FAQ

How do REALTORs get paid?

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.

How are the commissions distributed?

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.

Can I have a job when I take the course?

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.

Can I have a second job when I am a REALTOR?

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.

What other costs do I have?

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.

What kind of income can I expect?

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. At Coldwell Banker we literally have the best training in the business. That is indisputable. Our company has been set up that way from the start.  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. 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.

How are the companies different?

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 customers of the Brokerage. They are the REALTORS’ 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 areas. Our industry has become more complicated than ever in history. We believe that the main advantage we can bring to our customer’s (REALTOR’S) 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.

When is the best time to get into the real Estate business?

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 REALTOR 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 summer or early fall 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. With  exceptional education and training, REALTOR development programs and innovative marketing initiatives, the Coldwell Banker System will put you a step ahead of your competitors. With coldwelbanker.ca, you benefit from the most innovative internet marketing strategy available in the industry (Moxiworks). The proprietary Coldwell Banker Echo-Syndication Internet Strategy takes an unparalleled approach to getting you and your properties found online. Here are just a few advantages of the Coldwell Banker system that you receive for FREE:

• Your receive an easy to use, state of the art website on day one. This will save you thousands of dollars and get you marketing and leads generating far sooner
• This website comes complete with hundreds of professionally designed marketing flyers, brochures, letters and social media posts that can be personalized and sent with just a few clicks by you.
• We are one of the few brokerages in BC with a full time coach who’s sole job is to teach new people how to sell Real Estate
• We have 10 different locations across the province that you have access to 24/7/365
• You go through a 6 month training program that will teach you everything you need to know about selling Real Estate . Statistically people who go through our training program do their first deal in 1/3 the time and make 2.1 times the income of the Real Estate board average for a first year REALTOR.
• We have been completely paperless for over a decade. Our systems are the most advanced systems available in the industry.
• A library of customized clauses designed by lawyers to take the guess work out of writing an offer or listing and keep you out of trouble. These clauses are only available for our REALTORS.
• 4 Brokers with over 80 years of combined experience. This means you have access to an experienced broker 24/7/365 to answer any questions you have.
• Tuesday morning sales meetings. These meetings are designed to keep you up to date on all the changes happening in the industry. The meetings are attended by at least one lawyer and 2 mortgage brokers. We average approximately 100 people on the meetings and our REALTORS brag about our sales meetings.
• “Ask a Lawyer ” Session at our Sales meetings
• Thursday morning Training meetings. These meetings are designed to help you sell more Real Estate and give better service to your clients
• Monday morning REALTOR’s Edge. This is a coaching meeting where the REALTORS set Weekly goals and discuss new innovative ways to service their clients  and acquire more business.
• “Motivational Munch” This puts a short motivational video into your inbox every morning.
• We also put on specialty advanced Real Estate seminars each year. These will sometimes extend into 2 or 3 Thursday morning Zoom meetings. Here are some example topics: ○
  • Commercial Real Estate 101 ○
  • Database management ○
  • Prospecting and follow up systems ○
  • Staying legal and out of trouble in the BC Real Estate maze
• Advanced professional Listing and buyer presentations.
• All of your listings will be listed on Coldwell Banker’s global site for international exposure (https://www.coldwellbankerinternational.com)
• All of the above training is via Zoom and you receive a recording of the meeting immediately after it completes.