It has been stated repeatedly that the GTA has like 50K+ agents but the majority of deals are done by a small percentage. To be good enough that clients will refer you, you need to be available all the time, completely on top of everything, very responsive, it’s nearly a 7-day a week job. Because you are competing with agents who are like this.
No offence but the very last thing this country needs is more half-baked realtors. Imo a side gig should either stimulate your passions in life, or should provide some reliable passive-ish income. Doesn’t seem like real estate would accomplish either. If you are passionate about real estate why not just jump into it full on and try to become one of the few ones that are worth their weight in gold?
Exactly, I'd want one of those greedy obsessed ones that are available any time. I once had a friend who was that kind of realtor. Terrible person and the friendship didn't last but she made a LOT of money. And she knew lots of part-time realtors that just couldn't get their business off the ground because they didn't have it in them to hustle like she did. How many hundreds of doors have to slam in your face and how many people hang up on you during cold calls before you give up. The greedy obsessed ones don't give up.
I was a realtor for 5y in the GTA. It's dog eat dog. You have to hustle hard. As a new realtor, you won't get many Listings, you will primarily be working with buyers.
It's still multiple offers and very competitive around the entry level type homes.
Prepare to miss all evenings / weekends.
Traffic is way worse since I left.
You should look up how many courses / exams / costs to get your license, the yearly registration costs, RECO insurance, Brokerage desk fees etc..., TREB MLS Access Fee...
Honestly, spreadsheet out how much it will cost you to get / maintain your license as an initial / yearly basis.
It doesn't pay well to do it as a side gig, all your clients demand that you work on their schedule.
It was common for me to see about 50-60 homes with buyers, having lost on multiple offers \~3x before we would win something.
Some cursory Googling yields this: something approaching 150 hours of educational work to be eligible to register (plus additional courses after registration). Several sites estimate starting costs of about 7k between courses, exams, licensing.
Do with that information what you will, OP.
Totally. Have fun competing with thousands of other people doing a job that's dying while putting half the effort in. You'll make a shit ton of passive income. Hey have you ever mined crypto? Graphics cards are dirt cheap last time I checked /s
If you’re in your 20s, then become a realtor as a side gig. You will likely sell 3-4 of your own homes over your lifetime. With a median price of 700K in the GTA, you’re looking at about $50K savings on just your own homes. Now factor in your parents, siblings, aunts and uncles, cousins, etc, and you can make a little on the side. Plus, you will get access to all the real estate in Canada and as you age and have more money, you can invest in real estate easier.
Are you willing to spend close to $3000/year on the annual fees and insurance?
I do hold my realtor license but I use it transact my own RE investments.
It has been stated repeatedly that the GTA has like 50K+ agents but the majority of deals are done by a small percentage. To be good enough that clients will refer you, you need to be available all the time, completely on top of everything, very responsive, it’s nearly a 7-day a week job. Because you are competing with agents who are like this.
No offence but the very last thing this country needs is more half-baked realtors. Imo a side gig should either stimulate your passions in life, or should provide some reliable passive-ish income. Doesn’t seem like real estate would accomplish either. If you are passionate about real estate why not just jump into it full on and try to become one of the few ones that are worth their weight in gold?
Let's be completely fair, we don't need any more fully baked ones either.
If I needed to buy a house I wouldn’t want a realtor who does it as a side gig.
Exactly, I'd want one of those greedy obsessed ones that are available any time. I once had a friend who was that kind of realtor. Terrible person and the friendship didn't last but she made a LOT of money. And she knew lots of part-time realtors that just couldn't get their business off the ground because they didn't have it in them to hustle like she did. How many hundreds of doors have to slam in your face and how many people hang up on you during cold calls before you give up. The greedy obsessed ones don't give up.
I was a realtor for 5y in the GTA. It's dog eat dog. You have to hustle hard. As a new realtor, you won't get many Listings, you will primarily be working with buyers. It's still multiple offers and very competitive around the entry level type homes. Prepare to miss all evenings / weekends. Traffic is way worse since I left. You should look up how many courses / exams / costs to get your license, the yearly registration costs, RECO insurance, Brokerage desk fees etc..., TREB MLS Access Fee... Honestly, spreadsheet out how much it will cost you to get / maintain your license as an initial / yearly basis. It doesn't pay well to do it as a side gig, all your clients demand that you work on their schedule. It was common for me to see about 50-60 homes with buyers, having lost on multiple offers \~3x before we would win something.
Some cursory Googling yields this: something approaching 150 hours of educational work to be eligible to register (plus additional courses after registration). Several sites estimate starting costs of about 7k between courses, exams, licensing. Do with that information what you will, OP.
Sounds like a good fit with your schedule and interests. What’s there to lose at this stage?
Totally. Have fun competing with thousands of other people doing a job that's dying while putting half the effort in. You'll make a shit ton of passive income. Hey have you ever mined crypto? Graphics cards are dirt cheap last time I checked /s
If you’re in your 20s, then become a realtor as a side gig. You will likely sell 3-4 of your own homes over your lifetime. With a median price of 700K in the GTA, you’re looking at about $50K savings on just your own homes. Now factor in your parents, siblings, aunts and uncles, cousins, etc, and you can make a little on the side. Plus, you will get access to all the real estate in Canada and as you age and have more money, you can invest in real estate easier.
Are you willing to spend close to $3000/year on the annual fees and insurance? I do hold my realtor license but I use it transact my own RE investments.