If you recently decided to sell or buy a condo without the help of a realtor and discovered you were good at it, you might be thinking about a career change. You should know, however, that the ranks of realtors are closed to the untrained and unvetted. The Ontario Real Estate Association is responsible for regulating and licensing realtors in that province, so to join their ranks there are a few hurdles to clear. Let us outline them for you.
To become a Canadian realtor, you need to be a resident of Canada who is over 18. On a personal level you should be financially responsible, good at conducting research, doing math, interviewing and organizing. You should know how to use a computer, be good with people, be confident and self-motivated. No innate talent for selling a home is necessary, but to do your real estate and sales training by e-learning you should have a computer with speakers, a printer, high speed internet, Flash, and Adobe Acrobat.
There are several courses you need to complete before you will be let loose upon the world's homes for sale they can be done by correspondence, e-learning, or at the Ontario Real Estate College. They are: Real Estate as a Career ($440) which covers the basics of being a realtor, Land Structures and Real Estate Trading ($470) which covers how property legally changes hands in the province, The Real Estate Transaction (choose either Residential or Commercial, $660) which covers general topics as well as branch specific final sale procedures. Once this is complete you receive permission to operate as a realtor.
Real estate agents fresh out of their training will enter into a two year articling period. It must be done immediately after registering with the Real Estate Council of Ontario. During your articles you will be dealing less with real estate than you will with paperwork and training. You'll learn about property law, appraisals, mortgage financing, investment analysis, and property management under the watchful eye of the experienced agents at the firm you're employed by.
To become a member of the Ontario Association of Realtors you have to be employed by a registered broker. You have to have a good record, have received your salesperson certificate, and have submitted the appropriate forms and paid the appropriate registration fees. Only then will you be a REAL realtor who is officially licensed to sell.