If you are reading this article and still following the series I will assume you have read the previous one (here is the link). Without the characteristics mentioned in the previous article, getting your license will likely be a waste of time and money. In this part of the series, I will outline the costs and a proven effective method to getting past the course. The first major obstacle in your path… obtaining your real estate license and a ticket into the industry.
#1 Costs of Getting your License and Starting Fees
There are set barriers to entry into real estate and for good reason, it conditions you to the ongoing reality of the business once you start trading. The never-ending fees, expenses, investments of time/learning without any guarantee of reward is a reality the real estate professional will need to embrace. That’s why you need enough mental fortitude to overcome the inevitable “What if doesn’t work out?” narratives that will enter your mind and also from all the growing naysayers you will encounter. If you are not 100% committed I would highly recommend not to start, as the course is quite difficult and expensive although not impossible for those who possess enough conviction.
- The total fees for the course: $4,160.00.
- Recommended Passit guide costs: $300
- Allocated costs for Initial Membership to boards (CREA, RECO, local real estate board approximated costs): $2000
- Signs, Insurance, MLS fees for a year: $3000
I would also suggest you allocate a minimum of 10k for your first year in business to cover starting costs. I realize some people may think this is a large amount of resources to invest but if you consider the expense in comparison to opening a business (which it is) the start-up cost is actually very reasonable for the potential rewards this industry has to offer.
#2 Timelines and Strategy for Success to Navigate the Course
Many who start the journey underestimate what it takes to complete the course. Here is an effective step-by-step method that many of my agents have used to get their license successfully without burning themselves out. The Passit study guide (here is the link) is essential and will be invaluable during this process, it is necessary and absolutely worth the investment.
- Allocate at least 1 month – 2 months per course. Trying to rush or cram the course modules is not advised and likely lessen the chances of passing the exam. This will result in disappointment when failing and possibly giving up entirely.
- Each day read through one chapter only. The human brain is scientifically proven to maintain focus only for short amounts of time. Attention will start waning if you try to study for more than 1-2 hours depending on the individual. One chapter is sufficient progress each day and you will retain more information learning in this manner.
- Use the Passit rapid-fire review and answer 25 questions per day. This will refresh what you have learned and also help re-enforce facts to recall later for the exam. When you come across something that you repeatedly answer wrong, look up the topic and review that specific item.
- After you complete the course take 2-3 days off. This will give you a reprieve from studying and reset your concentration to prepare for the exam. This is necessary to keep fresh and focused for the next phase of studying.
- After your break, every day up to the exam date repeat a set of 25 rapid-fire review questions and a short (10-20 question) exam simulator. This is a very effective way of reviewing and studying for the exam. Spend 1-2 hours each day in this manner to prepare.
- If you fail one of the exams in the course, book another attempt at least a month afterward and repeat the sequence again. If you follow this process exactly as it is outlined passing is inevitable.
In closing this article I’d like to outline that consistency in repetitive review daily is essential to imprint the information needed to pass the exam. It is much more effective to study an hour for ten days rather than one day for ten hours. The information learned will serve as good foundational knowledge but merely a beginning step to being proficient when conducting business in real estate. The real learning starts after you get your license while making live trades. Stay tuned for part 3, the final part of the series where I will advise the next steps after getting your license to maximize your chances for success in real estate.
I will leave you with this quote which I believe to be true and time-tested. “Effective process coupled with relentless hard work will always overcome that which was once thought impossible.”
Broker of Record
Infinity 8 Realty