If you’re looking to get into the world of real estate, but aren’t sure how to make it happen, you’ve come to the right place.
This step-by-step guide will tell you everything you need to know in order to become a real estate agent in Canada.
Real estate agents are an important part of our local economy, helping people buy and sell homes so they can settle down in the area they’re most comfortable in.
If you think this career could be right for you, read on to discover some essential steps you need to take to become a real estate agent in Canada today.
How To Become A Real Estate Agent in Canada 2023
Below are the steps to becoming a real estate agent in Canada.
Step 1: Pass the Canadian GED/Diploma
It’s essential that anybody that wants to be an agent hold at least a high school diploma. The GED/Diploma will suffice until you are able to obtain your high school diploma later on.
In fact, it is recommended that all prospective real estate agents obtain their GED/Diploma even if they already have their high school diploma.
The reason for this is simple: It shows potential clients and employers that you have drive and motivation.
There’s nothing like someone who works hard to achieve their goals as opposed to someone who has things handed down to them.
Prospective employers and clients take note of such qualities in an individual. This means passing your GED/Diploma should be one of your first steps toward becoming a real estate agent!
Step 2: Complete Your Education
Many regions require specific training for real estate agents and you’ll need a university degree to become an agent.
Your educational options include certificate programs and accredited courses at community colleges or universities. Your province of residence will determine what qualifications you need to start your career as a real estate agent.
You may also want to get your broker’s license (this is separate from your real estate license) once you’ve been working as an agent for two years, but that depends on where you live.
For example, brokers are regulated at both provincial and national levels in Canada, so they need two different licenses depending on where they want to work.
Step 3: Pass the RESA qualifying exam
Once you have completed your education and passed your final course with a minimum grade of 70%, it’s time to prepare for and write your qualifying exam.
The Canadian Real Estate Association (CREA) requires that all candidates must pass a written qualifying exam as well as an ethics exam before becoming licensed real estate professionals.
It’s important that you understand that you cannot become fully certified until you pass both exams.
It may take some time to complete both exams but studying is an essential step toward becoming licensed so make sure you give yourself enough time.
Step 4: Work Toward Your License
After finding an agency and getting hired, you’ll need to start working toward your license. Obtaining your real estate license takes about one year of intensive study; depending on which province you live in, it will involve taking courses on land law, real estate management, contracts, mortgages, and negotiations.
You will also be required to write exams for each class or course you take. At first glance, it may seem like a lot of work for one year but keep in mind that those who hold their real estate license have studied for at least 2 years overall.
Your efforts will be worth it when you can sign your name at the bottom of any legal document.
Apply to the Securities Commission for Your License
The fees for becoming licensed vary from region to region, but in most cases, you can expect to pay between $800 and $1,500.
This fee may be worth it when you think about how much money you’ll be able to make as a real estate agent, the average agent earns over $40,000 per year.
Your broker should help you figure out how much it will cost based on where you live. You might also want to compare that price with what other agents in your area are charging.
Remember: Not all agencies or brokers charge the same amount; shop around until you find one that fits within your budget.
Step 5: Pass the broker course
There are only two ways to become licensed as a real estate agent in Canada: Either you take and pass an accredited educational course (broker’s course) or you complete a degree program at an accredited university.
If you choose to pursue the broker’s course, your first step is simple: Sign up for one. There are approximately 40 schools across Canada that offer broker’s courses. Do your research, attend info sessions and select which school best fits your schedule and goals.
Most schools offer classes on weekends so working adults can fit their education into their existing schedules with minimal disruption; however, some schools do not offer weekend courses. Once you’ve selected a school, it’s time to get studying.
The average broker’s course takes about four months to complete. However, if you have previous experience in sales or marketing, you may be able to fast-track your studies by taking pre-requisite courses prior to signing up for a full-time course.
In Ontario, students must successfully complete 36 hours of classroom instruction plus three hours of practical training before they are eligible to write the licensing exam.
The curriculum covers everything from property law and ethics to contracts and selling strategies and everything in between.
Many schools also offer continuing education programs after students have completed their licensing requirements so they can keep learning new skills throughout their careers.
Step 6: Get your first clients
If you don’t have any clients, how will you get paid? Just like it’s important for businesses to market themselves and gain new customers, it’s just as important for real estate agents.
Networking with friends and family is always a good place to start. Getting involved in your community through things like volunteering and sports are also great places to meet new people.
In addition, try getting out there on social media.
There are several steps you need to take before you can officially become a real estate agent in Canada.
The best thing you can do is to join your local or territorial real estate association to ensure that you have all of your paperwork filed correctly and that there aren’t any compliance issues.
If your province doesn’t require an application fee, try putting some money aside for it. You may also want to consider purchasing some business cards and creating flyers or postcards that you can use when meeting with clients.
These things will help establish credibility and legitimacy, both of which are important things for anyone looking into hiring a new agent.