Do You Have What It Takes to Be a Successful Real Estate Professional?
Careers in the field of real estate have changed significantly over the years and are more exciting than ever. Advancements in the areas of technology and communications, the greater need for specialized knowledge and the expansion of marketplaces, are redefining the role of the real estate professional, and creating new demands and opportunities.
Real Estate Associates Must Be:
· Enthusiastic self-starters
· Continually developing leads and cultivating clients
· Prepared to make many sacrifices in their daily lives
· Familiar with technology
Most Real Estate Professionals earn their income by a commission. They may make a sale one week, then not another for two months. They have to budget their money to last between sales. Earnings will vary by area, type of property sold, local market conditions and specific brokerage policies. Personal expenses, however, apply to all real estate associates and include licensing fees, insurance, real estate board/association dues, advertising and other costs associated with telephones, cell phones or computer services.
A real estate career offers tremendous potential beyond the selling of property. Your real estate education can open new doors and help you pursue other opportunities in property management, appraisal, financing or office management.
A Career in Real Estate
The real estate profession offers one of the widest career selections in the business world today. Helping people buy and sell homes, office buildings, industrial property, and farmland is a large part of it. Property management, land development, mortgage banking, urban planning and real estate appraisal are also important aspects of this profession.
A career in real estate provides flexibility and freedom to set your own pace. Successful real estate agents are goal-oriented, self-motivated, and ambitious. Entry into the real estate field depends on the individuals' education, training, and interests. Most agents begin working in sales at a brokerage firm. Other possibilities include licensed agent assistant or rental agent or working in the mortgage division of a bank or lending institution.
In real estate, a salesperson is an individual employed by a Broker to trade in real estate and who has met the provincial licensing requirements. As a member of organized real estate, they belong to a local real estate Board and are employed by a brokerage who is a member of that Board.
A Broker has met provincial licensing requirements, which includes both experience and education criteria. A brokerage company may be an independent company, locally-owned and managed by a Broker. It may also be a franchise brokerage owned and operated locally, or a national franchise office that is corporately-owned and managed locally.
In residential real estate, helping people buy and sell homes is one of the most important and basic services a real estate agent performs. The real estate agent's expertise facilitates the transaction, saving clients time and money and avoiding problems.
Commercial Brokers specialize in properties such as apartment and office buildings, retail stores and warehouses, shopping centers and industrial parks.
Education and Licensing Requirements for jobs in the real estate industry are established by the province in which you intend to practice. Generally, you’ll be required to complete an educational requirement before you can get involved in the field. A period of supervised practical training – sometimes called “articling” – may also be required before you can be registered as a real estate professional.
Continuing education is also required and available in most provinces so that real estate professionals are kept up to date and trained in the real estate industry. In the real estate Code of Ethics, this is a commitment to competence.
Entry into the real estate profession takes preparation. As with other professions, provincial licensing is required. Licensing requirements vary across Canada, but all provinces and territories require prospective REALTORS® and Brokers to pass a written exam. For more information on licensing, visit the website of The Real Estate Association in the province where you intend to work. The first step towards obtaining your real estate agent license and registration is to complete the Introduction to Real Estate.
Mandatory continuing education
To maintain your license in Alberta, you must complete approved continuing education courses every year. The Real Estate Council of Alberta approves the courses and a complete list is available on the RECA website. Contact our Education Department for more information.