Becoming a real estate agent in Toronto
Your 101 Guide on How to Become a Real Estate Agent in Toronto in 2021.
By Riti Mangat
Covid-19, multiple lockdowns, the highest unemployment rate we’ve had in years – one would expect the real estate market to be in tatters after the year we’ve had. The reality however is far from it. According to this article by the Canadian Press, “home sales in the GTA are up by 52 percent and the average selling price is nearly $1 million this year.” Although this is unusual given the current economic environment, many real estate agents are making record-breaking sales.
With many people considering new career opportunities, real estate has become an appealing option. Here is a step-by-step explanation of how you can become a real estate agent in Toronto.
Step 1: Admission
As of July 2019, anyone who would like to become a real estate salesperson needs to complete the required real estate courses. These are available through Humber College. In order to qualify for admission, you must
● Have a Canadian secondary school diploma, or GED certificate(or an acceptable equivalent).
If you do not have the required prerequisites:
● You would need to write the “Salesperson Program Admission Exam”. This would need to be completed prior to applying to the Real Estate Course mentioned above.
Step 2: Pre-Registration
At this point, you would begin your Real Estate Program at Humber College. Here is a breakdown of what the courses will look like:
Course 1: Real Estate Essentials
Course 2: Residential Real Estate Transactions
Course 3: Additional Residential Real Estate Transactions Simulation Session 1: Residential Real Estate Transactions
Course 4: Commercial Real Estate Transactions Simulation
Session 2: Commercial Real Estate Transactions
Course 5: Getting Started
Each course comes with an exam and accompanying fee.
Step 3: Registration with RECO
After completing your program you have 12 months to register with the Real Estate Council of Ontario (RECO). The requirements for this registration are as follows:
● Be a resident of Canada
● Be at least 18 years old
● Complete the Pre-registration segment courses (Step 2) within 18 months
● Obtain employment with a registered brokerage*
● Make an application for registration with RECO within 12 months of completing the Pre- registration segment
● Apply for registration within one year of completing your last Pre-registration course
Once registration is complete they must be approved by a Registrar, along with the accompanying fees. It is at this point that you would also need to purchase insurance from RECO.
*As you can see it is during this step that you need to find employment with a registered brokerage. There is a lot to consider when finding the right brokerage in Toronto. With this kind of market it is imperative you find the right kind of training when you first become a real estate agent in Toronto. Brokerages come in all different sizes- from independent to multinational corporations and for this reason, they function differently with the amount of support and training they are able to provide. It is essential- especially when starting out-that you find a brokerage that can provide the necessary resources and coaching to get you started. Starting out can seem daunting but once you find a brokerage that can provide you with the right support services and marketing you will be well on your way to becoming a real estate agent in Toronto.
RE/MAX Millennium provides new real estate agents with all the resources and support to not only get started but helps you curate your own personal brand. In-house support includes marketing, a kickstart program, scripts, coaching, etc. Check out our “Resources for new real estate agents in Toronto” article (hyperlink to article will go here) for a detailed description of what your journey will look like after completing the Real Estate Program.
Step 4: Post Registration Phase
Your first two years as a licensed real estate salesperson are known as the “articling” period. You are required to complete a few more compulsory courses within this 2- year period after which you can finally call yourself a full-fledged real estate agent in Toronto!