What: Real Estate As A Career Workshop
When: Saturday September 16, 2017 – 2:00 p.m. – 4:00 p.m.
Where: University of Toronto Downtown
Investment: $50 for those those who participate in the “Real Estate Math Workshop” and $100 for others
Who: Real Estate Career Coach Chilla Riddle
Everything you should know about a “Career In Real Estate”, but didn’t know to ask!
Course description:
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Next Math Prep Workshop for both the OREA Admissions Test and OREA Course 1 (Real Estate as a Professional Career)
When: Saturday September 16/17 – 9:00 a.m. – 1:00 p.m.
Where: University of Toronto – St. Michael’s College – Carr Hall – 100 St. Joseph St.
Who: John Richardson – Ontario Real Estate Broker, Lawyer (Member of the Ontario Bar) and exam prep instructor
Fee: $95 – HST and materials included payable in cash only at the door
Registration is available by email or through Eventbrite.
BONUS!!! Take Chilla Riddle’s “Real Estate As A Career” course on Saturday afternoon September 16 for the discounted fee of $50.
Welcome to your career in real estate!
You have just taken your first step towards a rewarding career in real estate. The real estate industry and profession in Ontario (and other jurisdictions) is heavily regulated. You can achieve your license to sell real estate in as little as four months.
The mission of Real Estate Prep is to help you:
– make the decision to enter the real estate industry
– offer you independent tutoring for the OREA real estate exams
– provide you with training as a newly licensed real estate agent
We also offer Real Estate University which is a series of short courses for the general public to help them buy and sell their homes.
We offer you independent real estate preparation courses and study aids, for the exams required to become licensed to be a real estate agent in Ontario. These courses include: OREA real estate math, OREA exam tutoring, the OREA admissions test, and Ontario Real Estate Career Coaching.
Opinion Piece: What follows is nothing more than an “opinion piece”. That said, my “opinion” will make sense to some people
The real estate may be slowing but …
Canada’s real estate boom has been fueled by artificially low interest rates. The low interest rate environment has resulted in the following:
1. It has been harder to get a return from money and certain financial assets. This has been painful for people living on pensions and a small investment portfolio.
2. Low interest rates have lowered the cost of home ownership, which has increased the demand for real estate.
3. The increased demand for real estate has led to huge price increases.
4. The increase in prices has increased the cost differential between renting and owning.
5. Renting is now a comparatively better deal. This has increased the demand for rentals.
6. The ebb and flow (ups and downs) continues …
7. It is now harder to make a good living (the easy money is over) as a “real estate sales person”.
8. More and more “real estate agents” will seek other kinds of employment. Many of then will wish to reduce their costs by “Park their real estate license” with a broker who is NOT a member of “organized real estate“. Of course they will have to stop using the “trademarks owned by organized real estate”.
9. Some real estate agents will leave the profession completely. There will be less demand for “real estate as a career”.
10. Remember that your real estate license has economic value. You worked hard for it. You have invested lots of money in it. You have made lots of money from it.
The rules and procedures for getting an Ontario Real Estate license have changed in Ontario. Starting in 2019 “educational function” will not be handled by OREA but will be transferred to Humber College. I suspect that is will be more difficult and more expensive to earn an Ontario Real Estate license after Humber takes over the educational function!
My advice:
Invest in getting you real estate sales and/or brokers license NOW while the program is still being run by OREA!
For many the first step will be taking the OREA admissions test. Consider how to best prepare for and pass the OREA exams!
By beginning the process now you will acquire an asset with significant economic value at a time when it is easier to earn it!
When the real estate market goes up…
But, what goes up goes, down. When the real estate market goes down …
Whether the “real estate boom” is over or not …
It’s clear that it will harder for Ontario real estate agents to make a decent living. Even if the “real estate market” continued it’ frenzied pace, there are more and more “real estate agents” chasing the supply of listings and the new buyers. More and more buyers are attempting to sell their properties outside the conventional model. They are attempting to sell themselves by using discount brokerages. In short, many sellers are are attempting to avoid the fees that they must pay to use the services of a “full service broker”. It’s time for Ontario real estate agents to consider carefully how real estate agents provide value to their clients.
