My associate(who is a realtor) got in hot water with our yellow letter campaing because another realtor submitted it to the ACAIQ has of trying to steal his client,
Commercial and residential are, for me really two worlds apart , the valuation , the leads and the legal aspects.
The name of the agency should be pondered has of where and what you want to do, in high end it matters the middle not so much, just dont go with ventedirect
I am so happy to have found a fellow Montreal on BP! I've just done a little research on the club and I am glad to see that we have something in our backyard! I am also glad to see that there are well thought investors as yourself who prove that it is a possibility to invest in our region!
I'll make sure to keep in touch!
Just for you own personal knowledge I'll list the courses I am expected to pass in order to take the xam that I need to pass to obtain my license. The test is taken at an OACIQ office. The OACIQ (l’Organisme d’autoréglementation du courtage immobilier du Québec) is a governing body that tries to make sure there is no illegal brokerage going on within the province of Quebec.
Fonctions of a residential real estate broker 45 hours
Civil Law 45 hours
Business law and other laws 45 hours
Law on brokerage 45 hours
Architecture 45 hours
Evaluating the market value of residential real estate 45 hours
Mortgage and real estate math 45 hours
Contracts 75 hours
I have to admit these classes are all very interesting. They provide practical knowledge not only for my career as a real estate broker but for a potential home owner and investor.
I would like to thank you for your ideas and compliments! I will make sure to take my readings with a grain of salt. At the same time I agree that knowledge is the key to success. I don't l want to be like the poor people you're described who weren't able to succeed. We are talking about a lot of money!
Thank you again!
I'm glad to see that you agree the Club d'investisseurs immobiliers du Québec is a good place to check out. I might find myself in one of those meetings sooner than later!
Talking about the OACIQ, I agree there are quite a few rules that have to be followed. A lot more especially when you are a broker but I can tell you that a friend of mine got a $9000 fine because he helped rent out a unit without having his license. Though I have to admit that I am surprised your friend got in trouble with his yellow letters. He wasn't directly targeting his clientele was he? If he advertised in a general enough fashion he should have been alright. I hope it didn't cost him too much time or money!
Talking about agencies I agree that ventedirect might not be the best. But we have to understand that certain clients want to be part of the process of finding a buyer to save their money. Sadly for them, in my classes I've heard that 2/3 of the time it's the broker who finds the buyer so say good-bye to that low flat rate! Without a buyer already lined up its pretty hard for the home owner to find a buyer. He has no where near the same amount of tools as a certified broker.
Thanks for your input!
My view is a bit different.
The courses you listed are all focused on the transaction since that is where the broker functions in a deal.
Most of real estate investing (in the States, at least) centers on treating the subject property as an investment in a business context.
I took and passed the Century-21 course for an Illinois agent's license (before they all became knows as "brokers"), but never sat for the test for the state license. It is good stuff to know, but doesn't really teach much about being an investor, only a "transaction facilitator".
For what it's worth ...
If someone applying for a loan, mortgage insurance or down payment program which requires home buyer education. How to analyze your own financial situations and learn strategies to improve your financial management to prepare for homeownership is most important.
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