The tips and tricks on how to be a realtor who makes it big and earns a six-figure salary.
Working as a real estate agent in Canada presents a good opportunity to earn a handsome amount of money. The sustained rise in real estate prices, particularly in the larger cities of the country such as Vancouver, Toronto and Calgary, helps to drive the earnings of real estate agents for the long-term.
For instance, real estate agents’ career advancement and income growth can be provided by gains in population and household formation. These two factors are oftentimes combined to stimulate demand for new home construction and new housing. This being said, real estate agents should be on the look-out for popular cities with lots of potential development and future growth.
How Much Money Do the Best Agents Make?
A six-figure annual income is a norm for the top real estate agents in Canada. In one industry report, it was estimated that those with the most experience earn up to $170,000 per year. Although, the average annual take for agents evens out at $100,000.
Real estate agents in entry-level positions can expect an average yearly income of $33,000, which is roughly equivalent to the national median yearly income for individuals in Canada. Agents’ average earnings notably fluctuate from city-to-city, ranging from $89,826 to $108,367 per year.
Ways to Earn More as a Real Estate Agent
As in any career, it would take a great amount of dedication and hard work to make good money as a real estate agent. Earning largely on a commission, as agents do, is a challenging proposition that requires a firm commitment.
In pursuing a career as a real estate agent, you must recognize that, as a self-employed individual, you have the upside to become more enterprising and entrepreneurial. You enjoy flexibility and autonomy in your career path, and these factors can be very strong motivators.
Here are a few basic tips helpful in plotting a road map to make good money as a real estate agent.
Actively Seek New Clients
Your success as a real estate agent hinges on how expansive your network is and the ways you employ on continuing to grow it. Make it your mission to meet new people. This you can easily do by joining clubs, volunteering in community projects, signing up in sports teams or participating in hobby classes.
As you expand your network, ensure that you are building meaningful and not merely casual relationships. It is from the folks with whom you have established meaningful ties that you can expect to generate strong leads to real estate sales or purchases that make good money.
Find Your Area of Expertise
Focus on the particular real estate sectors that appeal to you the most or where your skills, expertise, and network are their strongest. Strive to brand yourself as an expert in certain market niches, such as commercial real estate, rental properties, luxury homes, or entry-level residences.
Similarly, you can also build yourself up as a neighbourhood expert, specializing in certain communities or market areas. Buyers and sellers would typically trust a neighbourhood expert who has insider knowledge or info of certain localities.
Get a Real Estate License
Working as a real estate agent in Canada is a regulated profession. Hence, you need a license for this. A real estate agent’s license could be obtained after successfully completing relevant courses through the real estate council or association in your particular province.
File a license application with your provincial licensing agency, which needs to be accompanied by sponsorship from a licensed real estate broker. You have to maintain your licensing, pay the necessary fees, and as may be required, take additional real estate courses.
As a real estate agent seeking to make good money on the market, it is an advantage too for you to join the Canada Real Estate Association. Membership in the association helps you to be recognized as a professional in the real estate trade, constantly updated on its ever-changing dynamics.
Present High-Quality Photos
Real estate marketing requires professional photography, especially nowadays that the marketing of properties online plays a vital role in drawing the attention of prospective buyers. Web-based presentations of market listing are first shown virtually, which means that an agent must deliver to make a strong first impression and/or message.
Real estate photography has likewise been elevated to the production of virtual property tours. With these viewer-friendly tours, your real estate clients can remotely explore the property and its components. These visuals help a lot in building market interest— thereby sending you on a path to make good money on real estate deals.
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