1. Working as a Broker

2. 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

3. 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

4. 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

5. 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

6. 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

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

8. 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

9. 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

10. 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