or industrial complexes? Well, was it a good idea? Does it seem that real estate agents these days, especially in and around Toronto and the general Toronto area are making a fortune? If you see a BMW or a Mercedes drive by what do you automatically think of? A Realtor maybe? Cost To Become A Real Estate Agent

Now let us come back down to the reality of selling real estate in Ontario. It takes about 6-8 months to actually go through the steps to acquire your real estate license in Ontario. Then you have to get registered with R.E.C.O and a real estate Brokerage under R.E.C.O. For those not familiar with the term, it is the real estate governing board in Ontario, known as the Real Estate Council of Ontario.

When you join a realty brokerage, you will be on some kind of a commission plan so when you make sales you will be paid whatever you and the Brokerage agree to. It could be a combination of commissions earned associated with your office expenses which may include an Office desk fee, franchise fees etc etc. Some offices or Brokerages even charge for faxes and may even hold you accountable for paperclips used. I am not joking here either.

Are you making a fortune yet? Sometimes you just have to slow down a bit and take a good look at your options as a real estate agent. Whether you just earned your real estate license or you are a veteran in the brokerage business there is now an option for you which is inexpensive and may very well save your license and career.

A R.E.

license holding company focuses their attention to the sales people that are not active or have become non-active in day to day selling activity. They are a R.E. registration holding company and referral system specifically catering to the sales people who want to maintain their registration with the R.E. Council of Ontario but do not want to participate in any Realtor board. Cost To Become A Real Estate Agent

These sales people may include those that are part-time, sales people that are taking a break from the business for a short while, or those that just want to wind down, but do not want to give up their registration. In joining a real estate license holding firm there are NO Real Estate Board fees to pay, just a small annual fee to them.

They encourage their sales people to refer any potential real estate activity to their Broker of Origin. They are a Real Estate Brokerage Firm and under R.E.C.O. and are allowed to trade in real estate, but DO NOT belong to any real estate board and DO NOT have access to any M.L.S. system.

What happens if you park your license with a Brokerage. Lets assume that you did this because you are taking a short break from sales, and then you decide to buy a house or sell your house in Toronto, Hamilton, Mississauga or wherever you reside in Ontario? You again have options to choose from. Get back on the realty board with a board member, refer it out to a board member agent, list it with the Broker holding your license and send out fliers to all the agents working your area and tell them you are co-operating.

As you are noticing there are many advantages to parking or warehousing your license. The biggest and best advantage or benefit is that you will save a truckload of your hard earned money!

So, are you a new licensee in and wondering what Brokerage to join? Are you a veteran and changing careers, to part time, maternity leave or just taking a well deserved break? Do you want to keep your realty license active with R.E.C.O. and save it for future use? Now you have an option! Cost To Become A Real Estate Agent

How come everyone is earning from Real Estate? Want to get rich during the Downturn?

Get your Cost To Become A Real Estate Agent and find out how you can profit from Real Estate!

TryReal Estate Riches Program and see how it changes your life … Forever!

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