Take your time to consider your decision carefully, look into the prospects in British Columbia, and learn as much as you can about a career in real estate before deciding to pursue it.
Make sure you thoroughly evaluate the significant obligations that come with holding a license to offer real estate services in British Columbia.
Many people invest time, energy, and money every year to become certified real estate professionals, only to find that the reality of the job is different from what they had anticipated.
You can be sure that you’re making the best decision by doing some research, asking questions, and knowing more about real estate careers. This will help you prepare for the future.
In the end, you must decide for yourself and consider your career objectives. Are you trying to find a new job? or desire a part-time job? Maybe you’ve recently received your diploma from college?
The real estate sector offers flexible employment options where you have control over your earning potential.
The benefits are numerous: you can choose your own hours, there is no upper-income limit, you may network and meet interesting people, and you can access some lovely real estate.
In this blog post, we’ve carefully laid out how to become a realtor in BC and a few stages we think can be helpful for you in your real estate journey. In addition, we’ve also included some extremely crucial information you’d be happy to hear.
While it is possible to take an entirely different route and still achieve success, these steps have been curated by leading realtors in the world and they promise to help you reproduce their remarkable results, but before we get to that, have you considered the suitability of this career path to you?
Is A Career In Real Estate For You?
One hilarious notion making the rounds is the impression that any “Tom, Dick, and Harry” can go into real estate and succeed, well, you will come to find out sooner than later that not everyone can succeed in Real Estate. Hence, the question is, is a career in Real Estate for you?
Experienced realtors, if they are very honest with you, will tell you it probably took most of them months before they could earn their first ever commission, and it would take them months before closing another deal.
Due to this, you must possess a number of talents and qualities in order to succeed in this professional path.
These qualities include a positive outlook, a commitment to lifelong learning, and the ability to build solid networks. Being a Realtor does have some special privileges, such as the freedom to choose your own hours, run your own business, and ultimately have control over your career.
Every day is different and could include anything from coming up with a marketing plan for one of your listings to going to an open house, introducing a first-time buyer to a new home, negotiating and doing your due diligence on an offer, finding a client their dream home, or viewing luxury properties!
Real estate agents provide services to both buyers and sellers of real estate. As a real estate agent, it is your responsibility to speak up for the interests of your clients.
Realtors are referred to as listing agents when they represent a home seller, and as buyer’s agents or selling agents when they represent a home buyer.
The real estate market, home buying and selling, and other related issues will be explained to clients by real estate experts.
Make sure your clients receive the best possible service and experience by helping them through each step of the procedure.
The Steps On How to Become a Realtor in BC
- Step 1 – Language Skills
- Step 2: Personal Savings
- Step 3: Education & Licensing
- Step 4: Find a BC Real Estate Brokerage
- Step 5: Becoming A Realtor
Now let’s look at how to become a realtor in BC in detail.
Step 1 – Language Skills
English is the language that is used in BC for real estate documents, education, and communication, according to the BC Financial Services Authority (BCFSA).
As a result, it’s critical that you can prove that you understand both written and spoken English in order to meet the Language Proficiency Requirement.
Step 2: Personal Savings
Before beginning a full-time real estate job, you should try to have at least three to six months’ worth of money. Since every person’s circumstances will be unique, it’s crucial to consider what will work best for you.
There is always the opportunity to start out as a realtor part-time. Sincerely speaking, I would advise it as a feasible choice, and I did it for the first 18 months of my license.
It relieves the strain of needing to have a larger sum of money saved, and you still receive some income as a result.
Step 3: Education & Licensing
Have you ever heard of anyone who ventured into a business and succeeded without prior knowledge of the business in which he ventured into? If you haven’t then it sure implies that you must seek knowledge, and take courses that relate to the specialty you’re interested in.
To obtain a license, you must pass two classes. The first one is the University of British Columbia’s Real Estate Trading Services Licensing Course, which is available by correspondence.
Whether they wish to specialize in residential or commercial real estate, everyone who wants to get their license must take this course. It provides an overview of all facets of the real estate industry.
The second one is either the Applied Practice Course for Residential or Commercial Trading Services.
These applied courses offer you hands-on training in either residential real estate or commercial real estate in addition to traditional classroom and online instruction.
When you apply to BCFSA for your license, you must present evidence of your enrollment in the Residential or Commercial Trading Services Applied Practice Course through a Real Estate Brokerage (in step 3).
Select whether you want to focus on residential or commercial real estate, and then take the relevant Applied Practice Course.
There is only one Applied Practice Course that must be finished. Before submitting your real estate license application, you must complete the pre-licensing sections of the Applied Practice Course.
Research brokerages in your city or town to “hang your license” at after passing your exam but before finishing the Applied Practice Course.
You must be a member of a real estate brokerage in order to be a licensed real estate agent.
Step 4: Find a BC Real Estate Brokerage
To determine which real estate agent is the greatest fit for you, it’s a good idea to interview many of them. Even if you might be in a rush to choose a brokerage, I suggest taking your time to select the best option.
Location, office design, desk fees, commission splits, support staff, advertising possibilities, training programs for new agents, and resources for continuing education and all agents’ education might vary throughout real estate brokerages.
Your real estate application must be completed, signed by the managing broker, and submitted to the BC Financial Services Authority (formerly the Real Estate Council of British Columbia, or RECBC).
Your criminal background check, a valid photo ID from the government, and the necessary credit card payment details must be submitted with your application.
When you join a real estate board, you automatically join the Canadian Real Estate Association and the BC Real Estate Association (CREA). Realtor is a title that can only be used by CREA members.
