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If you have already passed your exam, fast forward to bullet #4
How can we help you to become a successful REALTOR®?
Getting licensed
Congratulations. You are investigating creating a better lifestyle for you and your family and the people you love by getting into what I believe is the greatest business on the planet. Selling Real Estate is fun, challenging, interesting and can be incredibly lucrative. There are people making well over 1 million dollars a year in this business, BUT…. Although the pot at the end of the rainbow is huge it is a very steep rainbow. The drive and determination required to get to that pot is huge. Do you have what it takes to get there? It’s simple math. If you want a lot more out of your career, you must put a lot more into your career.
In our program you do not need to remember any of this. The coach will walk you through every step of the way.
The total cost is approximately $6,500. That amount is spread out over about six months, depending on how fast you complete the course.
Summary of Licensing Fees:
Yes. Coldwell Banker has a financing program to help you through the costs. Here is how it works.
REALTORS® work on 100% commission. What you charge your clients is up to you. However, Coldwell Banker is a full service brokerage. We do not build our business by offering cheap commissions, we build it by offering exceptional service. Each REALTOR® builds their business by being the best and offering the best service and marketing and advertising tools in the business
Each commission has 2 sides to it, a listing side and a selling side or Buyer side. Usually the total commission is split 50/50. For example, if a house sells for $500,000 and the commission set for that house is 4% then the gross commission is $20,000. You and Coldwell Banker may have the listing and one of our friends at Remax comes over with their buyer and sells your listing. In that case the $20,000 would be split in half with $10,000 going to Remax and $10,000 going to Coldwell Banker. When that $10,000 comes to Coldwell Banker it will be distributed based on the compensation plan you choose to be on. See compensation plans below.
Yes. In a perfect world, it would be better to devote yourself to full time studying. We have been bringing REALTORS® into the business for 28 years. We have learned that people who can afford to simply treat the course as a “job” with no other focus do better and have a better chance of passing the exam and getting licensed. If they can cram the knowledge into their heads and pass the exam as fast as they can it seems to work better. People who have a job and work for eight hours a day and then come home and try to study have a lower success rate in completing the course. However, if having a job while you do the course is your only option then the only thing that will stop you from becoming licensed is your level of commitment. It is harder to do this course when you are working but lots of REALTORS® had to do it and were successful at it.
Legally yes. Practically we discourage it. Selling Real Estate is about focus. It is a lot of work building your business and it does not work nearly as well if your focus is split. However, if that is your only option many people have done it before.
The biggest cost, outside of your licensing costs, is your living expenses until you get paid. It can take anywhere from three to six months after you are licensed before you receive a paycheque. How soon you get paid depends on how well you follow the program designed for you by the coach, how determined you are and probably a little luck. You may run into someone in your first week that wants to buy a house or it may take you three months to find your first buyer or seller.
This is the hardest question to answer. You can expect anything from working hard for a year and never selling anything and getting out of the business when your savings run out and feeling bitter. (this is the worst I have ever seen) …Or making $350,000 in your first year and $625,000 in their second year and over a million in their third year (this is the best I have ever seen). In other words, people's financial results are all over the map. What I can tell you is the difference between these two people is that one followed the program perfectly or exceeded it and the other didn't follow it at all. Real Estate is incredibly simple, but it's not easy. In other words if you tell our trainers you want to make $100,000 in your first year they can tell you and set up a plan for you that will guarantee you that income. However, it is up to you to follow the plan. The two things that draw people into this business are also the two things that push people out of the business: freedom and money. People usually get into this business because they want more freedom and money. If their son has a hockey game or their daughter has a recital they want the freedom to go and see it whenever they want and our business gives you that freedom. However, what happens is they get all the freedom they want and don’t work their business, run out of money and get out of the business. We at Coldwell Banker have the best training in the business. That is indisputable. Our company has been set up that way from the start. I, Bill Hubbard, was a freelance trainer in Western Canada before I got into the brokerage business. However, if the REALTOR does not show up for the training and support and coaching or simply does not follow the instructions, there are consequences. It will not work for you. It’s your business. No one will be calling you to see whether you are following your plan. Again, it's your business. This is the major problem with our business. There is no accountability. Statistically, the Real Estate business has a relatively high failure rate because of this lack of accountability.
Real Estate is a business for people who want more. People who want more for their families, their spouses and for themselves. People who want more money, trips, experiences, material possessions and security for themselves and those that they love. However, it is a business with a cost. That cost is supplying your own drive and determination and consistency. Many people cannot supply that themselves. If you can look back in your past and honestly say you have always exceeded the expectations people had of you, then Real Estate is likely a good fit for you.
When I am recruiting REALTORS® I look for three qualities.
This is a difficult question to answer. The public looks at the Real Estate companies as very similar. Each one is viewed as a company that has people employed by it that sells Real Estate for and to the public. However, nothing could be further from the truth. The buyers and sellers are not really our customers. They are the REALTORS®’s customers. Our customers are the REALTORS®. Each company sells a different product to the REALTORS®. At Coldwell Banker we have changed with the times and are considered the leaders of change in our area. Our business has become more complicated than ever in history. We believe that the main advantage we can bring to our customer’s (REALTORS®) table is training and coaching. Our entire company is set up around these two ideals. This is so prominent with our company that many REALTORS®at other offices tell people who are coming into the business to come to Coldwell Banker because of our training and coaching.
