In British Columbia, a licence is required to work as a realtor or real estate agent. A realtor represents buyers and sellers to buy and sell real estate. To get the realtor licence, you have to complete the UBC Sauder’s Real Estate Trading Services Licensing Course.
A career as a realtor / real estate agent can be highly rewarding. There are no shortage of success stories in the industry where a hardworking realtor cracked into a six digit income just a few years into the field.
Want to learn more? Read our career guide below!
Real estate agents work on behalf of buyers and sellers of a real estate property. Some agents specialize on residential, or commercial and industrial buildings. Within these broad categories, there are specific niches, such as high end real estate, pre-sales, condos, just to name a few. Once a transaction is completed, the real estate agents on each side of the transaction will receive a commission based on the transaction value and the agreed commission rate.
What Job Responsibilities Does a Real Estate Broker Have?
Real estate agents can provide the following services after obtaining the trading licence:
- Residential real estate trading (act as an agent for buyer and seller)
- Commercial real estate trading (act as an agent for buyer and seller)
- Real estate development pre-sale
- Sale of business
- Other functions
Being a real estate agent requires a wide skill set: sales, negotiation and networking skills, as well as determination and attention to detail.
How Much do Realtors Make?
A realtor’s main source of income is from transaction commission.
- The commission percentage may be: 7% of the first $100,000 , 2.5% ≤ 3.5% of balance.
- Many Quick Pass graduate students earn more than $100,000 in a year
It is no surprised that based on other sources, the average income for a Real Estate Agent in Canada is over $100,000 per year.
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Day in a Life of a Real Estate Agent
What is a Typical Day in the Life of a Residential Real Estate Agent in Vancouver?
Below is a summary of our full article on “What is a Typical Day in the Life of a Real Estate Agent”. To read the full article, please click here.
A career as a real estate agent is attractive to many ambitious individuals driven to succeed. Though many people are considering a career as a residential real estate broker in Vancouver, fewer people understand the intricacies involved in the job on a day to day basis. First of all, there is no “typical day” of being a real estate agent, because your schedule largely is driven by client demands. But here is what a day could look like if things are humming along.
The Mornings of a Vancouver-Based Residential Real Estate Agent
Before the residential real estate agent leaves for the office, they are already going through their daily schedule to ensure every detail is in order. After a few quick glances at any emails that have come in overnight and some cursory notes of phone calls to return, it’s time to begin the trek to work.
The first task of the day is to return any urgent phone calls, answer emails, and confirm appointments for later that day. Multitasking allows the real estate agent to free up more time in their schedule during which they can address other tasks.
If there is an open house later in the day, the realtor should make sure all the materials are ready: the lawn and for sales signs, sales brochures, keys and access, talking points on the key selling points and the area, and any other pertinent information on the listing.
If the realtor is working for a buyer, this is also a good time to contact agents of properties to book showings or coordinate clients’ schedule to view open houses. The mornings are a great time to send these messages as it gives people time to reply within the day.
The Lunches of a Vancouver-Based Residential Real Estate Agent
Lunches are the best time to meet potential leads because many potential clients have to work during the day and want to spend their evenings and weekends with families. Therefore the one hour lunch break is often the best time when people are willing to meet their realtors.
If not meeting with a current client over lunch, the real estate agent will likely be busy scrolling through the news of the day, industry announcements and new pre-sales opportunities. These are all topics that clients and potential prospects are interested in. Keeping informed and staying current is important, as clients expect fresh perspective and knowledgeable answers when they call.
The Afternoons of a Vancouver-Based Residential Real Estate Agent
Afternoons are very unstructured. What happens really depends on the ongoing opportunities at that time. The realtor may end up answering calls, emails, messages about various ongoing deals, and relaying messages to the client.
If working for the seller, the realtor may be speaking with various interested parties to push each party to bid higher, while keeping the seller informed. If working for the buyer, the realtor will be putting in offers and keeping the client appraised of the status of the property of interest.
A big part of the job at this point is providing sound advice to the client (on what bid to take / give, timing, response) and also emotional support. The decision to buy, sell, or upgrade is highly emotional for the client and this is where the realtor can make a real difference. Ultimately, the decision to buy and sell rests at the client. But a good and responsible realtor acts as a beacon of stability who gives level-headed advice to the client, so that the client can get a fair and responsible deal.
The Nights of a Vancouver-Based Residential Real Estate Agent
Since most clients are at work from 9-5, it is often necessary for the real estate agent to schedule meetings and showings in the evenings. These sessions may be with new or current clients. During these meetings, it is an important time to review the client’s desired outcomes and strategies to achieve their goals. It is important that the real estate agent be able to effectively communicate the value they can bring to the client’s purchase or sale as well as their experience in helping past clients realize their desired outcomes.
If the realtor is working to sell a property, the real estate agent will host open houses in homes whose listings they represent. These most often occur on a weeknight or on weekends. During an open house, the agent essentially acts as a host, providing tours and highlighting aspects of the home that make it unique or special.
If the agent is working for the buyer, often times the realtor will accompany the interested buyer at numerous showings. These usually occur after work hours in late afternoon, evening or weekends (as most people have to work 9-5).
If not doing home showings or open houses, the realtor will now finally have some quiet time to follow up on any paperwork or plan on his or her own marketing and networking initiatives. Networking is the lifeblood of the real estate agent’s career. Taking the initiative to meet people and warming up to leads is critical in your success. After all, more contact means more leads, more leads means more deals, which ultimately means more commissions and earnings.
Career as a Realtor: Jobs and Growth
What Career Opportunities Exist for Real Estate Agents?
With the current Canadian mortgage industry sitting at $1.4 trillion dollars, it is not difficult to see that
What are the Advantages of Choosing a Career as a Real Estate Agent?
Why Should I Consider Becoming a Real Estate Agent?
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