A Real Estate Career on PEI

As in most jurisdictions in Canada, selling real estate in PEI falls under specific legislation and you must be licensed under the Act and a member of a professional real estate board. The PEI Real Estate Association or PEIREA is the governing body having control over who may practice a real estate career in PEI.

A PEI real estate sales career offers an opportunity in intra-peneurialism. As a real estate agent you will work under the auspices of a licensed real estate broker who will ensure that you meet the standards required by the industry and in this way you will be protected from your own initial inexperience. In this way real estate is similar to an employment situation. You will be required to perform to a certain standard set by the management of the real estate brokerage. However, there is much more freedom in terms of setting hours and exactly what you do or don't do to establish your real estate career. You will not be punching a clock - but on the other hand if you miss appointments and let clients down you will still have to answer to management. This is a mix of regular employment and entrepreneurism and works best for people who are self-motivated and ambitious.

To become a licensed real estate agent in PEI one must be 18 years of age, live in the province and qualify under the Act. Further one must take the pre-licensing course which currently takes 3 weeks and pass the test. Once completed you will register with a real estate brokerage and maintain a $2000 bond. You must also register with the Ministry of Justice and pay a bi-yearly fee of $200. If you wish to have access to the MLS system you must be working with a brokerage that is a member of the PEI Real Estate Association and you yourself must be a member. As a member you must maintain an Error & Omissions insurance policy through the Association.

Many would-be realtors only concern themselves initially with meeting the requirements of licensing and finding "a job" with a real estate company. Really, while necessary, this is just the beginning and becoming a realtor should not be taken lightly and the job should not be underestimated. Many new real estate agents fail within their first year and the failure rate while diminishing as the years progress still goes on. Real estate is not an easy career and requires a great deal of perseverance. It is very hard to set yourself apart from the crowd and this you must do.

You should realize that you will not be getting a "pay cheque" for some time as even should you make a sale immediately, most deals take a number of months to close and you will not be paid until the deal has fully closed. You should also consider that since PEI real estate is generally less expensive than most other places in Canada that the return per property is also less. You will have to sell more units to create the same
income. You should have money on hand to last you one year in terms of your household expenses and budget as well as your Real Estate budget. Your real estate budget should include fees associated with memberships, advertising and office expenses as well as vehicle costs.

A career in real estate here on PEI can be a rewarding one both financially and through job satisfaction but you should be aware of the difficulties and be prepared with a plan to meet them.

Ron Wesley is a PEI real estate consultant and he is vast experience in PEI real estate field. If you you want to know more about real estate visit here http://www.royallepagepei.com/