Broker Practice Tip: The Business of Running a Brokerage
| February 05, 2020
You are passionate about your career and you want to be the boss. You’ve got the experience and have taken the necessary RECA education programs to become a licensed broker. You’re all set to run your own brokerage… or are you?
Running a brokerage isn’t just about real estate or mortgages. A brokerage is, first and foremost, a business. You would be better prepared if you took some time to gain knowledge about business essentials in addition to your knowledge of the industry.
There are two important educational aspects to running a successful real estate or mortgage brokerage business in Alberta. The first is the RECA-provided education to ensure you are knowledgeable of the standards of practice and can provide competent service to the public. The second is to assist in enhancing the profitability and viability of your business.
When RECA’s mandate refers to enhancing the business of industry professionals, that is a defined term in the Real Estate Act, meaning business as it pertains to trades, deals, and appraisals, not commercial interests. To provide you with education on the most urgent topics related to the industry, RECA is committed to remaining focused on education within this stated definition of business: in other words, we focus on educating you on information and changes that directly affect your role as a licensed industry professional.
Where can you learn?
There are many reputable educational institutions in Alberta that offer business administrative programs—from certificates to MBAs. You can check with your local community college, find accredited online programs, or contact:
- your local college (e.g. Bow Valley College, Grande Prairie Regional College, Red Deer College)
- online-based university (e.g. Athabasca University)
- an Alberta-based university (e.g. MacEwan University, Mount Royal University, University of Alberta, University of Calgary, University of Lethbridge)
- either institute of technology (NAIT, SAIT)
- trade associations and real estate boards may offer related courses
We strongly encourage you—long-term and new brokers—to build your business skills through a program that works best for you.
As professionals, you have the responsibility to gain the requisite knowledge and skills, and adopt a mindset for continuous improvement, to ensure you are competent in providing services to the public. Competent brokerage and business practices are foundational to maintaining the trust, respect, and confidence in the real estate industry.
Invest in your brokerage, your education, your industry, and yourself.