Getting your Real Estate License in Vancouver, BC
Are you considering becoming a Realtor? Do you want to know how to get your Real Estate license in Vancouver? If so this blog will show you how.
The real estate profession is like any other business. Most businesses fail within the first year. Aprox 90% of all Realtors drop out of the industry in the first 2 years. There are two main reasons this happems.
1. The lack of prior sales training. real estate school does not teach you sales skills. Pretty ironic when it's the exact skill needed to thrive and survive. Given the high fees they collect from licensing, insurance and continued professional education... their motives might not be inline with thier purpose.
However, with the correct training from the start, newly licensed agents can get a huge advantage and literally earn more money in their first year than their doctor or lawyer does.
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2. The lack of understanding that this is not a 9-5 job where you get paid every two weeks. In my 15 years of the business, the shortest time I received a paycheck was 5 days and the longest time was 365 days. It could take on average 90 before you get a paycheck. This means that you could miss monthly payments on your house, car, cell phone and any other obligations you have if you're depending soley on your real estate business.
However, with the right training you'll have at least one paycheck every month. The average commission in Vancouver is aprox $12,000.00
First you have to take the course Real Estate Trading Services Licensing Course through UBC Sauder. This is an online course and the only way to get licensed in BC.
The Licensing course takes anywhere from 4 months to a year max depending on how much effort you put in. During my class, a lady finished this course in 3 weeks. Any longer than a year and you have to do it again.
Tuition for first time applicants is $2,000.00
You must complete all 20 assignments which consist of 20 questions per section of the study material. You must get 13/20 on each assignment which is multiple choice.
After completing all the assignments you must pass the licensing exam. This is written at UBC and consists of 100 multiple choice questions. You need atleast 65% to pass.
You then must complete the hands on practical course within one year of passing your exam. This course costs $875.00 and is divided into 4 parts detailed below.
• Modual One:
In this two-week online component, learners acquire the knowledge needed to apply and practice the requirements of agency, disclosure and drafting enforceable contracts. This component builds on the concepts introduced in the Licensing Course and provides learners with opportunities to assess and build on their competencies through the use of activities, quizzes, discussion forums and Gateway Assessments. This component is asynchronous and is facilitated by two experienced instructors.
• Modual Two:
This component of the course is facilitated over two days and is classroom based. Through the use of immersive role-play, learners practice and apply the knowledge acquired in component one. Videos, case studies and industry standard forms are resources used to enhance the learner’s overall knowledge of the core concepts of agency, disclosure and contracts. Learners should come prepared to actively participate in this engaging two-day intensive component. This component is offered over two days and is facilitated by two experienced instructors in the classroom.
• Modual Three:
This component consists of the completion of six practical field assignments over 4.5 months. Each assignment has clearly stated learning outcomes, instructions for completion, supporting resources and reflection questions. Learners must have received their temporary licence, as they are required to participate in activities requiring a real estate trading services licence in order to complete this component. This component is conducted in a brokerage setting and is supported by online resources. There is no instructor presence in this component of the course as learners are completing the assignments while working in a brokerage and under the supervision of their managing broker.
• Modual Four:
This final component of the course provides learners with a
•final in-class day to review agency, disclosure and contracts. Learners will also address future professional development to strengthen their skills. This final one-day classroom-based component is facilitated by an experienced instructor.
Once you have completed this final practical course you are good to go. Now you must interview some brokerages that you want to work for. Although they are your employer, you're basically interviewing them, as most brokerages will hire you just so they can collect your monthly office fees. And yes to be licensed you must work under a brokerage such as (Sutton, RE/MAX, MacDonald Realty, etc). All in all you’re looking at about 1-1.5 years worth of course work and exams to get your Vancouver real estate license.
Even after all this, there is a 90% chance you will quit the business within two years. Not to mention, a tarnished credit rating. But with the right training you'll go on and see what a wonderful business real estate sales can be.
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