First, what is the best month to start and second, is this year a good time in the cycle to start your career. The best month to start actually working as a REALTORS®is January. Here is the logic behind this. It will take you a month or two just to get your systems set up and get your feet on the ground. That will take you to the beginning of March; ready for the beginning of the spring market. March to August is the most active time of any year. Ideally if you start your course in the spring you will likely write your exam before Christmas and be ready to hit the ground running in January. However, although this is a factor, it doesn’t matter that much.
Secondly, what year you should start or what time in the cycle you should start. The answer is anytime. REALTORS®make money in down markets and up markets. If you are trained properly to consistently do the simple fundamentals that it takes to do this business, you will be successful.
Why Coldwell Banker?
Coldwell Banker Canada is a progressive organization that has maintained its competitive edge in technology and service since its beginnings in 1906. It is the oldest established brand in North America. Today the Coldwell Banker brand is stronger than ever. The Coldwell Banker System is designed to help all sales representatives deliver a high level of service to their customers. From exceptional education and training, broker development programs and innovative marketing initiatives, the Coldwell Banker System will put you a step ahead. With coldwelbanker.ca, you benefit from the most innovative internet marketing strategy available in the industry. The proprietary Coldwell Banker Echo-Syndication Internet Strategy takes an unparalleled approach to getting you and your properties found online.
Traditionally a Real Estate company is one size fits all when it comes to fees. It does not matter if the REALTOR®is new or has 30 years experience. We disagree with that premise. We believe a new REALTOR®is going to need extensive training and support. Generally a new REALTOR®will contact the coach 2 to 5 times per day in the first month of their career. Conversely an advanced REALTOR®rarely contacts the broker or the coach. Therefore we developed a plan for a first year REALTOR®and a group of plans for year 2 and every year after that. Also, when a new REALTOR®starts their Real Estate career they have recently paid approximately $6,500 for their licensing and have spent a considerable amount of time without a paycheque. Consequently, we have designed the payment schedule for the coaching program to not have a cash outlay. Instead the REALTOR®pays a percentage of each deal the coaching program helps them create.
When you are on a split plan with a RE office you split the commission with the office. For example, the most common split is a 70/30 Split. This means you take 70% of the commission you earn and the company takes 30%. However the split only applies to a certain amount and then it gets reduced. That is your CAP.
You pay only when you do a deal
70% of gross commissions goes to you, the REALTOR®
30% of gross commissions from each deal goes to the office to a maximum of $15,000 to the office. This is your CAP for your “Beginner Plan”. After you have paid your cap to the office you only pay a processing fee of $250/deal.
In 2018 we as a company looked at our industry and realized that the workload had shifted from the brokerage to the REALTOR® but REALTORS®were still paying traditional, high Real Estate company fees. We also realized that most REALTORS®were wanting to work remotely but the traditional Real Estate companies were still charging them for big expensive bricks and mortar even though they were empty most of the time. Therefore, we reduced all of our expenses for space and services that REALTORS®were not using and then we cut our fees to the REALTORS®in half. Here are the results of that change and what is available to you after your “beginners plan”.
Our Compensation Plans After the Beginner’s Plan of Year One:
1.Split Plan
OR
2.100% Plan
OR
3. Team Plan
Definition of a Team - One team leader plus 1 or more “Active” Licenses under the team leader
Franchise Fees ( Paid on top of all plans):
In 2020 and 2021 our first year REALTORS® who went through our coaching program earned 2.1 times the average income and did their first deal in ⅓ the time of a first year REALTOR® in the local Real Estate board statistics. Therefore, the coaching program pays for itself.
POST-LICENSING COACHING PROGRAM
The major problem with our business is that people are not prepared to sell Real Estate by the Licensing Course or the Applied Practice Course. They come into the business and learn by trial and error which is a very expensive and risky way to learn. This is why new REALTORS®get into trouble and get discouraged because they are not making money. This is why the failure rate for new REALTORS®is so high. Coldwell Banker Executives Realty Ltd. is one of the few companies with a full time coach. After the student passes the exam, there is the POST-LICENSING COACHING PROGRAM which teaches the student to build a successful Real Estate Career. Our post licensing program is extensive and detailed and covers all aspects required to take you, the REALTOR®, from your first day on the job to becoming a top producer. This course is 6 months long and is run alongside your Applied Practice in field training described above. After the 6 months of structured training you have access to your coach indefinitely. The results of our coaching program have shown that REALTORS® who go through the program start making money an average of 3 months sooner than REALTOR® who do not. It has also been shown that their incomes are substantially higher. Evidence shows that the financial benefit of the coaching far exceeds the cost.
Coaching Program Topics Includes:
This website will translate inquiries to your listings back and forth from English to any language in the world.
Take your business to the next level. To compete in today's Real Estate environment you have to be at the top of your game. Our marketing department can set you apart from your competition and give you the edge you need to get the listing.
Designed specifically for your area. Both hard copy and digital
I am the owner/broker of the offices. This is my 35rd year as a licensed REALTOR®. I have been a director of the Real Estate board and was a Real Estate trainer for 7 years. You are one of the reasons I am still in this business. Real Estate has been a wonderful career for me. It has given me an amazing lifestyle and created a strong feeling of contribution. There is nothing I enjoy more in our business than seeing a person enter our business with hopes and dreams to have a better life for themselves and their family and then succeed. I and my team will do everything we can to help you achieve that.