In order to maintain your Ontario real estate license you must:
It’s important to note that:
1. The license to work as an Ontario sales agent or carry on business as an Ontario broker is governed by REBBA (“Real Estate and Business Brokers Act”). It is REBBA that prescribes the rules for getting the license and maintaining the license. RECO (the Real Estate Council of Ontario) is the organization that administers REBBA.
2. Membership in “organized real estate” is voluntary. If you are NOT part of “organized real estate” you may keep your real estate license as long as you are affiliated with a broker who is NOT a member of “organized real estate”.
Some real estate professionals may wish to temporarily cease employment as a real estate sales person but keep their real estate license active. This can be done by “parking”, “keeping” or “shelving their license” with a broker who is NOT affiliated with “organized real estate”. (The requirement to meet the REBBA requirements continues.)
You will find that it costs far less to maintain your real estate license with a broker who is NOT a member of “organized real estate”.
What if you cease to be a member of “organized real estate”? All you need do is “stop paying the fees”.
There is “good news” and there is “bad news”.
First, the “good news”: You will avoid all the fees required to be member of “organized real estate”.
Second, the “bad news”: You must cease using all the trademarks owned by “organized real estate”!
The trademarks owned by CREA “Canadian Real Estate Association” and “organized real estate” include:
– the word “realtor”. The word “realtor” is a trademark owned by “organized real estate”. Nobody can use the word “realtor” unless they are a member of “organized real estate”.
Examples of prohibited uses of the word “realtor” include:
– the word “MLS”. “MLS” is a “trademark” owned by “organized real estate”.
Conclusion
Those real estate sales and agents and brokers who wish to take a vacation or sabbatical from their real estate careers by “parking”, “shelving” or “keeping” their license with a broker who is NOT part of “organized real estate” should NOT use the CREA trademarks. In particular, they should NOT use the “.realtor” domain name as their email address! It would be unwise to be in a situation where the continued use of an email address would infringe the trademarks of “organized real estate”!
In a previous post I discussed “The acronyms” of “organized real estate“. The purpose of that post was twofold:
1. to explain what is meant by the phrase “organized real estate”; and
2. to emphasize that one can be licensed as either a “sales person” or “broker” under the Ontario Real Estate and Business Brokers Act” (“REBBA”) and NOT be a member of “organized real estate”.
Who you are (a licensed broker under “REBBA”) is different from the organizations to which you may belong (“CREA”, “OREA”, “TREB”, etc.). As you consider how to best build your real estate career, you will certainly consider which of the many associations of “organized real estate” to which you wish to belong.
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The cost of becoming an Ontario real estate agent or broker and the cost of remaining an Ontario real estate agent or broker
The real estate industry in Ontario (and every where else) is a “licensed profession”. There are costs to becoming a licensed real estate agent. There are costs to maintaining your real estate license. That said, the costs are far less than the costs associated with other professions.
The licensing costs are subject to change. Effective January 1, 2017 the “Real Estate Council of Ontario” (“RECO”) has increased the “licensing fees”.
RECO’s announcement is here and a chart of the new fees is here.
Notice-of-Fee-Changes-and-New-Fees3
Taking a break from Real Estate? Don’t let your license lapse! Keep your license active!
You worked hard to earn your license. If you take a break from your real estate career you should keep your license active.
Here is how to both:
The above tweet references the announcement by RECO that they have selected their new educational services provider AND who that provider will be. The new program will be delivered by Humber College and NIIT Canada.
It is possible to qualify as a sales agent and/or broker under the existing OREA course structure by beginning before mid 2019. My guess (pure speculation) is that the new program will be longer and more difficult. The expression “better the devil you know, rather than the devil you don’t know” is possibly apt.
My advice: Begin the existing OREA program quickly! For further details see the RECO Fact Sheet below.
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The article referenced in the above tweet is extremely important. The days of “multiple representation” may be numbered.
