Real estate is exciting—but let’s be real: the last few years have been incredibly challenging. Market volatility, rising interest rates, and economic uncertainty have tested even seasoned agents. If you’re considering starting your real estate career now, you might feel understandably cautious.
We’re here to help you navigate this career realistically, ensuring you’re well-prepared for both its challenges and rewards. Let’s dive into what becoming a real estate agent truly involves in today’s environment.
📚 The Boring Part: Licensing
Each Canadian province regulates licensing differently, but here’s your typical roadmap:
Eligibility Check: Age 18–19+, high school diploma, clean criminal record.
Education Programs: Province-specific courses covering real estate law, ethics, and contracts (think Humber College in Ontario or UBC Sauder in B.C.).
Licensing Exams: Pass provincial exams (usually 70–75% to succeed).
Choose a Brokerage: Mandatory sponsorship—prioritize mentorship and training over low fees.
Apply and Register: Background checks, insurance (errors & omissions), licensing application paperwork.
Join the Real Estate Board (optional but recommended): Provides REALTOR® designation and essential MLS access.
How long does this take? Usually 3–12 months.
💸 The Expensive Part: Costs
Brace yourself—starting isn’t cheap. Plan for about $7,500 upfront, including:
- Courses & Exams: ~$4,000 (generally tax-deductible!)
- Licensing Fees: Several hundred dollars initially.
- Insurance: Around $300/year.
- Board & Association Fees: Approx. $1,000/year.
- Brokerage Fees: Variable based on provided resources and training.
- Additional Expenses: Marketing materials, business cards, signage, tech, and transportation.
Tip: Save your receipts meticulously—most of these costs are tax-deductible once you start earning.
🌟 The Exciting Part: Choosing Your Brokerage
Your brokerage choice significantly impacts your career trajectory. Here’s how to nail your decision:
- Interview Several Brokerages: Ask about mentorship, training, and support specifically for new agents.
- Understand Commission & Fees: Cheaper doesn’t always mean better—low fees can indicate less support.
- Evaluate Culture: Seek collaborative environments with strong support networks.
- Leads & Marketing Support: Explore brokerage-provided opportunities like floor time, open houses, and marketing strategies.
- Broker Accessibility: Confirm that brokers and managers are available and eager to guide new agents.
💪 The Hard Part: Surviving Your First Year
Here’s the truth—year one in real estate is tough. Here’s how you survive (and thrive):
- Financial Realism: Earnings may initially be minimal. Have savings or another income stream handy.
- Network Continuously: Building genuine relationships is essential for sustained success.
- Embrace the Learning Curve: Practical experience rarely mirrors textbook scenarios.
- Budget for Taxes: Set aside 25–30% of your income immediately.
- Flexible (Sometimes Crazy) Hours: Real estate follows your clients’ schedules—expect evenings and weekends.
- Ongoing Training: Leverage mandatory and supplemental training to sharpen your skills.
- Celebrate Small Wins: Acknowledge every milestone, however small—it keeps motivation high.
🚀 How Can We Help?
Starting your real estate career is exciting but challenging—especially financially and administratively. At Accountly.ai, we specialize in simplifying the financial side of your business. Take a photo of your receipts (expenses) and invoices (income).
