Careers in Real Estate
MREA is charged by The Manitoba Securities Commission (MSC) with the development, administration, and delivery of real estate licensing courses for prospective salespeople, brokers, and property managers in the province of Manitoba. MREA’s education department is directly responsible for the coordination of these programs; however, the development of all courses and exams is subject to the approval of the MSC.
In the area of education, MREA has a significant commitment to any individual, whether a student, a registrant, or a member, for all programs. MREA is committed to providing education in Manitoba without constraints of either distance or time and with an approach to ensure maximum accessibility of learning for all Manitobans.
The goal of MREA is to continually uphold the professional image of its registrants by enhancing education and professional standards.
Begin your career
Real estate is about more than simply listing and selling property. It’s about bringing people together, providing families with homes, furnishing investors with security, helping entrepreneurs find opportunities, and ultimately, building better communities for the future. A real estate career can be rewarding, but it is also extremely demanding. To be a successful salesperson, you have to compromise and create balance. The personal freedom and long-term benefits associated with being an entrepreneur are generally well worth the effort.
What you’ll do
Every transaction is different. You’ll often be out of the office, busy making contacts, securing listings, showing properties, conducting market research, filling out legal forms, and negotiating offers.
What it takes to be successful
Successful salespeople are independent learners with the confidence and intuition to objectively assess situations and select realistic solutions. They can identify patterns in work activities and manage their time well. Successful salespeople see real estate sales as a “people” business and have a high level of personal integrity. Being a real estate professional is not just one occupation, but the sum of many. You will need some knowledge of law, financing, management, and public relations. Being technically savvy is also a huge asset.
After you have completed Module 4 of the salesperson licensing program, or during your work on the program, you will need to find a real estate firm that meets your needs in terms of size, location, method of operation, future opportunities, etc. Within the MREA office, a bulletin board is displayed of brokerages who are recruiting new salespeople; feel free to visit the office to obtain this information.
Once you’ve started your new career, work hard and learn as you go. What you put into your business, is what you get out of your business. To gain experience, learn from the people around you. Ask questions.
You are essentially starting your own business venture; therefore, it is important to have enough funds to meet all your financial needs until you start receiving regular commission income. Even when a sale is made, funds are not released until after the possession date, therefore a commission cheque could take several months to arrive.
To begin, there are some up-front costs associated with becoming a real estate practitioner, in addition to the licensing education costs.
Licensing fees with the MSC. If you are employed by a broker who is a member of a real estate board or association, there are additional fees: board or association dues, a one-time initiation fee, plus annual levies for the MREA Reimbursement Fund and for the Errors and Omissions Insurance Program.
Keep in mind that there are ongoing business expenses that must be met – transportation, clothing, cellular phone, and desk fees, to name a few.
The real estate profession offers a wide range of career opportunities. As a real estate professional, you can help people buy and sell property, whether homes, farmland, commercial or industrial. You can also be involved in property management, land development, mortgage banking, urban planning, and real estate appraisal.