Fri Mar 17 2023 07:48:04 GMT+0000 (Coordinated Universal Time)
Having a career in real estate can bring about significant rewards as well as many challenges. Often, there is a misconception that becoming a property agent requires minimal academic qualifications or effort. Though the career pathway can often be lucrative, if done right, it definitely requires hard work and commitment like any other professional job.
This is because a career in the real estate industry entails more than just selling houses. Property agents have to be well-versed in the process of selling and buying properties, financing options and property-related regulations.
Different Types of Real Estate Professionals
Before we delve further into the pathway of becoming a successful property agent, we must first be aware of the significant difference between a real estate agent (REA) and a real estate negotiator (REN).
To simplify, RENs in terms of job levels are considered as one tier below REAs. They are certified by the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEA) to work alongside licensed real estate agents (REA) but do not have full qualifications and accreditation. RENs are still accredited in their own way and must be registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEA).
How do I become an REN?
To be qualified as an REN, you must first attain the following requirements to be employed by the Real Estate firm;
The real estate agency that you are associated with will have to apply for the REN Tag from BOVAEA. Only then can the REN be employed by the firm and represent sellers, landlords, buyers & tenants in the sale and marketing of properties.
REAs are fully certified and registered individuals who have attended two years of courses to attain a Diploma in Estate Agency, two years of practical training as an REN under the supervision of a fully qualified REA, as moderated by BOVAEA.
In short, REAs undergo a more rigorous training and educational pathway that ultimately allow them to operate their own real estate agency and employ up to 30 RENs to work under them.
How do I become an REA?
To be qualified as an REA, we have simplified the process into a series of concise steps that you can use as reference (You may refer to the BOVAEA website for the official explanation);
You may refer to the table below for a summary of the key differences between a REA and REN (source):
|Colour of ID tag||Blue||Red|
|BOVAEA Recognition||Licensed and Certified||Certified|
|Firm Ownership||Allowed to own and operate a real estate agency and employ up to 30 RENs||May only practice upon full-time employment by a registered real estate agency|
|Training||12 examinations and 2 years of practical experience with a registered real estate agency||Two day training and certificate of attendance|
As you embark on this new career, it is important to understand that becoming a successful property agent requires a lot of hard work, patience, and persistence. Although it may appear as a daunting task in the beginning, you will soon find that becoming a property agent not only offers great financial rewards but also provides a sense of fulfilment when your clients are happy with the property they choose.
Once you’re ready to begin your career either as an REN or REA, one key factor should be considered – choosing the right agency. We summarised several key considerations to take into account when it comes to selecting the right platform to build your career in the industry:
Ultimately, before embarking on your real estate career, take time to study the industry and decided whether it is the right one for you. The pros are enough to attract many people to the industry, but it’s the professionals who can defeat the cons who have real staying power.