Everything about residential real estate brokerage

What skills and knowledge does a residential real estate broker need to possess? What is a typical day like? What about compensation? Is this area of practice for you? Continue reading to find out.

A residential real estate broker must:

  • understand the economic factors that impact the real estate market;
  • have an in-depth knowledge of the territory in which he plans to work;
  • be able to estimate the market value of a property based on its construction and condition;
  • analyze legal documents such as the land register, deeds of loan or sale, etc.;
  • manage a budget and properly maintain records, registers and accounts;
  • be interested in and at ease with math;
  • be familiar with the laws and regulations governing real estate brokerage;
  • be able to manage stress and meet deadlines;
  • work long hours every week, with a variable schedule that includes nights and weekends;
  • when faced with a potential impasse, look at every possible option to find solutions to everyone’s satisfaction.

What about the money?

You will not receive a salary as such. Your income will come from the remuneration you will earn, i.e. a percentage of the selling price of a property or a fixed amount agreed to in the brokerage contract. At the beginning, your income will be unstable and may not be what you expected. You may have to wait a few months before you receive your first payment, commonly known as “commission”. You can prepare for this by making sure you have a start-up fund; this will be very useful to meet your basic expenses at the beginning of your career. For instance, you may need some cash to pay for your licence to practice.


Learn more about other areas of practice

Last updated on: July 16, 2018
Reference number: 204977