The advantages of serving on a board include:
- Several Listings usage of services
- Business procedures and professional standards
- using reliable statistics
- continuous learning
To learn more about how to become a realtor in British Columbia:
BC Financial Services Authority BC Real Estate Association
“Application for Representative, Associate, or Managing Broker Licence Form” is the name of the application form.
The managing broker of the real estate brokerage you want to join must sign your application. This brokerage has to be a part of the local real estate board.
Your application will then be granted, and you’ll have up to six months to finish the remaining components of the applied practice course while working for the brokerage of your choice.
Step 5: Becoming A Realtor
Your diligent study, exam-taking, and applied practice course completion have all paid off. Joining your local real estate board is the last step.
It is the Victoria Real Estate Board in Victoria (VREB). You will join the BCREA and Canadian Real Estate Association in addition to the board (CREA).
The following are some advantages of serving on a board that can really help you and your clients:
- Using the Multiple Listing Service, access to real estate listings
- Access to home sales data is unrestricted
- ongoing assistance and instruction
- Business procedures and professional standards
Maintaining your real estate license and being eligible to apply for license renewal every two years both depend heavily on continuing education.
You must finish 18 professional development credits and the required courses over the course of your first two years with your real estate board or BCREA.
Licensing Fees And Expenses
We must bring you up to speed on the kind of fees you need to be familiar with as you will soon be entering the real estate sector.
- upfront expenses Registration expenses for Real Estate Trading Services courses, real estate application fees, applied practice course fees, and lodging (if writing the exam or completing the applied practice course out of town)
- Monthly commissions for the brokerage desk and board dues.
- Electronics: office materials, a printer, a computer, and a cell phone.
- Arrow pointers, lockboxes, for sale signs, open house signs, and more
- Advertising (mailouts, magazines, social media, networking events)
- courses for continuing education to fulfill re-licensing requirements
- For vehicle leases (gas, insurance, maintenance, lease payments)
Applicants must: Be of good standing; Meet the minimum age requirement; and Comply with all BCFSA licensing requirements.
satisfies the English language proficiency criteria, as well as the educational and experience requirements for the level and category of license for which they are applying;
- Must not be unfit to have a real estate license, as evidenced by refusal to grant a license, conviction of a crime, or professional body discipline.
- Every applicant must: submit to a criminal background check;
- fax a copy of your photo ID from the government; and
- Include any conditional or complete discharges when disclosing information regarding any criminal accusations and convictions.
To be qualified to work in Canada, license candidates must at the time of application meet one of the following employment requirements:
citizenship of Canada; permanent residency; possession of a work permit or valid visa; or landed immigrant status.
Any restrictions on work visas or work permits that would prevent applicants from working in the real estate industry are prohibited.
All candidates must provide a criminal history check along with their application when seeking a license.
Any criminal charges or convictions, including any conditional or total releases, must be disclosed. Additionally, the BCFSA looks at candidates’ general professional and private reputations.
A criminal past may not always be a barrier to license, depending on the situation and your recent record.
Review the Good Reputation, Suitability, and Fitness Guidelines provided by BCFSA if you are unsure about your eligibility for a license.
If you still have concerns, you might want to consult a lawyer.
By requiring employees to meet stringent education and experience criteria, the real estate business in British Columbia maintains high standards for licensing.
You must successfully fulfill the BCFSA’s educational requirements in order to obtain a license. Before submitting an application for licensure, you should plan on taking up to a year to finish the necessary licensing course and exams.
A course exemption may be available for people with prior real estate education or experience. Please review the education and licensing policies of the BCFSA.
However, you can still finish the license course and exam if you’re interested in a profession in real estate but are under the age of 19. After completing a licensing exam, you have up to a year to submit an application for a real estate license.
You might wish to look into post-secondary courses in real estates, such as the Bachelor of Commerce in Real Estate, the UBC Diploma in Marketing Management (Professional Real Estate Option), or the BCIT
A real estate agent can offer you a fulfilling and interesting profession. Real estate careers might include selling homes, leasing commercial space, investing in real estate, developing land, managing rental properties, managing condominiums, and more.
No two days are ever the same. You could be sealing a transaction with a first-time buyer while also creating a marketing strategy for your most recent client. You might find yourself in a challenging sales negotiation the following day, followed by a Realtor’s open house tour to check out new houses for potential clients.
Costs Associated With A Career In Real Estate
|Licensing Course Real Estate Trading Services Licensing Course||Real Estate Division, Sauder School of Business, University of British Columbia||1,150|
|Licensing CourseResidential Trading Services Applied Practice Course or the Commercial Trading Services Applied Practice Course||Applied Practice Course | BCFSA(used to be handled by BCREA, now it’s BCFSA)||875|
|Licensing fees and assessments|
|Licensing and Assessment Fee||1,000|
|Real Estate Compensation Fund Corporation||300|
|Errors and Omissions insurance assessment||700|
|Total start-up licensing fee||$4,025|
|Every two years after start-up||$1,650|
While the REBGV member fees are as follows;
|New member entrance fees||$1,254.75|
|Real Estate Board of Greater Vancouver (REBGV)||100.00|
|British Columbia Real Estate Association (BCREA)||895.00|
|Canadian Real Estate Association (CREA)||200.00|
These fees are valid as of April 2022 and are subject to change.
There may be additional expenses associated with your new career, such as:
- Costs of a real estate company
- software for managing contacts
- launch, creation, and upkeep of a website
- marketing and advertising materials
- formal attire
- a fund to cover expenses while you build your clientele
Did we show you how to become a realtor in BC? Please leave a comment below.