Working as a Broker

Working as a Broker You are not allowed to work for more than one broker Real estate brokers can hold multiple licenses These include Mortgage License, Canadian Securities Licenses You cannot hold home/auto insurance licenses or work for a bank since this will create a conflict of interest This is because if you purchase a ruined home and insure it, there will be a conflict of interest It would be like Alcoholics Anonymous selling Alcohol

Broker of Record The Broker of Record is responsible for running and maintaining the brokerage They are the highest authority in the brokerage and exercise maximum control, even more than the CEO of the brokerage No brokerage can run without Broker of Record RECO does not issue license if a brokerage does not have a Broker of Record Real estate office just another office without a Broker of Record

Broker of Record You must have minimum of two years experience as a licensed Real Estate Sales Representative and you must have completed your Articling and Broker Course to become a Broker of Record You can become a Real Estate Office Manager if you have two years of experience in the field

Organized Real Estate Organized real estate entails a three-way relationship between CREA, Provincial Association such as OREA and Boards such as TREB 85% of brokerages constitute organized real estate They are part of local boards (TREB), CREA, OREA

Non-organized Real Estate Non-organized brokerages may be in a specified niche that does not require MLS For instance, if a brokerage is dedicated to only selling a certain builders development Both brokers belonging to organized and non-organized real estate must be members of RECO because RECO issues licenses

Selling/Listing Process Prospecting Qualifying & showing Offer preparation Offer presentation Follow-up

Market Opportunities Residential re-sales – brokers get information from MLS, company files and local registry offices New homes – OREA does not provide a standard agreement for any new sale, and there is minimal direct involvement with the listing function Rural, recreational and agricultural Condominiums

Market Opportunities Commercial property (also known as ICI – industrial, commercial and investment) Industrial real estate entails the selling or leasing of manufacturing or warehousing space There are three types of industrial real estate users: General Purpose Specific Purpose Single Purpose Retail or Office Real Estate entails sale of businesses (with/without land) or the sale or lease of retail office facilities Investment real estate entails the sale of office, retail, industrial and residential real estate that produce income

Qualities of Re-sale Brokers The job involves lots of work with consumers and dealing with varying needs and wants People skills are necessary since selling is normally an emotional process Irregular hours are common because all negotiations are subject to availability of the buyers and sellers One should expect to receive phone calls at any time of day or night It is almost impossible to get away from the job completely