Real Estate

Earn back buyer's real estate agent commission - Become an Agent. New Humber College Course is now live!

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Deal Addict
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Jan 14, 2006
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Toronto
LandKing wrote:
Jun 4th, 2015 9:20 am
how will you get clients?
This is a valid and really good question

Yearly renewal fee is not cheap. It's like biweekly to one month's salary
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May 12, 2004
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Ottawa
Keep us posted how it goes mate.

I've wanted to do this mostly for research purposes on my investment properties. Buying and doing my own listings is a very small part of it. I couldn't care less about buying or selling for someone else. I used to 'rent' an mls ID off a realtor for my research but he's now retired. If all goes well for you I might dive in and become 'one of them'...
Censorship is telling a man he can't have a steak just because a baby can't chew it.
- Mark Twain
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LandKing wrote:
Jun 4th, 2015 9:20 am
how will you get clients?

and you need to give a cut to the brokerage as well
First of all, this is not going to be any primary career for me. As mentioned I make enough money on my other venture and transact enough real estate for my own account I don't need clients. Second, just adding up my relatives and friends I'd have enough business to make a few scheckels here and there even at the super low rate I am going to give them.

As for the cut, even as a % it can be very very low and a few I talked to do not take a % cut but just a VERY low flat rate per month to be registered with them.

Actually, I am truly amazed at how little it costs to become an agent and even more amazed at how little it costs to maintain the licence and transact deals.
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JayLove06 wrote:
Jun 4th, 2015 9:28 am
Agreed. Properties have soared and commissions have gone along with them. $25K just to sell my million dollar house within a few days since offers are being held off? IMO the difficulty I guess is being lucky enough to get a listing. The rest of the work is easy peazy in today's market.
Again, agents mutter to each other and under their breath so we clients can't here them "95% of the work is done once you get the listing!" When you think about it, SO true. Buying agents bring the buyers once the house has been staged and tarted up, the MLS listing goes up, photographs taken, website listing done, brochures printed and agents-only open houses have been held, ie the 'Marketing Plan' which is almost exactly the same for every home. Buyer's agents hungry for their 2.5% sell the house, not the listing/selling agent.
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Nov 1, 2014
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eonibm wrote:
Jun 4th, 2015 10:58 am
First of all, this is not going to be any primary career for me. As mentioned I make enough money on my other venture and transact enough real estate for my own account I don't need clients. Second, just adding up my relatives and friends I'd have enough business to make a few scheckels here and there even at the super low rate I am going to give them.

As for the cut, even as a % it can be very very low and a few I talked to do not take a % cut but just a VERY low flat rate per month to be registered with them.

Actually, I am truly amazed at how little it costs to become an agent and even more amazed at how little it costs to maintain the licence and transact deals.
working for friends/relatives is asking for trouble..what if you drive them around for a month and they buy nth and then they will ask you for a "friend" rate and say you aren't doing much..will you do it for free? will you just charge them the brokerage cut?

You going to charge/recoup your costs based on km driven? houses showed? offers placed?

yes it "only" costs around 2.5k for courses..annual 1k for license and annual brokerage charge plus cut on each transaction

you would need to do 2 deals a year to float the expenses I think probably
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Apr 20, 2011
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LandKing wrote:
Jun 4th, 2015 11:05 am
working for friends/relatives is asking for trouble..what if you drive them around for a month and they buy nth and then they will ask you for a "friend" rate and say you aren't doing much..will you do it for free? will you just charge them the brokerage cut?

You going to charge/recoup your costs based on km driven? houses showed? offers placed?

yes it "only" costs around 2.5k for courses..annual 1k for license and annual brokerage charge plus cut on each transaction

you would need to do 2 deals a year to float the expenses I think probably
Nail on the head. Many agents dislike doing deals for family for that reason.
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Apr 20, 2011
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kasianman wrote:
Jun 4th, 2015 10:16 am
This is a valid and really good question

Yearly renewal fee is not cheap. It's like biweekly to one month's salary
In addition(in vancouver anyway) the commission rate is half of that in Toronto)-- about 1.2% or something like that for the buyers agent
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Wpegger wrote:
Jun 3rd, 2015 10:48 pm
Do you need to have a business registration?
No, but must be registered with a brokerage as noted in my first post.
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LandKing wrote:
Jun 4th, 2015 11:05 am
working for friends/relatives is asking for trouble..what if you drive them around for a month and they buy nth and then they will ask you for a "friend" rate and say you aren't doing much..will you do it for free? will you just charge them the brokerage cut?

