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The Urban Jungle
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Career in Real Estate Industry

M

Mortamer

Guest
Hey all
Love the site, new user here looking for a little feedback.
What you you guys think of a career in Toronto Real Estate right now?
I almost made the jump a year ago, and curious if you think that the current
economy has changed so much that its not worth the chance?
My interest is mainly starting in a Mortgage Brokerage.

Thanks for all the info
 
Hey Mortamer,

I'm taking courses now but have been over the year or so and now am wondering if it was the right decision. Not sure if now is the time to dive in....but also looking at the other side of it..maybe now is the best time to get in - trying to look for the silver lining...
 
Mortamer, I work as an appraiser. I deal with quite a few mortgage brokers. They seem to come and go. My observation is that you should associate yourself with a large brokerage until you can get at least a year or two of solid experience, and get to know who's who in the business. This business depends quite a bit on interpersonal connections, and if you don't have those yet it will take you a bit of time to become established.

Real Estate Girl, again from just personal observations (somewhat limited): we seem to be going back to having a lot of agents working on a part-time basis. The sales volume numbers are ugly at the moment and simple math tells you that many, many agents are going for weeks at a time without making a sale. If you have something else that you could do at the same time as sales, preferably with flexible hours, I would say, go for it! Best wishes.
 
Thanks a lot for your insight.
Yes I currently work f-t in another industry and will likely try it out on a p/t basis to start and take your advice, get to know who's who and establish some solid connections before making this a f/t thing.
I have heard that the numbers are not so good right now.....

-REG
 
I currently own my own business, so I would have to go in PT at first.

Thanks for your reply Observer.

Good luck REG
 
With the dismal sales numbers, make sure you can cover the costs. It doesn't hurt to wait a little too. I think there are something like 30,000 real estate agents in Toronto currently. That number will probably be lower in a couple of years. Then again, if you put your heart into it, you will do well in any market! Cheers.
 
Yes, I think the "working hard" part is the key. Its been pretty easy for the past 10 years (or so I am told), so now the "real" agents will probably succeed in this market!

REG
 
in terms of RE agents, i see today's economic situation as a "cut-off" to determine the individuals who are more serious about the profession, just like any sports team. :D

in response to OP, it also doesn't hurt to have a license lying around for future use. So i'd say, finish up your course and don't speculate what is going to happen in the future. Just finish what you've already started and go from there.
 
Last edited:
Changing Business

The licence doesn't lay about; It still needs classes and licence fees or you need to "park" Parking is income by referral and no trading.

There are other licencing fees to be paid.

Was selling in 90- 95 and this cycle seems different.
 
Follow your passion!

I have to echo the sentiments that if you are really passionate about something than there is no time like the present. Getting in when times are tougher can be a blessing in disguise because you learn the ropes during the hard times and then when things pick up you are sitting pretty.

I'm in the real estate industry and I know that most big companies have put a freeze on any hiring, even if they really need to fill a critical space. Everybody is waiting to see what everybody else does and nobody wants to make the first move.

I work in commercial and residential asset management so I'm not as familiar with the residential brokerage side but despite the state of the market and the fact that there are more sellers than buyers there is always room for a passionate individual in any industry at any point in the economic cycle.
 
Well said livdb,

I'm pretty passionate and will see my courses through. And i agree, this may be the best time to enter into the market as an agent. There will be plenty of time to learn the ropes and the skills necesssary to really be a good agent.The money part will come in time....

REG
 
Here is a question for you REG, and anyone else who is may have the answer.
Im just getting started, and interested in whether or not i need to be sponsored by a specific firm, or can i take all three (or 4 if i choose to do the commercial as well) an an independent agent. Ive heard both.

As far as the Brokerage angle, i ask the same question. To enroll in classes do i need to be sponsored by a mortgage company, or can i enter independently?

Thanks for all the help.
 
Mortamer,

I'm not sure what you mean by "take all three"? In order to practice real estate as a licensed agent, you need to be employed by a real estate brokerage. If you're asking if you can be employed by 3 brokerages at one time, I'm not sure of that answer but my guess would be no. I'm not licensed or practicing yet so I don't know for sure-don't take my answer as gospel. If there's anyone in the real estate industry who knows, I'd be interesed in the answer as well!

REG
 
RealEstateGirl said:
Mortamer,

I'm not sure what you mean by "take all three"? In order to practice real estate as a licensed agent, you need to be employed by a real estate brokerage. If you're asking if you can be employed by 3 brokerages at one time, I'm not sure of that answer but my guess would be no. I'm not licensed or practicing yet so I don't know for sure-don't take my answer as gospel. If there's anyone in the real estate industry who knows, I'd be interesed in the answer as well!

REG
Click to expand...

Hi again REG, i was not as articulate as i should have been sorry.
When taking your classes at OREA, i know that you do not need sponsorship from a Real Estate company to when taking Phase 1: Real Estate as a professional career. However, when taking Phase 2: Real Estate as a professional career, im curious if i can take the class without the sponsorship, or conditional employment from a Agency. Same with Phase 3: Residential.

Basically, i want to know if i need to have a job waiting for me in the business in order to take all there phases of the licensing process. Is it possible to take all three phases of the licensing without an agency's sponsorship?

I hope that was a little clearer.
 
agency sponsorship?

as far as i know, you have to complete 3 phases @ OREA + Real Property Law + a choice of course (must select 1 out of the 3). From my understanding, you must complete all this before applying to any brokerage.

I believe it is also explained in detail on the OREA website.

hope this helps
 
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