Details of Step 4 and Anticipated Initial Cost
Your Last Step to Become a Realtor and an Estimate of the Initial Cost
Step 4:
Once the FIRST PHASE of the "Applied Course" is performed in step 3, you will begin the first component of the SECOND PHASE (4 to 6 months, hands-on training component) with the help of your managing broker — means, you must join a brokerage to start the SECOND PHASE.
And the second and final component of the SECOND PHASE will conclude the Residential/Commercial Real Estate Trading Applied Course through a one-day face-to-face classroom setting, which is focused on the review of core concepts presented, practiced and applied in the previous THREE components of the "Applied Course".
What costs should you anticipate?
Please see below for a breakdown of most of the fees. These may not be up to date, please consult with related organizations for the most recent fees.
Provincial Real Estate Licensing Fees (to become licensee):
| Education/Licensing | Organization | Fee |
|---|---|---|
| CELPIP General English Language exam | Paragon Testing Enterprise | 280.00 |
| UBC Real Estate Licensing Course | Sauder School of Business, UBC | 1,150.00 |
| HP 10bii Plus financial calculator | from UBC, Amazon, or anywhere else | 100.00 |
| Residential or Commercial Trading Services Applied Practice Course | Sauder School of Business, UBC | 920.00 |
| First time Real Estate Licensing fee for 2 years | BC Financial Services Authority | 1,700.00 |
| Total "New Licensee" start-up fees | $4,150.00 | |
Real Estate Board related Fees (to become Realtor®):
| Fee Description | Fee |
|---|---|
| Real Estate Board of Greater Vancouver | 105.00 |
| BC Real Estate Association (BCREA) | 945.00 |
| Canadian Real Estate Association (CREA) | 210.00 |
| Total "New Member" start-up fees | $1,260.00 |
Other expenses that may apply:
| Real Estate Tutoring Courses; such as our fee | Varies $1,000 to $1,200 |
| Brokerage new agent fee – 1st time application fee. It should be a one-time fee to join a brokerage. | May be as high as $300 |
| Brokerage desk fees – per month. | Varies from brokerage to brokerage – negotiable. Between $300 to $1,500 |
| Brokerage Commission Split – when you buy/sell. Some may be willing to charge you a low desk fee in return for bigger commission splits, which you really need in the beginning. Some may offer you to keep all the commission in return to a much bigger monthly desk fee. | Varies – if desk fee is low, such as $300/month, then the split may be 80/20; 80/30 etc. If desk fee is high, they may let you keep all the commission. |
| Per transaction fee | No matter what the commission split is, most will have a per transaction fee between $200 to $400. |
| Contact management software | Varies |
| Business cards | Varies from brokerage – negotiable |
| Other promotional materials | Varies from brokerage – negotiable |
| Website | Varies |
| Mobile phone, computer, printer, etc. | Varies |
| Business attire, automobile insurance, etc. | Varies |
| Courses offered by the local board, such as to learn how to use the MLS, learn about Strata, etc. some PDP courses. | Most courses are $125. You may spend between $300 to $400 within the first year. |
| A reserve to cover your costs while you develop your client base | Varies |
We wish you a successful and fulfilling career.
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