Do You Have What It Takes To Be A Successful Real Estate Professional?
A career in real estate is demanding and rewarding. It requires commitment, discipline, motivation, enthusiasm and flexibility. A basic understanding of the real estate industry and market is a must. After all, the market is dynamic and competitive, legislation changes frequently and new technologies continuously emerge.
Careers in the field of real estate have changed significantly over the years and are more exciting than ever. Advancements in the areas of technology and communications, the greater need for specialized knowledge and the expansion of marketplaces, are redefining the role of the real estate professional, and creating new demands and opportunities.
Real estate associates must be:
- enthusiastic self-starters
- continually developing leads and cultivating clients
- prepared to make many sacrifices in their daily lives
- familiar with technology (computers, the Internet, cell phones, etc.)
There is no quitting time and the phone will ring at any time of the day or night. Personal schedules must be arranged to suit clients’ needs. Still, successful Real Estate Professionals are able to keep perspective and create balance.
Most Real Estate Professionals earn their income by commission. They may make a sale one week, then not another for two months. They have to budget their money to last between sales. Earnings will vary by area, type of property sold, local market conditions and specific brokerage policies. Personal expenses, however, apply to all real estate associates and include licensing fees, insurance, real estate board/association dues, advertising and other costs associated with telephones, cell phones or computer services.
Real estate practitioners must successfully complete a number of courses to acquire and maintain their licence and must keep up to date with changes and trends in the industry.
A Career in Real Estate
A career in real estate provides flexibility and freedom to set your own pace. Successful people in real estate are goal-oriented, persevering, self-motivated, ambitious and people-oriented. Entry into the real estate field depends on education, training and interests.
In real estate, a salesperson is an individual employed by a Broker to trade in real estate, who has met provincial licensing requirements. As a member of organized real estate, they belong to a local real estate Board or Association and are employed by a brokerage who is a member of that Board/Association.
A Broker has met provincial licensing requirements, which typically includes both experience and education criteria. They may then manage and own a brokerage. A brokerage company may be an independent company, locally-owned and managed by a Broker, or be a franchise brokerage owned and operated locally, or a national franchise office which is corporately-owned and managed locally.
Once you get into the field, you’ll be employed as a salesperson or sales associate working in affiliation with a large or small brokerage. With experience and additional education becoming a real estate Broker is a next step you can persue. Brokers can own their own businesses and employ other salespeople.
In residential real estate, helping people buy and sell homes is one of the most important and basic services a real estate agent performs. The real estate agent’s expertise facilitates the transaction, saving clients time and money and avoiding problems. On the other side of the coin, commercial real estate specializes in income-producing properties, such as apartment and office buildings, retail stores and warehouses, shopping centers and industrial parks. To understand and explain why these properties are good investments, commercial salespeople need to be aware of growth possibilities in the area, current income tax regulations and purchasing arrangements that give the buyer the greatest possible return on investment.
Entry into the real estate profession takes preparation. As with other professions, provincial licensing is required. Licensing requirements vary across Canada, but all provinces and territories require prospective REALTORS® and Brokers to pass a written exam. The first step towards obtaining your real estate agent’s licence in Newfoundland and Labrador is to registration and complete the provincial pre-licence course. See more information on the pre-licence course here.
Mandatory Continuing Education
To maintain your license in Newfoundland and Labrador, you must complete several approved mandatory education courses. The NLAR Board of Directors approves the courses.