What does it take to be an independent real estate agent?

If you want to become—or hire—an independent real estate agent, these steps will show you the most important qualities and abilities you need to have.

It may sound like a shortcut to financial success, but becoming an independent real estate agent isn’t something you can do with the wave of a magic wand.

First, you have to get some training and certification; then you’ll need to be licensed to work in the field. Every province and territory has its own regulations and required training, and you’ll have to pass the written exam of the regulating association in your jurisdiction.

Real estate agents typically work within an established real estate agency that assures them brand recognition and advertising power. However, some agents may wish to leave the cozy nest and become totally independent in providing real estate services. Here again, the governing rules vary according to the province of employment. For example, some provinces may require that you work within an agency for a certain number of years before you can become an independent real estate broker.

After you’ve met the regulatory standards and have obtained a licence to operate as an independent real estate agent, you’ll have to find an office space. Some people prefer to work from a home office, while others opt for a commercial street address. Although working from home gives you more flexibility and requires a smaller investment, opening a place of business in a commercial space can provide better visibility with new customers and inspire more confidence in your professionalism.

There are several ways to let people know about your business. You’ll need to evaluate which methods suit you best and which percentage of your time and budget you want to set aside for them.

• Traditional publicity is still a sure way to have visibility. Use newspapers, the web or leaflets deposited in mailboxes and at other businesses in your work area.
• Social media is an increasingly useful tool for advertising listings and your services. You may also want to develop your own website where you can advertise your company and feature your listings. Maintaining a profile in a professional social media network helps expand your list of contacts.
• Like any other good entrepreneur, you can take advantage of the networking events held by different organizations and business associations in your region.
• Don’t underestimate the power of word-of-mouth publicity. Announce to friends and acquaintances that you’re becoming an independent real estate agent. Above all, take good care of your clients and make sure that each of them is pleased with the quality of your services.

Since you’ll be working on commission, plan to have some working capital to cover your start-up costs, your current expenditures and a few months’ salary. Keep in mind that it may take some time before you can pocket the commission you feel you’re entitled to. Be prepared and stick with it; success will soon be yours.