Time flies… we’ve all heard this trite adage. In real estate, using time wisely and productively may impact your level of success simply because this is not a nine-to-five profession with a regular paycheque.
The time to start planning for your transition to the profession from the classroom need not necessarily be when you enrol in the first course, but it should not wait until you have successfully completed your last course in the pre-registration segment either. A reasonable time to search for a brokerage to join upon completing the pre-registration segment is when you’re enrolled in the last course, which will be either Residential Real Estate Transaction or Commercial Real Estate Transaction.
If you’re enrolled in your last course, it’s time to start searching for a brokerage. You will need to find employment with a brokerage first before you can apply for registration as a salesperson with the Real Estate Council of Ontario (RECO). When selecting a brokerage, do your research to ensure it is the ‘right’ brokerage for you. Consider the following:
• what type of brokerage is it (e.g., franchise or independent, full service or limited service)
• what level and type of support does the brokerage offer, if any
• what is the commission plan
You will also need to obtain an original Canadian criminal record check. This document must accompany your application to RECO. The criminal record check must be dated within six months of the application submission. Go to the RECO website (www.reco.on.ca) for more information on obtaining a Canadian criminal record check.
While you wait for RECO to process your application, use this time productively to:
1. Conduct market research: Learn as much as you can about the market in which you intend to work. Find out about prices and trends. Drive around the neighbourhood to familiarize yourself with the streets, local changes, and new developments/construction.
2. Build a database: It’s never too earlier to start creating a client base. Start populating the database with friends, acquaintances, and business contacts.
3. Develop key points for a listing presentation: As a new salesperson, you will be selling your personality and enthusiasm, and not your experience and past successes. You will need to convince sellers why you are the best person to sell their property based on personal attributes, knowledge of the market (see #1), and what the brokerage can offer.
4. Shop for supplies: Determine what supplies your brokerage will provide and then purchase whatever else you may need.
5. Develop a business plan: Develop a basic plan at first that identifies, among other things, your income needs, your prospective methods, and the types of properties you intend to sell. Refine your plan once you are registered and begin trading in real estate.
6. Be inquisitive: Learn as much as you can about the profession from experienced and successful salespeople/brokers. If possible, find a mentor.
7. Continue to learn: Attend training courses on topics such as prospecting, listing presentations, and negotiating skills.
Time flies… but now that you’re registered and you’ve prepared, you’re ready to begin.
SOURCE: The Residential Real Estate Transaction, 2015