People from different fields and with varied work experience can become real estate agents. Being a real estate agent is not a job for only a specific, exclusive group. However, you do need a license to carry out the real estate agency business. Being a real estate agent can be highly profitable. But, like any business which has high profitability, it has high risks as well. Once you are well-versed with all the aspects of real estate, you can succeed. Here’s the why and how you should become a real estate agent.
The process of setting up a real estate agency is quick. In some provinces, you need to complete a small training process and obtain the license for conducting activities. This is done within few weeks or months, depending on the province regulations. You need to have a small office to carry out your daily operations.
You are the Boss
As with any business that you decide to set up, you naturally become the boss. The same is the case with being a real estate agent. Although a real estate agent works under a broker and that broker is not your boss. You are answerable only to yourself.
Additional Source of Income
Most real estate agents set up a real estate agency as means of an additional source of income. A real estate agency is kept open as per your schedule. So, if you are employed in some organization, you can run your real estate agency as per your convenience when you have a holiday. Having a part time real estate agency works well in this case. Additionally, you can hire an assistant who will look after the agency in your absence. Thus, you do not lose out on any clients when you are unavailable. A full time real estate agent earns more than what an average corporate job will fetch you. However, this depends on how much time and effort you put into the realty business.
No Growth Limit
As your real estate business becomes successful, you can have multiple branches in Edmonton. There is no limit for growth. You can hire more employees as you expand to newer territories. However, you should have an effective control as your business grows. Over a period of time, you would need to work less and get increased revenue on the other hand. Not many businesses provide you with such scope. Moreover, if there is a boom in the market, real estate seems to be of the best jobs ever. The amount of profit you make during this period is huge.
Looking at the above benefits would certainly compel a person to have a real estate in Edmonton. But how to become a real estate agent in Edmonton? For someone looking to be successful, it will take time. The initial part of setting up an office isn’t going to be difficult but making it work surely will. So then, how to become a real estate agent in Edmonton and succeed in it? What are the areas you should take into consideration? Here are some tips on how to become a real estate agent in Edmonton.
Start by becoming a member of the Realty Association of Edmonton. For this purpose, get in touch with a person who is an active member of this association. This should be done to get the know-how about the working of real estate business in Edmonton. A thorough analysis will give you better direction to decide on the future of your new enterprise. Take the Real Estate Associates Program which is a mandatory course for becoming real estate agents. Once you’ve passed the test for Provincial Qualifying Examination for Associates, find a brokerage and fill out the necessary application forms.
Choosing a Brokerage
When choosing a brokerage, consider the following points
Does your brokerage require additional coursework?
Is there someone within the brokerage with whom you can work with a majority of the time while learning?
How do you contact with clients for getting leads?
How long does it take to earn a commission check?
Choose a brokerage which suits your answers accordingly.
Getting the License
Once you have decided the brokerage; apply for your Associates license with the Real Estate Council of Alberta. There is a specific amount of fees that needs to be paid to get the license. The license is renewable on 30th of September every year.
You are ready to commence real estate activities after you get the license. But before you rush, create a business plan. This business plan should include the geographical area you want to cater, the amount of finance you can invest, who are your customers going to be and other factors. Get in touch with a resource center in Edmonton to assist you in preparing a business plan.
Execute the plans as developed in the planning process. Conduct marketing efforts to make aware about your real estate agent. Attend the local realtors meet to gain more insights. Maintain a portfolio of all your customers. In order to grow, increase your networking with buyers, sellers, loan officers, investors, mortgage brokers, title companies, inspectors and many others. Get in touch with a good contact management system in which you can have all the contact details of these people and also your potential clients.
How to become a real estate agent in Edmonton? The above points would have answered this question by now. But that is not all. In order to succeed, use the technology which will ease your work and make it more productive. Get more leads with the help of digital marketing mediums such as social media. A good online presence will certainly benefit you. This is because; a modern customer would rather surf online regarding purchase or sale of any assets. If you have an online presence when the customer searches, your business will grow.
Now you know why and how to become a real estate agent in Edmonton. Give your real estate business time to develop. Do not hop into the business without undertaking a thorough analysis. As mentioned earlier, the higher the profitability, the higher will be the risk. Educate yourself through various programs that are available for real estates. Also, finance requirement is a big problem for start-ups. For this purpose, apply for small business financing programs. To know more about real estate agent get in touch with a resource center in Edmonton.