How to become a real estate broker: the steps to follow
You are looking for new challenges, an exciting career and you are considering real estate brokerage? Becoming a real estate broker doesn’t just happen.
In Quebec, the profession is regulated by the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ), which plays a key role throughout the career of a real estate broker.
To practice as a residential or commercial real estate broker in Quebec, you must hold a real estate broker licence issued by the OACIQ. Several steps are required before you can apply for a licence.
We present you here the 6-step process required by the OACIQ to become a real estate broker.
SUMMARY
Which field of expertise to choose
Steps to become a real estate broker
1. Follow and successfully complete a recognized training program
2. Prepare for the OACIQ certification exam
3. Pass the OACIQ certification exam
4. Receive the exam results
5. Apply for a licence
6. Receive your real estate brokerage licence
What's next?
What you need to know to become a real estate broker
Become a Sutton real estate broker
Which field of expertise to choose: residential or commercial real estate brokerage?
The ethical obligations are the same for both fields of expertise, but there are some disparities in the way they practice.
A residential licence allows the real estate broker to engage in transactions involving single-family homes, condos, primarily residential buildings of less than five (5) dwellings, and vacant residential lots.
The commercial licence allows the real estate broker to assist clients in transactions involving primarily residential buildings of five (5) or more dwellings, warehouses, offices and industrial and commercial land.
A real estate broker can, of course, hold both residential and commercial real estate licences. However, he or she must take the following steps for each licence.
Steps to becoming a real estate broker
Step 1: Follow and successfully complete a recognized training program
The first step in the process of becoming a real estate broker, once you’ve chosen your field of expertise, is to follow a basic training recognized by the OACIQ. This training program is a prerequisite for writing the certification exam.
The number of hours and cost of training vary depending on the educational institution and choice of program. It usually takes one year to complete.
Find out which institutions offer an accredited program in your area.
Step 2: Prepare for the OACIQ certification exam
Once the program is successfully completed, you need to take the OCAIQ certification exam before you can apply for a licence.
The objective of the exam is to validate your ability to apply the skills acquired during training to complete a real estate transaction. You will be evaluated on your ability to use the tools provided and to adapt to different professional contexts.
Sutton offers preparatory sessions to help students pass the OACIQ exam successfully. The success rate of future brokers who attended the Sutton preparation sessions is close to 100%.
Step 3: Pass the OACIQ certification exam
Once the program has been successfully completed, the next step in becoming a real estate broker is to take and pass the OACIQ certification exam. You will take the exam according to the field of practice you studied. Passing this exam will allow you to apply for a licence to practice as a real estate broker.
Step 4: Receive the exam results
You will receive an email from the OACIQ notifying you of the availability of your results.
If you have passed the certification exam, the next step is to apply for a licence.
If you have failed, you are allowed three (3) retakes of the exam, which must be completed within 12 months of the initial exam.
Step 5: Apply for a licence
To obtain your real estate brokerage licence, you must submit an application for issuance within 12 months of receiving your certification exam results. Make sure you complete the form and meet all the requirements.
Step 6: Receive your real estate brokerage licence
As soon as you receive your licence, you are able to practice as a residential or commercial real estate broker (depending on your chosen path) throughout the province of Quebec.
To maintain your rights to practice thereafter, you have to renew your licence every year, in addition to taking the mandatory continuing education program required by the OACIQ.
What’s next?
Once you have obtained your real estate brokerage licence, you are ready to join a real estate agency or banner and start your career.
First, you need to do your research to choose the real estate agency that you want to affiliate with. Take the time to contact Agency Executive Officers in your area to find out more about their offer and values. Each agency has its own advantages, and your decision should be based on the one that best suits your personality and career goals.
What you need to know to become a real estate broker
Beyond the training required to become a real estate broker, many other aspects are essential to succeed in this competitive industry.
A sound knowledge of the real estate market
The real estate market evolves quickly, and real estate brokers need to have a good understanding of the local, provincial and even national markets in which they operate.
Communication and sales skills
Working as a real estate broker requires constant contact with buyers, sellers, partners and other real estate professional. Strong communication and sales skills are therefore essential.
Good time management and organization
A real estate broker is often juggling many tasks, both administrative and marketing. Being a real estate broker is not just visiting houses, it is also making sure that files are in order. Being self-employed requires a great deal of responsibility when it comes to managing your time and organizing your schedule.
Good financial management
As with any self-employed professional, it is important to be aware that income may be lower in the beginning and can vary considerably from one year to the next. You have to prospect, use your network of contacts to get referrals, and then do it all over again. So, you need to be well prepared financially.
Professional ethics
Real estate brokers are held to high standards of professional ethics. Respecting current laws and regulations, keeping up-to-date on the changes and following the code of ethics are fundamental to practicing real estate brokerage and building a solid reputation in the field.
Become a Sutton real estate broker
The Sutton real estate banner brings together more than 6,000 brokers across Canada, including 1,500 on the Sutton – Quebec team. Sutton is known for putting its brokers ahead of the banner. It is in a spirit of collaboration that we excel.
The benefits of being part of the Sutton team:
- Work with non-competing Agency Executive Officers who are dedicated to the success of their brokers.
- Develop your full potential to prosper according to your personal goals.
- Fully enjoy the fruits of your labour with 100% remuneration.
- Commit freely with a no penalties or hidden fees contract.
- Work with exclusive mortgage representatives and a network of professionals.
- Be part of a team that values balance and collaboration.
When you join Sutton – Quebec, you become part of a big family committed to the success of each and every one of its members. You will have the opportunity to grow and develop your full potential to become a seasoned real estate expert. All Sutton real estate brokers are passionate about real estate.
No matter where you are in the process of becoming a real estate broker, contact us today. We will be happy to discuss with you, guide you, or welcome you to our team.
