The Visual Guide to Becoming a REALTOR® [INFOGRAPHIC]
Published by Urban Real Estate Services Ltd.
When individuals are selecting their next career path or profession, real estate often comes up as an opportunity where you can be self-employed and self-sufficient. Although many believe real estate careers to be more cost-efficient, starting a real estate career can become very expensive very quickly. Therefore, the importance of understanding the licensing requirements and costs involved in starting a real estate career in Calgary will allow you to make informed decisions towards your new career path.We will cover where you can access licensing education, what to look for in a brokerage as well the costs associated with varying licenses and brokerages. Preparation is the key to success – our infographic will act as a visual guide on the steps to becoming a licensed REALTOR® in Calgary.
Pre-Licensing and Eligibility Requirements
Real Estate Council of Alberta (RECA) provides an online eligibility process and oversees the licensing requirements in Alberta.These eligibility requirements include:
- Be at least 18 years of age
- Hold the equivalent of a Canadian high school diploma or higher (transcripts required)
- Be proficient in English
- Be able to lawfully study and work in Canada
- Have completed the free, online Real Estate Career Information Session
We suggest you complete the eligibility process first then you can enroll yourself in the Real Estate Associate Program (REAP)Once you’ve become eligible, you can complete the online pre-licensing education (REAP) which includes:
- The Fundamentals of Real Estate
- Choosing your area(s) of practice and determine the additional courses you need to complete (Residential, Commercial, Rural, Property Management)
- Providing a Certified Criminal Record Check with fingerprinting and Third Party Waiver (direct to RECA from RCMP)
RECA Pre-Licensing Fees:
- Education Eligibility $100.00
- Fingerprinting$75.00 (approx.)
- RCMP Processing fee for CCRC$25.00
- REAP “ Fundamentals of Real Estate $1400.00
- REAP “ Practice of Residential Real Estate $850.00
- Optional “ Practice of Commercial“ $850.00
- Optional “ Practice of Rural“ $850.00
After you’ve become licensed, selecting the brokerage you want to work with is the next critical step in the process. Your brokerage should help gauge your success and growth within the first year, thus you’ll want to thoroughly interview each brokerage option.
Select Your Brokerage
Selecting your potential brokerage is crucial. Do not rush into signing up with just any brokerage. The costs of being associated with the wrong fit can be tremendous. REALTORS® have to generate their own business and it’s a tough market out there. But if you choose wisely, your real estate business can get a tremendous boost with proper and complete support from their selected brokerage.Consider a screening interview or meeting with your prospective broker to determine whether or not their values are aligned with your business goals. You should be looking for the following factors through your qualifying process:
Some REALTORS® end up paying thousands of dollars to popular brand brokerages in hope of getting support and training but very soon realize that it is not what they were expecting. Which brings us to the next step – paying your licensing fees.
Pay Licensing Fees
Desk fees, high commission splits and other monthly fees range from brokerage to brokerage, therefore make it a priority to investigate on what those costs are.We have provided the licensing and membership fees summaries on behalf of RECA. Please note some of these fees might be prorated and provided as a guide only:
- RECA Licensing Fees $475.00
- REIX Premium $275.00
- Assurance Fund $100.00
Below are the CREB® fees for 2016 [excluding GST. Some fees might be pro-rated]:
- CREBÂ® New Membership FeesEntry Fee$650.00
- Annual Dues$434.00
- Mandatory Training$55.00
- Critical Illness Benefit Society (CIBS)$45.00
- Charitable Foundation$45.00
- Realtor and Family Assistance Program$24.00
- AREA Initiation Fee$400.00
- AREA Annual Dues $375.00
- CREA Initiation Fee $200.00
- CREA Annual Dues $246.00
- CREA Technology Levy $64.00
The total cost of getting started (not including tax) can easily be around $6000 and if you take any optional education, you could get very close to $8000. At Urban Realty, we not only offer our REALTOR® team complete support and tools to help their business grow, but we also provide several other benefits not available in other brokerages without paying a monthly, desk fee or other hidden costs. If you can find a brokerage that offers you the opportunity to save significantly and provides you with the right support, they are likely the best option as you start to build your real estate business.
Complete the CREB® Orientation and Become a Member
Once you have your brokerage selected and have paid your fees, you can complete your licensing and membership process by attending at CREB® orientation. “CREB®’s reputation for excellence in professionalism, technology and customer service offers members unsurpassed benefits, including:
- MLS® System Services: Unparalleled access and Help Desk support to the Multiple Listing Service®.
- Technology: Known for being a leader in the field, CREB® provides the latest, most up-to-date technology and software services to members, including ShowingTime and our CREB®Maps tool.
- The REALTOR® and Family Assistance Program (RAP): RAP offers confidential counseling services to members and their immediate family on a variety of issues, including emotional and financial.
- The Critical Illness Benefit Society (CIBS): CIBS provides short-term financial support for members who are enduring financial hardship due to a critical illness.
- REALTOR® Store: From measuring tapes to software, CREB®’s REALTOR® Store has everything for members’ daily activities at discounted rates.
- Media Services: Access the latest media technology to promote a successful business, including websites, photography, digital advertising, and marketing materials.”
We hope this guide gives you the information necessary to streamline your licensing process and perspective on selecting the right brokerage for your business goals. While the initial investment may be costly, with the right education, brokerage, and support, you can grow your real estate business in no time. Urban Realty is the perfect balance for all REALTORS® – seasoned or newly licensed. We offer a number of benefits to help our REALTORS® succeed and we are always ready to support you.”