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Ask me anything about Real Estate
- Thread starter Addy
- Start date
Hey Addy, good to see the thread revive! Always enjoy reading these.
What would you say to someone considering getting into the market as a realtor for a part time basis? Not planning on giving up my day job, but would like to augment it with some income if possible. Even 1/year would be something I'd be happy with. Not sure how much the courses even cost anymore to become licensed. I think around 6k.
Is there actually any money to be made on a part-time basis? Or is it just a spinning your wheels type of exercise?
What would you say to someone considering getting into the market as a realtor for a part time basis? Not planning on giving up my day job, but would like to augment it with some income if possible. Even 1/year would be something I'd be happy with. Not sure how much the courses even cost anymore to become licensed. I think around 6k.
Is there actually any money to be made on a part-time basis? Or is it just a spinning your wheels type of exercise?
Wow Addy, blast from the past! I haven't been on this board much in quite a while. How are you, dude?!?
Real Estate is a wild ride these days. Hats off to you for keeping your sanity through these last several months especially.
Mortgages have seem some big changes in the last month. Some mortgages approved by the lender are not closing anymore, and heard stories of pre-approvals going up in smoke. Folks, be sure you have your Ts crossed and Is dotted. Mortgage lenders have gotten very picky lately (even more than usual). If you have a good mortgage agent/broker, they are worth their weight in gold.
Cheers, Marla (Bond Chick)
Real Estate is a wild ride these days. Hats off to you for keeping your sanity through these last several months especially.
Mortgages have seem some big changes in the last month. Some mortgages approved by the lender are not closing anymore, and heard stories of pre-approvals going up in smoke. Folks, be sure you have your Ts crossed and Is dotted. Mortgage lenders have gotten very picky lately (even more than usual). If you have a good mortgage agent/broker, they are worth their weight in gold.
Cheers, Marla (Bond Chick)
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WOW! Blast from the past in deed... added you on FB
Yup... Seen some pre-approvals go up in smokes but most of the ones that happened to shouldn't have been approved in the first place... Unless you're seeing anything different?!?!
Yes you can... As long as you disclose it that it's for evaluation only...
I have a service where you can see all the properties that are coming up for sale in your neighbourhood for free and it would give you a pretty good idea about what your home is worth. I can help provide a better analysis if you want based on sold properties as well...
homevalueintoronto.com
Thanks for the awesome question... Contrary to popular belief, it's not an easy profession to be in... There is no set pay check and you're always hustling which is a life style i very much enjoy but isn't for everyone.
There are costs associated with keeping your license. Here is a small list:
Toronto Real Estate Board
Ontario Real Estate Association
Canada Real Estate Association
Real Estate Council of Ontario (Insurance)
Plus... You would have to pay a brokerage to stay a member... There are cheaper alternatives brokerages but there's still a cost to be associated with one
The fixed cost to stay current with your license is around $3000 (i can confirm this as i don't have the numbers in front of me)
Then you have to pay for marketing your business and your listings which for my business is around $2700 per listing I take. This includes all the services I provide such as floor plans, inspections etc etc etc...
There is also cost of vehicles, office space, signage and equipment that gets tallied into the grand total as well.
Everyone does business differently and my model includes offering a lot of services in the set commission we charge hence I'm pointing them out to remain active.
There are cheaper alternatives where agents use the PPP approach... Post on MLS, Post a sign and start praying
lol I started in the business 12 years ago and remained part time till I got my first deal and went full time in it and have never looked back. I've seen a lot of agents come and go as it's the nature of this business. Any business where barrier to entry are low, there will be a lot of competition.
If you're thinking about being in the business; do yourself a favour and really consider it as a career. It's well worth the rewards you can get but it takes a lot of time and energy to get there!
my .02
Hope this helps!
Got it! We are FB connected. Been lurking on the board from time to time, reading over hubby's shoulder. Figured it was time to jump back in!
I forgot to mention... To get your license, you can apply online via www.orea.com
You can find the costs associated with getting your license in the link below...
https://www.orea.com/OREA-Real-Estate-College/Courses
If you're really serious about learning more, you can check out the free realtor training I hold every month called REMarkTO
www.remarkto.com
Thanks for the awesome question... Contrary to popular belief, it's not an easy profession to be in... There is no set pay check and you're always hustling which is a life style i very much enjoy but isn't for everyone.
