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How Can Realtors Make Extra Money in Canada?

Choosing a career path as a realtor should not be taken lightly. Essentially, realtors are self-employed individuals who pose many benefits and a lot of hard work.

The Benefits of Being Self-Employed As A Realtor

Being a self-employed realtor provides great flexibility and autonomy. Even though this field of work does not provide a guaranteed income or benefits packages, there are great opportunities for enterprising and entrepreneurial. For highly motivated individuals the sky’s the limit in earning a very large income. The ability to sell homes at a fast pace increases your hourly wages.

Potential Earning Income For Realtors

Growth Credit Cost

For the last several years there has been a continuous rise in real estate prices in Canada. This allows realtors to earn extra money. Even though the real estate market can be unpredictable there are ample opportunities to broaden your horizon within the industry. Marketing strategies are key to successful property deals. Selling real estate is a big undertaking and sometimes realtors may have a lull in the market.

There are seasons in which residential homes sell easier, typically this is spring, summer, and fall. Winter is traditionally slower in the real estate industry. Realtors can hold more than one skill set which can often offset slow periods in the real estate industry. There is always something to learn with respect to real estate. If a realtor focuses on residential real estate, perhaps it’s a good idea to expand knowledge and skillset for commercial real estate. Real estate agents can also take home inspection courses to heighten their skillset. It is always a good idea to try and stand out from other agents to increase leads and business.

Realtor As A Second Job

There are many people that have full-time jobs unrelated to the real estate industry that obtain a realtor license. This presents an opportunity to make extra money selling real estate on the side. To become a realtor in Canada there is a low-barrier entry which includes a basic level of formal education and successful completion of a written realtors exam. A realtor also requires a low commitment to remain licensed.

Educational Backgrounds That Can Enable Realtors To Make More Money

education

Essentially anyone can become a realtor, but it takes wisdom and hard work to become a very successful realtor. There are certain educational backgrounds that would be a huge asset to realtors. Some of these are:

  • Sales
  • Marketing
  • Math
  • Analytical
  • People Skills
  • Reports

The real estate industry is a very competitive field. To become successful, it is important to stand out from others.

Increase Ways To Obtain More Leads

A realtor can make extra money when they increase their leads. There are several ways a realtor can do this. The internet is a great way to communicate with a targeted group. Internet use has made realtors jobs much easier and requires much less leg work. It provides the ability to reach higher and broader target audiences. It is accessible at any time and from anywhere. Advertise your name in local newspapers, on Facebook and other social media platforms, and even post your business cards within the community businesses. Networking with other agents can also provide other leads.

Take Advantage Of A Really Good Deal

deal contract

One huge benefit of becoming a realtor is the fact that realtors see all listings and potential listings before potential buyers do. This creates an opportunity for the realtor to actually purchase the property themselves as an investment. The realtor can then rent the property out or renovate it and re-list it to make a profit.

Take Courses During a Slow Period

To increase your skillset a realtor would be wise to take further real estate courses when the market is slow. Take the time to think about which courses could greatly benefit your career. Perhaps broadening your scope of knowledge can lead to making extra money. Here are some course ideas that realtors can use to expand their knowledge in the field:

  • Farm Properties
  • Campgrounds
  • Senior’s Real Estate Specialist Course
  • Ethics in Business Practice
  • Commercial Properties
  • Seller Representative Specialist Course
  • Surveying Properties
  • Real Estate Negotiation Expert
  • Elements of Mortgage Management
  • Home Improvements
  • Marketing Strategies
  • Pricing Strategy Advisor
  • Negotiation and Documentation in Commercial Leasing
  • Investment Real Estate Financing and Valuation
  • Certified International Property Specialist Course
  • Leading a Winning Property Management Team

Become A Team Leader

Boss

Adopting a team model can work well for some brokerages. Becoming a team leader can greatly free up many administrative tasks to allow the leader to obtain and disperse leads to their team of agents. It also allows the leader to build and develop the team so they become successful members of the team.

When an agent decides to start up a team, it is a good idea to hire a coach to avoid many common mistakes. The pooling of resources works really well and it is also a great way for agents to get their name out in the industry. A team leader quite often has a great reputation in the industry and chooses agents that are skilled, talented, and experienced.  A team leader typically receives a percentage of the commissions from the team’s agents. Teams typically consist of a team leader, several agents, and support staff.

Communication and regular team meetings are essential for a team to be successful. Team members must care about the success of the entire team. Team leaders who properly develop their team and keep their incomes high tend to keep their team members. Team leaders provide their staff with leads, staff, systems, and marketing so they can focus on the sales aspect of the business. Team leaders should also provide team-building social events to keep comradery within the team-high. A happy team is a productive team.

Teaching

A great way to make extra money in the industry is to become involved in teaching and holding seminars. This falls especially true if you are a highly experienced reputable realtor. Attending and speaking at conferences can also lead to more business and in turn a higher income.

Resources

https://www.monster.ca/career-advice/article/careers-in-real-estate-ca
https://financialpost.com/personal-finance/mortgages-real-estate/do-real-estate-agents-really-make-1000-an-hour
http://www.reic.ca/COURSES
https://www.orea.com/News-and-Events/Newsletters/EDGE-Newsletters/2017/May/Real-estate-teams-are-they-right-for-you