Seeing seemingly perpetual growth in the Toronto real estate market, it’s not uncommon to think about getting in on some of that. For those who are thinking about becoming a real estate agent, getting a license through the Ontario Real Estate Association is just the first step. And, that license does not guarantee any amount of income whatsoever.
How Much a Real Estate agent Actually Makes
According to a report published by The Globe and Mail in 2015, the average Toronto real estate agent sells six homes per year. The average earnings on that equate to roughly $75,000 per year. That’s on average though. That’s not a minimum. There are some who make far above that and then there are those who make literally nothing.
The steps to Becoming a Realtor
If you still think you can make a living at it, the first step to getting involved in Toronto real estate is to sign up at the Ontario Real Estate Association website. When you get started, there will be a curriculum to follow. Though there are upfront costs, another thing to think about is the time involved. It will take months before you have the opportunity to take the exam and obtain your license. It’s important to have a plan on how you’re going to cover your expenses in the meantime.
Decide what Company you Want to Work for
In the Toronto real estate market, real estate companies want to sign you up and are always looking for new agents. Re/Max has numerous offices across Toronto. There are countless independent firms. Do your research and head in for an interview. Every company works a little different when it comes to their fees, your salary, and who’s to cover expenses. Beginning in real estate is not cheap so you want to make sure you get a clear idea on exactly what a company is offering. Not only after you going to have fees to pay for the company you work for but you need to keep up to date with any fees owing to the Ontario Real Estate Association (OREA) and the Canadian Real Estate Association (CREA).
Invest in Yourself
After you are licensed and with a real estate company, the responsibility then becomes yours. Nothing is guaranteed and it’s up to you to perform. To set yourself up for success, you need to get professional photos done, get business cards done, ensure you have a functioning cell phone, set up a website for yourself with appropriate social media links, office supplies, and especially clothing. Look the part. Be the success that you know your clients want to see.
Within 18 Months, you will probably be out of Business
Yes, it’s true. In Toronto, 4 out of every 5 real estate agents are out of business within eighteen months. For the average realtor, it can take years to find real success in the Toronto market and even so, nothing is guaranteed. It does not just take hard work to accomplish success here but it takes a heck of a lot of luck.
As more real estate agents are being turned out onto the streets of Toronto every week, it’s important to have realistic expectations about where this could go. If you have the upfront costs covered, are able to live for months in wait of a real estate license, and are highly passionate about being a Toronto real estate agent, do it. To become a real estate agent in a market like Toronto, if you don’t have the drive and determination, and most of all the passion, you won’t survive.