Hi everyone, Can anyone explain after the pre and post registration phase which will cost almost $5000 , Are we able to avoid any additional cost for being a sales person.
Below are the expenses i am looking at right after getting my licence :
$400 RECO E & O Insurance fee {annually}
$350 RECO licensing fee every 2year
$840 CREA membership fee (one time)
$475 CREA fee annually
$460 TREB registration fee one time
$860 TREB membership annually
please provide me some information..
Thanks
Good Morning Rita! As you’ve discovered, your first year after completing the education requirements is an expensive one that you’ll want to be prepared for. Membership in TREB (or another real estate board), OREA and CREA is required if you join a brokerage that is a member of organized real estate. You don’t have to become a member of organized real estate and can instead join a non-member brokerage. However, membership includes significant advantages, most importantly access to the MLS® (which drives listings to other REALTORS® via MLS®, and the public via realtor.ca).
In addition, keep in mind that you’ll need to commit time and resources to getting established. Some of these may or may not be covered for you, depending on the brokerage you choose:
Some brokerages are more geared to new salespeople than others. If you haven’t already, you can use Passit Scout to find brokerages in your area, and can message them directly to see what products and services they offer to help kick start your first year as a new real estate salesperson.
With trembling fingers I read this post. lol, so expensive...
Also don't forget about brokerage fees lol.
I've been in contact with 4 different brokerages and each of them have a different fee structure. Franchise fees, desk fees, all sorts of fees lol.
My advice and the advice of a lot of others is to interview with multiple brokerages to get a sense of the fee structure. Keeping in mind those marketing costs as well.
The intial fees are very expensive and also when you really eager when you start out you can end up over spending on advertising. I was one that over spent and its very tough start in industry. I think tread lightly and carefully and take advice on best steps from your brokerage or any realtor friends. Wish everyone luck in this ever changing tough industry. Positive are there if you work hard and keep trying. Dont give up and you will make it