How to Be a REALTOR^® in 3 Steps

As of July 2019 how you go about becoming a REALTOR^® in Ontario is changing, and we’re going to break it all down for you so there’s no mystery.

What does it take to become a real estate salesperson?

• Financial investment: Approximately $5,600 including all course fees, registration, insurance.

• Practising costs: most REALTORS^® will need to bankroll all of their own marketing and administrative costs, as well as brokerage and franchise fees, so having a cushion of $2-4K set aside for this purpose is recommended.Practising costs include:

  • Brokerage fees

  • Franchise fees

  • Contact management system

  • Signage

  • Website

  • Staging/photography

  • Closing Gifts

  • Advertising/marketing & supplies

  • Cell phone

  • Computer/tablet

  • Car

• Time: the licensing process varies greatly, depending on your availability.(Approximate time investment required outlined below)

Pre-requisites

• Canadian resident

• Minimum age: 18

• Have an Ontario Secondary School Diploma or Equivalent

Here’s how to become a REALTOR^® in three steps:

Step 1 – Pre-registration – approx* 208 hours & $4,175

Click here to apply to Humber College’s Real Estate Sales Person Program – $75 application fee.

Step 2 – Register with RECO

• Cost: $590 + $445 Errors & Omissions (E & O) Insurance

• Timeline: must be completed within 12 months of completing step 1

• Obtain Salesperson Registration with RECO:

  • Fulfill pre-requisites and complete step 1 (above)

  • Obtain employment with a registered brokerage firm

  • Complete and submit the registration forms including paid fee and criminal record check

Step 3 – Post-registration – approx 50 hours & $770