5 Things to do before you get your Real Estate license

In Ontario, Canada you are required to take 3 educational courses prior to obtaining your real estate license.  These courses can take from 4-8 months to complete so what should you be doing in the meantime to prepare for you real estate career and the opening of your new business.


5 things I recommend you do are;


  1. Build your database - everybody knows people so start adding them to your database. Decide on the methodology/technology you are going to use and start inputting the information.  Gather as much information as you can names, phone numbers, email address, address work & home, birthdays, family members etc.  No harm in reaching out to these people & letting them know you are in the process of getting licensed and hope they will help you when you are.


  1. Market Knowledge - get to know your market place.  If there are new builds in the area visit the home sites and get floor plans, price sheets & learn about the builders cooperation plans, visit open houses on the weekends, meet the agents, introduce yourself and tell them you are going to be an agent (be prepared for the good the bad and the ugly when you do). Get school, recreation facility, Community amenities information, shopping centres, learn transit routes and commute times, local business and major employers, etc.


  1. Meet with Real Estate Brokers - set up appointments with local real estate brokers (even if you have decided where you will be licensed - they will be your competition and knowing their strengths & weaknesses will give you an edge).  Ask about their policies, commission plans, market share and technology but focus on the most important - their training programs and how they will help you succeed, if you join them.  Don't just let them explain the training - get them to show it to you, ask who will be providing it and if there are any costs associated with it. If the Broker doesn’t do the training ask to meet the trainer, You will be spending a lot of time with this person, you should meet them to make sure there is a good match.


  1. Meet with successful Real Estate Agents - invite several successful agents to coffee or lunch (expect to have to pay) and ask them how they got started, what systems bring them the most leads, what they do on a daily basis, what are their biggest challenges, what they think is the most challenging things for a realtor, etc.  Most realtors are willing to share and will appreciate your interest.  It’s also a great way to start your network and develop business alliances.  Real Estate is very competitive but successful realtors also know that they must cooperate with other agents to be successful.


  1. Write your business plan for the first month, six months and year -  a recent Sales Representative I hired told me after the first month that “he didn’t know what he didn’t know” when he first started in Real Estate which is why I suggest a 30 day, 6 month and 1 year plan. Things will change and change rapidly in the first year you are in the business but without a written plan you will find it significantly more challenging than with one - I believe in the old saying “Failing to plan is planning to Fail”.  Your business plan will give you focus in the early days of your career.  Work with the Broker you have selected to develop this plan and be prepared to hit the ground running as soon as your license is issued.


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