Know The Costs

Within Alberta, the costs of becoming a realtor and obtaining and maintaining a license – which is required – vary based on what type of real estate you practice. You have four areas to practice in, and you can choose to specialize in one or choose all four. The costs will vary depending on which licenses you obtain. The four areas in the real estate sector are property management, residential real estate, rural real estate and commercial real estate. So first, decide if your passion is to assist a business in relocating its space, help a young couple buy their first home, help clients buy and sell ranches or lease properties on behalf of a landlord.

You will need to take the appropriate courses for your specialty, with an investment of $800-$1200. Once your courses are complete, you will join a brokerage where there will be fees that vary per brokerage and their fee structure. Once employed at a brokerage, you will apply to obtain your license from the Real Estate Council of Alberta (RECA), which you also renew annually.  Licenses range from $475 to $650, depending on your industry, licence type, and practice area. Another optional yet common cost is joining trade associations, which would carry a fee. There are also optional additional courses you may consider over time to stay updated on market trends and industry changes.

Determine Eligibility

To become licensed as a realtor, regardless of which area you choose, you will need to be at least 18 years old, be able to legally work and study in Canada,  have government-issued identification, and have at minimum a high school diploma or equivalent, and be proficient in English. In addition, RECA offers applicants may require a suitability review for candidates, which can assess their eligibility before going too far down the path of becoming an agent, to review items that may affect the licensing, for example, past criminal proceedings, and civil proceedings, bankruptcies and so on.

Complete Course

All courses are completed through a third-party course provider that RECA has approved. A list of partners can be found on the RECA site. The costs and delivery method – online, in person etc., will vary, so you will want to consider what option is best for your lifestyle.

Join a Brokerage

Joining a licensed Alberta brokerage is the next step you will take after you complete your coursework. There are many considerations when looking at a brokerage. You will want to weigh the brokerage charges, mentorship opportunities, resources, and atmosphere costs. Brokerages may have a set monthly fee that you will pay each month, regardless of your sales or income, which can be very daunting, and sometimes prohibitive for a new agent starting out. Other brokerages are built on a deal fee model, where you pay a fee to the brokerage for the deals you do. When it comes to mentorship, you will want to find out what the philosophy is of the broker and senior agents.  Is it a team atmosphere where agents work together, or are the agents hanging their licence at the brokerage but working extremely independently? What resources does the brokerage offer to an agent? This can include marketing support, administrative support, training and so forth. There is a lot to consider, and where you choose will significantly impact how you start your career, so ask all the questions, weigh all the options, and choose the best fit for YOU!

Get Licensed

The first thing your brokerage will do is help you get licensed! Once you have signed on with them, the broker will complete the licensing process with you. You will create a myRECA account, complete and submit the forms, pay the fees, and then RECA will process the application. Then you watch your account status change to active. Once that happens, you are a fully licensed realtor!

Start Selling!

Now the fun begins! You are a fully licensed agent and can start working with your clients on their real estate needs.