You going to charge/recoup your costs based on km driven? houses showed? offers placed?

yes it "only" costs around 2.5k for courses..annual 1k for license and annual brokerage charge plus cut on each transaction

you would need to do 2 deals a year to float the expenses I think probably
First of all, I am not looking to make this my main career or a career at all really. As mentioned, I already have enough ventures that make me enough money. I'm not going to be drive my friends around anywhere. I'll pick and choose any deals I do for friends with full disclosure and not when it requires me to do a lot of tire-kicking with them. Therefore my F&F rate (Friends & Family) will be very low. I'll give em cash back on the 2.5% buyers commission because I won't be doing much. The cut on each transaction can be as low as zero with some brokerages btw, with just a low flat rate. The 2.5% on just buying my next property is going to pay multiples of what the course cost. I can also keep my licence for less than $600/yr. 2 deals a year to float expenses? Try 1/20th of one deal!
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Dec 11, 2008
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Montreal
I became my own agent by selling my condo with Duproprio for a small $750 fee.
Using agents is a thing of the past, can't believe people are actually paying outrageous amount for minimal work.

btw I spent 1.5 years with an agent trying to sell my condo with 0 result. I sold it myself in less than 2 months. It's not that much work, the laywer does the heavy lifting.
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Apr 20, 2011
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It costs about 2000 a year in fees in both Ontario and bc to keep a license active, not 600. To keep a license without selling anything still costs more than 600 a year
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Madevilz wrote:
Jun 4th, 2015 12:59 pm
I became my own agent by selling my condo with Duproprio for a small $750 fee.
Using agents is a thing of the past, can't believe people are actually paying outrageous amount for minimal work.

btw I spent 1.5 years with an agent trying to sell my condo with 0 result. I sold it myself in less than 2 months. It's not that much work, the laywer does the heavy lifting.
Agents can keep charging what they do because they keep pulling the wool over our eyes that their 'Marketing Plan' is rocket science. It ain't. Also, another maybe more important reason is that the Real Estate & Business Brokers Act of Ontario that forces you to pay a flat rate or a % commission on the entire price (or both) or a declining % commission (which is a total disincentive). There is no in between. Paying a % of what is sells OVER the listing price is not allowed (because of intense lobbying from the real estate industry as they know it would make it more fair and reduce commmission) but should be. You can read about the proposal that I've presented to the government to allow this and which they have agreed makes total absolute sense here: proposed-change-act-governing-real-esta ... n-1711857/
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Most people pay a percentage when selling their property since that's fair with commissioned sales - you sell for a higher price you make more . There isn't need of dismantling consumer protection laws in order to make comparing different providers more complicated
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popbottle wrote:
Jun 4th, 2015 1:15 pm
It costs about 2000 a year in fees in both Ontario and bc to keep a license active, not 600. To keep a license without selling anything still costs more than 600 a year
No. The fees are as outlined in my first post. You are confusing RECO with TREB/OREA/CREA. The former licenses you to be an agent, provides you with E&O insurance and requires you to do the continuing education. That is $597 total. There is NO requirement to be a member of the latter associations in order to be licensed as and act as a real estate agent in Ontario and to transact deals. You can still show homes that are on MLS, you can still get a commission for buying and selling properties with 'the confirmation of cooperation form' signed by all parties and list on MLS using a Listing referral agreement..

Don't believe me? Call RECO and find out, but that info is also easily availble on the web.

I am not even an agent yet and seem to know more about the process than you do.
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eonibm wrote:
Jun 4th, 2015 1:45 pm
No. The fees are as outlined in my first post. You are confusing RECO with TREB/OREA/CREA. The former licenses you to be an agent, provides you with E&O insurance and requires you to do the continuing education every 2 years to remain licensed and to continue to pay their fees every two years. That is $597 total. There is NO requirement to be a member of the latter associations in order to be licensed as and act as a real estate agent in Ontario and to transact deals.

Don't believe me? Call RECO and find out, but that info is also easily availble on the web.
You aren't required to be a member of the vancouver real estate board either . You need to be a member of the board if you want to access the mls. You don't need to get a real estate license to buy or sell your own houses

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