There are many reasons why you might be considering becoming a real estate agent and diving into the vast Ontario real estate market. There are unlimited potentials when it comes to being an agent; you can earn a hefty payday all while maintaining a schedule on your own terms.
But despite all the benefits that come with becoming a real estate agent, it is still a lot of hard work and involves continuous learning and effort in your quality of services. However, if you’re not careful you run the risk of becoming burnt out before you can reap the rewards. That’s why we put together this guide to help you learn the ropes and tricks of the trade that all aspiring real estate agents will need to learn if they want to be successful.
The Basics of Becoming a Real Estate Agent in Ontario
So what should you do to get started? First, you’ll need to research the process and weigh out the pros and cons. There is much to know before you dive in, so here are some of the basic steps you will need to take to become a real estate agent in Ontario:
Pre-Registration Phase
During the pre-registration phase you will need to complete a few real estate courses and exams through your real estate licensing school. These courses will teach you all of the Canadian real estate essentials, laws, and prepare you for the other half of the 6 total exams required for licensed real estate professionals.
Register with the Real Estate Council of Ontario (RECO)
After you’ve finished with your courses, it’s time to look for a brokerage that you want to work for. Before you register with the RECO, you need to be employed by a brokerage. In addition to that, you need to register with the RECO within a year of completing your pre-registration phase. Once you have been successfully registered with RECO, you can start working in the Ontario real estate market, including being able to make real estate transactions in your local area. You will now be considered an official real estate agent, congrats!
Post Registration Phase
In order to be able to renew your registration at the end of the initial two year registration cycle with RECO, you will need to complete the post registration phase. This means you will need to complete a few more mandatory courses to complete the final parts of your real estate program.
Now that you know the steps you need to take in order to become a licensed real estate agent, here are a few pointers that can help you once you get your career started. As a real estate agent, your work days won’t always look the same. You will need to take care of a little bit of everything. This is why so many agents come in and out of the industry, which also drives up the demand for their services even during a slow market.
Real estate is a business, not a hobby.
Some real estate agents view the real estate industry as a way to make a quick buck, and you can find plenty of blogs online like “How to Make Money From Flipping Homes for Fun” if you are looking for a good side hobby. However, most hobbies are non-committal and they are usually just things people find enjoyment from. There is also little risk from doing them, as you won’t have much to lose.
On the other hand, working as a real estate agent is a business. It is not a hobby, it’s a job meant to make you consistent money and should require the same amount of dedication as any other career. When you treat real estate like a hobby, or something that is “just for fun”, then you stand to lose a lot of money in the process, might lose out on best practices and not refine your craft.
Real estate agents are independent contractors, and at most brokerages, that means you’re responsible for prospecting a clientele, building a book of business, and managing those relationships. You’ll also pay out of pocket to market your business, which can be pricey – especially before you start closing deals! At Zoocasa, though, this support is built right in, as all agents receive client and business coaching in addition to qualified leads, which takes the pressure off of building a client pipeline, and the need to spend money marketing your business.
Work with both buyers and sellers.
People move for many different reasons, but in most cases they usually stay within the same county or city when they do move. This means that movers could keep coming back to the same Realtor. So, the way to grow your business is by working with both sides of real estate: the buyers and sellers.
Back in the day, realtors typically only worked with sellers, helping them list their first home and attract first time buyers or families looking to upgrade. But these days, it’s more common for realtors to work with buyers to connect them with listings they represent, or by helping them browse someone else’s listings. Instead of selling a property, you are selling your services as an expert. Helping first-time buyers and first-time sellers is both an exciting and rewarding job to be accomplished.
Relationships are the key to success.
In real estate, it really is about who you know. The more people you know, the further your reach is, and the more prospective customers you have in your circle. In order to maximize your involvement with your community, you will need to participate in it. Make efforts to join in on your local realtor’s association, volunteer at your kids’ school, attend town meetings. Whatever you need to do to gain exposure in person and meet new people, do it. This allows you to tell everyone what you do, and hand out your business cards along with some friendly exchanges.
In addition to getting involved and networking in your local community, it is extremely beneficial to find yourself a mentor or shadow someone in the brokerage you chose. Many real estate brokerages in Toronto are happy to help new real estate agents grow their business and provide various tips and training. Ask your brokerage if they have any helpful material to help you read up on or watch a webinar on.
Think of yourself as a brand.
Not only are you selling properties, you should also see it like selling yourself, like a salesperson would. This is why it’s important to develop your personality, hone in on your best audience and flaunt your talent and people skills. Your personality will allow you to form better, more meaningful relationships with your clients. This can help you generate tonnes of leads and referrals down the road. Are you a foodie, a gamer or a pet lover? Don’t be shy to let other people know about your interests outside of real estate.
Work hard and measure your performance.
Being a real estate agent, despite its many benefits, is not like taking a vacation. You will need determination and hustle and be a real go-getter. If you ask any top performing agent what their work habits are like, you will see that they are incredibly hard working individuals. Starting your own business is hard, and this goes for being a real estate agent. How hard you work will directly correlate to how successful you will be in this field.
As important as it is to hustle, it’s just as important to track your performance. If you don’t then there’s no way to know whether your hard work is paying off. This is true for almost any field. It’s important that you set goals and revisit your business strategy often. This way, you can create an understanding of what is or isn’t working and make adjustments accordingly.
To track your results, you can keep a journal to keep track of and record your day’s work. You should record how many clients you spoke with, what they said and how your conversations went. Hopefully, this guide will help you get off to a good start. But, this is by no means an exhaustive list of tips and you should always strive to keep learning more. It could take a little bit to get into the rhythm of things and close your first few deals. But don’t be discouraged. Like many other things, getting good at real estate is learned. You do so by interacting with as many leads, clients, other agents and brokers as you possibly can.
Looking to start your career with Zoocasa? Don’t hesitate to contact us today.
