Real Estate Agents - Please Help!
Q: I'm currently considering going to school to become a real estate agent. I live in Toronto Canada and will want to work in the GTA. Can anyone please give me some input..figures in Canadian funds if possible. 1) What education is required to become a real estate agent 2) What's the average starting salary, and what's the average salary of an experienced agent? (Canadian funds please) :) 3) What type of experience will be required before I have a chance at moving up after I enter the real estate field? Is there an average guess you can take? I understand that a lot of this work depends on the motivation and effort put in by the individual. 4) Can you work as a real estate agent part-time? Seeing as this field is 100% commission oriented, is there a large number of people who get into the field and end up failing? I'm wondering if becoming a huge success in this field is truly attainable, or does it take a very 'special' type of person? For example, you hear of a great deal of Multi-Level marketing firms who have people who've made MILLIONS. I've tried many of these in the past and have not had much success with it at all. I'm just trying to see if that could be a sign of things to come!
A: Licensing Requirements In order to become a licensed Realtor(R) in Canada you must successfully complete a course of study as required under the Real Estate Act of your resident province. The following provincial governing bodies will provide you with the licensing requirements in your resident province. If you have questions, please contact the appropriate provincial authority. The starting Salary is the same Salary for the whole time you are an Real Estate Agent, and impressive big fat $0, no salary.....only for the recptionist. Agents work strictly on commissions. Moving up is taking the certifications exams to be a Broker. All real estate agents MUST work for a Broker. To be indepentant, you need to be both an agent and a broker. If I recall correctly, if you list a house with a broker, big like Century 21 or small like Bob's REal Estate, the fees get split, around 2% for listing, 3% for selling and a cut to the broker somewhere around 2-5%. So the big money is in being a broker, but they pay all the overhead. If you are lucky you will list and sell the property, and that is 5%......of the selling price of the house. So say the house is $200,000, so the broker would get 20,000 pay the agent that listed $4,000 and the agent that sold $6,000, and if its the same agent, $10,000. The average agent sells one or two properties a month, a good agent one a week, and an excellent agent as many as possible. Not really....you have to be available to show properties when customers want to see it, not when you feel like working. Most real estate agents work all the time, even when home, or out socializing. So if you know its 100% commission, then why did you ask about salaries in the first part? I think you may not do well, since you can't even research it yourself. You are ignorant about it, and have done nothing to find out about it....exept do the lazy man's flaptrap in the newsgroup hoping to have to do nothing, and learn it all. Doesn't work like that at all. It takes a person that can work in a completely unstructured environment and make it structured with property marketing and selling techniques. Oh, but the training you NEED to take, won't teach you how to sell. Well plenty of people have made billions in real estate, forget the millions. Just sell a few $250 million dollar properties for $500 million......oh, right okay so that is land speculators, not real estate agents. Most will earn between 30-100k, about 10% will exceed 100k, but less than 1% will earn a million or more. I mean figure it out, how many properties does on have to say list and sell to earn $100,000. Its $2,000,000 million. How many houses is that at %5 for the lister and seller? Maybe 20 houses at $200,000 per house. Or about 2 houses a month. Can you sell 200 houses a year, or about one every working day? Then you'll earn a million. Okay how about selling one $5,000,000 dollar house on the Bridle Path, perhaps Princes' house? Four times a year. Or an office tower once a year?
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