The article includes the following reminders:
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In December of 2014
What follows is an email that I received this morning. The above tweet references the following information. In summary:
1. It appears that the content – in terms of the required courses – of the existing licensing process will continue until 2019.
2. People will have now have to complete ALL five of the required courses before starting the articling process. The one elective will be taken during the articling process. This will take effect on April 1, 2016. Therefore …
3. Although not explicitly stated, it appears that OREA will cease (possibly completely) to be the sole course provider for RECO Ontario Real Estate exams.
It is very clear that starting in 2019 it is becoming to become much more difficult to achieve either a Broker’s license or a license to see real estate in Ontario.
So, if you are considering a career in real estate, you should get moving!!What follows is the information received …
Important changes are coming to pre-registration education that will boost the knowledge of new entrants to the profession.
>RECO is making these changes with support from OREA, the current education provider.
Beginning April 1, 2016, aspiring registrants will have to complete five courses before they can register to trade in real estate, instead of three. The two additional courses, including property law, were previously articling requirements. Including them in the pre-registration phase will help aspiring registrants hit the ground running when they enter the profession.
The change will apply to those who enroll in the pre-registration program beginning April 1. Those who enroll before that date will be subject to the current three course requirement.
“Real estate is a demanding profession, so aspiring registrants and their clients will benefit from additional education before they start trading,” says RECO Registrar Joseph Richer. “We’re pleased to have worked with OREA to make this happen.”
“Improving education standards will help ensure that the salespersons of tomorrow are even more knowledgeable and capable right from the start,” says OREA CEO Ed Barisa. “As the long-standing RECO-designated provider of real estate education in Ontario, we look forward to implementing this change. And, as always, we will continue to work to improve the student experience at the OREA Real Estate College.”
Development of new registration education program ongoing
Effective April 1/16: @RECOHelps announces changes to Real Estate Licensing Process
In addition, RECO and OREA have extended their education contract until December 31, 2020.RECO has been engaging in a thorough review of registration education, and will launch a new program in 2019. The extension of the contract with OREA will allow for an 18-month transition period between the current and new programs.
Richer says: “During our comprehensive review of the current program, we heard time and again that new registrants needed to be more practice ready when they enter the profession. We worked with OREA to see what could be done now to move us closer to that objective, as we work to renovate the program for the long term.
“The best solution was for the courses to be moved from the articling phase to the pre-registration phase. Extending the contract with OREA gave us the opportunity to make this much-needed change right away and provide us the time to build the new structure. This was an important first step in the move to the new registration education program.”
You can learn more about the work on the new program here.
More info about additional courses
The Residential Real Estate Transaction and The Commercial Real Estate Transaction
Aspiring registrants will also now be required to take both the commercial and residential courses prior to becoming registered. Previously, they would take one before registration and the other during the articling phase. Our consultative review of the program showed wide-spread support for this change, ensuring that new registrants have understanding of both commercial and residential right from the start.
Real Property Law
The existing registration courses cover real estate law, while Real Property Law reinforces and expands on the concepts that students have learned.
New learning path
OREA has produced a learning path that illustrates the revised requirements.Chart of the course changes
Enrolled before April 1/16
Enrolled on or after April 1/16
Pre-registration – three courses:
- Real Estate as a Professional Career
- Land, Structures and Real Estate Trading
- The Real Estate Transaction – General + The Residential Real Estate Transaction or The Commercial Real Estate Transaction
Pre-registration – five courses:
- Real Estate as a Professional Career
- Land, Structures and Real Estate Trading
- The Real Estate Transaction – General + The Residential Real Estate Transaction
- The Commercial Real Estate Transaction
- Real Property Law
Articling – three courses:
- The Residential Real Estate Transaction or The Commercial Real Estate Transaction (whichever they did not complete in pre-registration)
- Real Property Law
- One elective
Articling – one course:
- One elective
For more information about pre-registration education, visit the Ontario Real Estate College website.
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Ontario Real Estate Preparation Course - Independent Tutoring for OREA Exams - Real Estate Math - Toronto, Canada 