How to Become a Real Estate Broker

Are you interested in becoming a real estate broker? If so, you should know that it’s more than just a title. Many agents see this role as the next step in their career, since it can mean more freedom, greater business scalability, and (hopefully) a larger income.

Of course, what works for one real estate professional may not be right for another. Your specific skill set, lifestyle, and goals will all determine whether becoming a broker is the right decision for you—and the level of success you’re likely to achieve.

If you’re thinking of becoming a real estate broker in Ontario, here’s what you should know…

Agent or broker?

Realtor, agent, broker. While many home buyers and sellers use these terms interchangeably, practicing and aspiring real estate professionals should know the difference. It’s one of the keys to choosing the career path that’s right for you.

A licensed agent (often referred to as a sales representative) helps buyers and sellers in residential, commercial, and industrial real estate transactions. Like legal professionals, they’re obligated to serve the interests of their clients—while acting ethically and remaining fair to all involved.

In contrast, brokers are qualified to either own a brokerage or act as a manager for one. Whatever their role, they typically oversee transactions. Their training allows them to tackle the more technical components of real estate purchases and sales. It can be a big job—one with significant benefits, and a few drawbacks too.

Is becoming a broker right for you?

One of the biggest advantages of becoming a broker is the power it gives you over your work life. A professional who achieves this status can work independently (unlike agents, who have to work under a broker). Taking on this role also means obtaining a deeper, more thorough knowledge of an industry you’re passionate about.

Of course, one of the most common reasons agents consider making the switch is to increase their earning potential. Brokers can receive a share of the commission that their sales representatives bring in—and charge monthly desk fees. On the whole, they can make significantly more money than agents.

It’s worth noting that not every real estate professional will want to take on the responsibilities of being a broker. It can mean a high level of responsibility, more stress, and an obligation to cover all kinds of operating expenses.

The steps you’ll need to take

In Ontario, prospective agents must take a set of standard courses through Humber College. They have 18 months to complete their course work and pass their exams. If you’re currently a real estate agent, you know how it works.

Becoming a broker requires a bit more training. Agents can take two additional courses (the Real Estate Broker Course and an elective from the articling section of the Salesperson Program) to attain this status.

While the additional coursework will qualify you, your most critical experience will be on the job. As an agent, you’ll get to know the industry by tackling day-to-day challenges. It’s how to get the expertise you’ll need if you plan to one day act as a broker! Are you ready to kickstart your real estate career with the help of a supportive team?

Ready to work with a team that has your best interests at heart? Contact us to learn more about the advantages of joining RE/MAX Professionals.