Mississauga’s housing market is still seeing record highs. As more people are buying and selling, the job prospects for residential real estate agents in Ontario have been described as fair by the Government of Ontario’s job bank. So what are the steps toward getting a license and becoming a realtor?
Humber College, in Toronto, is currently the only college that provides the necessary courses required by the Real Estate Council of Ontario (RECO). As real estate is a regulated profession, all realtors must be registered with RECO. Before registering, you must complete the Pre-Registration Phase. The phase has 4 courses, 4 exams, and 2 simulation sessions. There is a maximum of two years to complete this phase.
Once that phase is completed, the next step is to register with RECO. That registration must be completed within one year of completing the pre-registration phase.
After you’ve registered with RECO, the only way you can renew your registration after two years is to complete the Post-Registration Phase, offered by Humber College. There are mandatory courses as well as electives, from which you would choose two. The electives are as follows:
- Working in Real Estate – Ownership Alternatives and Complexities
- Real Estate as an Investment Strategy: Residential Properties
- Real Estate as an Investment Strategy: Commercial Properties (Fundamentals)
- Working in Real Estate – Rural, Recreational, Waterfront Properties
- Real Estate as an Investment Strategy: Commercial Properties (Advanced)
Take a look at the easy-to-read graphic to see the timeline:
Finding a Brokerage
Finding a brokerage is your step between finishing your pre-registration phase and registering with RECO. There are a wide variety of options to choose from, so find the one that best suits you; whether it’s a smaller, independent brokerage or a huge multinational corporation. Keep in mind that with very few exceptions, most brokerages will require a regular fee. This can look like a franchise fee, a desk fee, or a combination.
If finding a brokerage seems daunting now, look at the area where you currently live. It’s a great place to start. You can also see a list of brokerages on RECO’s website.
As previously mentioned, RECO regulates real estate professionals and makes sure the public interests are protected. They enforce the rules that all real estate professionals must follow. After completing the education requirements at Humber College, applicants must complete RECO’s registration through their own portal. The current fee schedule, listed on RECO’s website, has the registration fee as $590. After submitting your registration, all applicants must purchase insurance coverage. This insurance protects the realtor and the client with errors and omissions insurance, consumer deposit insurance, and commission protection insurance. At the time of writing, the yearly cost of insurance is $475. Additionally, applicants will have to complete a Canadian criminal record check.
In the first two years as a licensed realtor, you must complete mandatory continuing education courses. These must be finished in your first two years. Following that, you must continue to take continuing education courses, which are offered by RECO every two years in order to renew your registration.
Depending on the real estate market that you live in, you may find yourself competing against a larger number of realtors compared to the number of homes being sold, but don’t let that discourage you! You also have a higher average commission per transaction, because Mississauga’s home prices are quite high. As you look for brokerages to work at, take a look at the Government of Canada’s listing for more favorable areas to stake your claim.