Do You Have What it Takes to be a Realtor®?
Interested in becoming a real estate agent? You’ve definitely set your sights on a potentially amazing and seriously
gratifying occupation! Real Estate is one of the most exciting, rewarding, and liberating industries out there. It’s
also often one of the most challenging, volatile, and demanding sectors to work in.
Before you pursue this career path, ask yourself why you have any interest at all in becoming a realtor. What sparked
this interest and how long have you had it? What exactly is it about the nature of real estate that attracts you and
why? If it’s solely the earning potential that has captured your focus, it is not recommended that you move forward.
Yes, you can earn vast sums of money in this industry, but above all you will need to be in it for the joy of the
work you do. You need to LOVE real estate. New circumstances and tricky obstacles constantly abound for realtors, so
you will need to be willing to devote a great deal of your time and efforts to earn (and maintain) success. If
you’re not certain you’ve got the passion and the determination to do this, here are some tips to help you decide:
Of all the skills you will need to possess, high social skills are arguably the most significant. If
you consider yourself to be a “people person”, you’re on the right track already. Selling and buying
real estate, at its heart, is a social experience. You don’t necessarily need to be very extroverted
to be a successful realtor, but you must have strong interpersonal and networking skills.
Continually nurturing, and expanding, your clientele and sphere of influence may be far trickier if
you are particularly shy, demure, or timid.
- Having a large sphere of influence (and even just many friends and varied connections) to draw from is a major
asset to begin with.
- If you are frequently referred to as driven, ambitious, or a go-getter, any of these qualities will serve you
very well in real estate. As a self-employed individual, a large degree of self-discipline will be required of
you to generate and close deals; expect to be working long and often odd hours, frequently all 7 days of the
week. The best realtors are flexible and accommodating to their clients’ needs, and that will mean taking
occasional late night phone calls, inquires, and coordinating your schedule around theirs.
- Are you persuasive? You should be interested or knowledgeable in sales and tactful enough to prospect and
negotiate effectively (think about your people skills again). Identifying potential clients, communicating with
them to reach a deal, and collecting a comprehensive database of their information shouldn’t be a nerve-racking
You should identify a strong mentor to observe, question, and learn from. This is common practice in the industry, as there is much to absorb and remember. Find an agent that makes you feel welcomed as a mentor, and is happy to answer your questions and guide you through various processes. You can also take this opportunity to research different agencies and determine which one you’d prefer to be a part of.
- Typically fast-paced, the industry demands that you have the capacity to not only learn but to learn on the go.
- Amongst other agents, consider what will set you apart. Do you have an interesting business idea, fresh approach, or any unique traits that makes you discernibly different? Canada alone is home to well over 100,000 realtors - that’s a large crowd to stand out from. Some agents need to put more effort into forming their own distinctive identify than others.
- Real Estate is all commission-based, as in you aren’t paid until you’ve closed a deal. Depending on various circumstances, you may find yourself going 6 months or more without a paycheque. It’s advised that you achieve as much financial stability as possible before applying for a license, and it may surprise you that many realtors need to work second or third jobs in order to survive the year (this is more common during your first trial years). You will have startup costs associated with a small business and will need to procure signs, professional attire, and other important materials. Consider taking out a line of credit.
Prepare yourself for A LOT of paperwork and administrative steps. Processing real estate documentation correctly/legally takes time and attentiveness.
- It’s all but a guarantee that you’ll find yourself in some tense or less than favourable situations throughout your experience as a real estate agent. You’ll be working fairly closely with clients, and home selling/buying can be a very stressful time for them. Homes have immense sentimental and monetary value, families experience disagreements and rifts, and most clients are complete strangers to you in the beginning; you must be tactful, cautious, and dynamic in these instances.
- You are required to take the “Introduction to a Career in Real Estate” course offered by New Brunswick Community College (NBCC), which will further help to determine if real estate is the appropriate choice for you.
- In Canada, all realtors must be licensed at the provincial level. In New Brunswick, there are three different classes of license that can be acquired: Agent’s license, Manager’s license, and Salesperson’s license. The Salesperson’s license works as an entry level for new realtors (a minimum of two years of experience is needed to be eligible for higher class licences).
- You must be at least 19 years of age and a Canadian citizen or permanent resident to be considered for a license.
- To acquire a license, you will need to complete the Sale’s Person Pre-Licensing course, offered via classroom over one weekend or self-directed online. Overall, you can expect an approximate expense of $6,000 CAD, as a result of the price of textbooks, course(s), and licensing fees.