It was standing room only at the College’s two career nights on September 19 and October 3, 2012. In truth, the only individuals standing were the presenters, but both nights were fully booked because of high demand.
The two sessions provided information about the real estate profession – the opportunities and challenges, the flexibility, and the financial rewards. Following the presentations, attendees were encouraged to ask questions.
The Salesperson Registration Education Program is the first step to becoming registered as a salesperson with the Real Estate Council of Ontario. The program is divided into two segments: Pre-registration and Articling.
Pre-registration: Completion of the following courses (in the order shown) within 18 months of the start date of the first course:
(1) Real Estate as a Professional Career
(2) Land, Structures and Real Estate Trading
(3) The Real Estate Transaction General – PLUS – The Residential Real Estate Transaction – OR – The Commercial Real Estate Transaction
Following completion of the pre-registration courses, students would seek employment with a brokerage and apply for initial salesperson registration with the Real Estate Council of Ontario (RECO).
Articling: Completion of the following courses within 24 months from the date of initial registration with RECO:
(1) Real Property Law
(2) The Residential Real Estate Transaction – OR – The Commercial Real Estate Transaction (the course not completed during the Pre-registration segment)
(3) One elective, chosen from the following: Principles of Appraisal, Principles of Mortgage Financing, Principles of Property Management, Real Estate Investment Analysis
Question & Answer
Following are the answers to questions asked at the two career nights. Questions have been grouped and edited for clarity.
Where and how often are the courses scheduled?
Classroom courses are held in many locations across Ontario (e.g., Barrie, Brampton, Ottawa, Peterborough, etc.). In Toronto, classes are held primarily at OREA (Don Mills) and York University. Course schedules are flexible. To view course schedules on the OREA website (www.orea.com), select the course and the dates/locations will appear. Length of each course varies.
Correspondence and e-Learning are self-directed; students choose their own start date (usually, a Monday).
Are 18 months (for Pre-registration) and 24 months (for Articling) enough time to complete the program?
The timelines are, in fact, sufficient. Most students are able to finish within the proscribed timeline.
What materials do students receive after enrolling?
Classroom and correspondence students receive a textbook. e-Learning students receive interactive online course materials accessible through their student account in the My Portfolio section of the website. My Portfolio is a password-protected account.
Reference materials are available to all students in two formats – PDF and eBook.
How often is course material updated?
Course material is reviewed continually. Any change is course content is provided in the resource section of My Portfolio.
When and where are exams written?
Students select an exam date and location when enrolling in the course. This applies to classroom, correspondence, and e-Learning. Exams are held on Saturdays in test centres across the province. In addition, computer-based exams are available at Don Mills, on Tuesday, Wednesday, and Thursday, in the morning and afternoon, and in London on Monday mornings only.
Classroom students – schedule an initial exam for a date following completion of the classroom session.
Correspondence/e-Learning students – initial exam may be scheduled for any available date; exams may not be scheduled for the Saturday immediately following the start date of the course.
Can I choose another location to write the exams, other than where I take the course?
Yes. Students select a location from any examination centre (depending on availability). Exams are held every Saturday at several locations across Ontario.
How long are the exams? What format?
Exams are three hours long, and multiple choice.
What is the passing mark?
The passing mark is 75 per cent. Students are given two attempts to pass the exam.
Real Estate Profession
What are the biggest challenges for new salespeople?
Some of the biggest challenges for new salespeople include developing a contact list, prospecting, budgeting, and time management. Many resources exist. For example:
• some brokerages provide support services such as mentoring
• A Mentoring Kit For New Salespeople: Training for Success (published by OREA Real Estate College)
• various real estate-related books/brochures, available through REAL e-store (http://www.orea.com/en/OREA-Real-Estate-College/REAL-e-Store)
What is the average income per year?
There is no ‘average’ in the real estate profession. Income depends on many factors. Advice from experienced REALTORS® – be persistent and be consistent.
What’s the difference between an agent and a salesperson?
This is covered in the program. For real estate purposes, ‘agent’ refers to a brokerage expressly or implicitly authorized to act for a principal (i.e., buyer or seller). A salesperson is the individual who is registered with RECO and is employed by a brokerage.
On average, how many homes do salespeople show each client?
In real estate, it’s important to remember that no two sales are alike. The things to discern are what does the client want and what can the client afford.
How do you know which brokerage is the right one to work for?
How to select a brokerage is discussed in the program. In a nutshell:
• do research – interview at least five different brokerages
• ask questions
• review the commission split (a method of sharing the commission on real estate transaction between the salesperson/broker and the brokerage)
• consider the support services being offered (e.g., mentoring, training and development)
Does the College recommend brokerages?
OREA Real Estate College does not recommend any brokerage. It is up to the individual to seek and obtain employment prior to starting the 24-month Articling segment.
What are the chances of getting hired by a brokerage so I can finish the Articling Segment?
Brokerages need salespeople. Not finding employment during the articling is highly unlikely. In addition, to be registered as a salesperson, you must be employed by a brokerage at all times.
For More Information
For more information about becoming a real estate professional, go to http://www.orea.com/en/OREA-Real-Estate-College/Student-Handbooks/eBookPublic?handbookname=reCareer.
Join us for the next Career Night on November 14, 2012. For more information, go to https://www.facebook.com/events/281198575317777/.