There are costs associated with keeping your license. Here is a small list:
Toronto Real Estate Board
Ontario Real Estate Association
Canada Real Estate Association
Real Estate Council of Ontario (Insurance)
Plus... You would have to pay a brokerage to stay a member... There are cheaper alternatives brokerages but there's still a cost to be associated with one
The fixed cost to stay current with your license is around $3000 (i can confirm this as i don't have the numbers in front of me)
Then you have to pay for marketing your business and your listings which for my business is around $2700 per listing I take. This includes all the services I provide such as floor plans, inspections etc etc etc...
There is also cost of vehicles, office space, signage and equipment that gets tallied into the grand total as well.
Everyone does business differently and my model includes offering a lot of services in the set commission we charge hence I'm pointing them out to remain active.
There are cheaper alternatives where agents use the PPP approach... Post on MLS, Post a sign and start praying
I started in the business 12 years ago and remained part time till I got my first deal and went full time in it and have never looked back. I've seen a lot of agents come and go as it's the nature of this business. Any business where barrier to entry are low, there will be a lot of competition.
If you're thinking about being in the business; do yourself a favour and really consider it as a career. It's well worth the rewards you can get but it takes a lot of time and energy to get there!
my .02
Hope this helps!
Wow thank you. That's great info I appreciate it. Glad to see it's possible. I guess in the end it's how much do you want to make? I know it's a killer business and cut throat...however from what I see a lot of agents started part time and hustled until they got a few deals under their belts.
My buddy's wife just started a year ago...and nothing for a year (full time)...now she's got 4 homes within the last few months that she's bought/sold.
It's a great business and I truly love it... You can have part time jobs but not part time careers...
Not many people know that I wanted to be a real estate agent when I was in high school... I originally registered for my real estate courses in 1998 and I let it lapse till i got back into them in 2004 and started practice 2005
konopsy88
Member
Nice that you are here to help I've been researching to buy property in Peterborough and mortgages give me a lot of headache. Could you advice about floating rates? These mortgage tips https://tranio.com/traniopedia/tips/foreign-mortgages-top-10-hidden-pitfalls/ advise that they are more risky. Is it wise to take them with the current situation on the market? I'd like to stick to floating rate only if it is safe and really worth doing
I've been researching to buy property in Peterborough and mortgages give me a lot of headache. Could you advice about floating rates? These mortgage tips https://tranio.com/traniopedia/tips/foreign-mortgages-top-10-hidden-pitfalls/ advise that they are more risky. Is it wise to take them with the current situation on the market? I'd like to stick to floating rate only if it is safe and really worth doingBuild yourself an amortization schedule based on fixed rates, and one for the same amount of time based on the offered variable rate. Calculate the difference in interest paid to maturity, then decide if the risk of rate increases is worth it. In my opinion, variable wins. I don't suspect large interest rate hikes in the next few years.
Nice that you are here to help
IIRC there have been <5 years in the past 50 where variable rate mortgages cost more than a fixed rate mortgage so I went variable. That being said, a few things have happened recently to mess things up.
1) the spread between fixed and variable rates is incredibly small.
2) banks are greedy pricks and are messing with the implied social contract. The past few 0.25% central rate cuts have only generated 0.15% mortgage rate cuts. You can be sure that 0.25% raises will raise variable rates by 0.25% so the spread between variable and fixed will collapse (and possibly invert) as rates change.
If you are nervous about your mortgage payments increasing, go for fixed rate for the piece of mind, it does not cost you a fortune right now.
Nice that you are here to help
Im curious... It says that you're in Montreal and you're looking to buy in Peterborough but the link you shared is talking about buying properties in another country...
You can consult with your bank and they should be able to provide you with a mortgage in Peterborough even though you live in Montreal.
Floating rates are called variable rates in Canada... Watch the video in the link below for more
https://www.ratehub.ca/variable-or-fixed-mortgage
Hope this helps...!
Great advise!
Addy,
what do you think the gtha housing market will do over the next few months to couple of years?
also, we are going to buy a place in muskoka, on one of the big lakes... do you think we should buy this season or wait a season or two and see what the market does?
What are your predictions?
what do you think the gtha housing market will do over the next few months to couple of years?
also, we are going to buy a place in muskoka, on one of the big lakes... do you think we should buy this season or wait a season or two and see what the market does?
What are your predictions?
might also be worth mentioning that most variable mortgages give you the option of changing to a fixed rate.
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