Why are there so many Realtors out there?

There’s a perception that the real estate industry is a lucrative one and that you can make a lot of money. While this is definitely true, success in the real estate industry is something that only less than 10% can achieve. Many get licensed and do okay for the 1st and 2nd year but then change career paths after they have finished serving their friends and family and have run out of clients.

It’s not difficult becoming a real estate agent. Here are the 4 steps:

  1. Language Requirement. English is the language used for all real estate documents set by the Real Estate Council of British Columbia (RECBC), and you need to know enough to have an understanding of these documents. This is evaluated by a Language Proficiency Requirement which candidates must satisfy before registering for the licensing exam.
  • Education of 2 courses. You will need to take a Real Estate Trading Services Licensing Course which introduces you to the legal side of things;  
    • how to write a contract
    • how to interpret contracts
    • what to say and when to say it

After taking this course, you will be licensed to work under a real estate brokerage. Taking the Residential/Commercial Trading Services Applied Practice Real Estate Course builds on your knowledge from the first course.

  1. Find a brokerage, and have them sign your licensing application. The BC council approves your application and you become a real estate agent.
  2. Join a real estate board. This way, you can gain access to online Multiple Listing Service (MLS), Paragon (the dashboard to view sold history and perform detailed searches) and standard forms when performing transactions with your clients.

As you can see from the steps outlined above, the bare minimum you really need is to take a licensing course which is approximately a year long commitment but can be done in as quickly as 3 months. Not too difficult or as lengthy compared to some other professions and there is no other requirement aside from taking the course, being able to communicate, read and write in English.  On average there are 10,000 to 14,000 active members at a time registered with the Real Estate Board of Greater Vancouver.