AREAS OF SPECIALIZATION IN REAL ESTATE LICENSING

One would think, why do we want to take one of the areas of specialization in the real estate licensing courses? Well, that is the way it works. By Law, you can become a professional Real Estate Agent starting from a specialty that you would like to start your career with and then grow with other sectors as you wish. At some point in your real estate career, you might decide to develop a specialty. Very few real estate professionals can—or want to—do everything for everybody. Many real estate professionals are generalists, who do some of this and some of that, while others find a real estate niche that they love and stick to it. In a competitive market like real estate, it literally pays to think strategically about your career. One of the most fundamental tactics you should consider is finding a niche or a specialty that suits you, your region, and your business goals.

A niche can involve catering to a certain type of client—such as buyers or sellers—or a market area or a property type, such as condos or commercial. Some areas of specialization are more common than others, and some have been highly successful for agents. It never hurts to specialize in something that you enjoy doing.

Have a look at the video –

There are 4 Areas of Specialization in Real Estate Licensing in Alberta –

1. Residential
2. Commercial
3. Rural
4. Property Management

Note: Real estate brokers and Associate Brokers must complete all four sector courses.

Each of the Specialization Courses include the following –

Residential Real Estate

A person practicing residential real estate would help their clients buy and sell Residential Properties. Residential properties would include things like Single-Family Detached Homes, Townhouses, Condominiums, or Duplexes. Any of these places where people live would fall under a residential real estate. If you want to help people buy and sell their homes, you want to get your license in a Residential Real Estate Sector. For other introductory information on the course, visit the RECA link for Introduction to Residential Real Estate.

Commercial Real Estate

In commercial real estate, a real estate agent would help their clients buy and sell Commercial Properties. Properties like Office Condominiums, Commercial Plazas, Commercial Buildings, Commercial Units, etc. are included in Commercial Properties.  These are the properties bought by small or large businesses as their office spaces. Other examples include Warehouses, Industrial Units, Retail Storefronts. Eg: Dry-Cleaning Store, a Restaurant, or anything used on a commercial level. For other introductory information on the course, visit the RECA link for Introduction to Commercial Real Estate.

Rural Real Estate

If you are a Real Estate Agent practicing in Rural Real Estate, you would help your clients buy and sell Rural Properties. Rural Real Estate includes properties that are used for personal use but are located outside the city in nearby towns, areas, or city outskirts, basically in the rural area and not in the metropolitan area of the main city. Properties like Farmland, Ranches, Livestock Farms, etc. For other introductory information on the course, visit the RECA link for Introduction to Rural Real Estate.

Property Management

In Property Management, you’re helping your clients Manage or Lease all kinds of Properties. Activities in this practice include Renting or Leasing Real Estate. Properties like Houses, Condos, Apartments, Commercial / Business Units, etc.  Your duties as a Property Manager would be helping your clients negotiate the price of the property, approving leases on behalf of your client, collecting rent. A Property Manager manages the property, hires Contractors, gets the repairs done, etc. For other introductory information on the course, visit the RECA link for Introduction to Property Management.

Steps to start your Licensing Journey

So, how would you specialize in your area of interest and what are the initial steps??

Step 1

Complete your basic Education on Real Estate Licensing which is – Fundamentals of Real Estate Course. It helps you understand the foundational knowledge and skill set that you need to become a real estate agent. The Course Fee for Fundamentals of Real Estate is $1250, and you could take this course through the RECA Study Portal.

Step 2

The second step would be to choose your Area of Specialization for Real Estate Practice. So, this is where you get to decide which area you want to practice. Prices for each of the Specialization Courses differ. But they all fall in the range of $800 to $1250. You can get an overview of fees for various courses at the RECA website here.

Step 3

After completing a specialization area, you can Get Licensed in Additional Courses, if required. Thus, you can specialize in 1 or more areas of your choice. To get started, you must have passed the Fundamentals Course with minimum 1 Area of Specialization. Later, you can get more as per your wish. You also need to Renew your Existing License in the Specialization Courses you have already passed from time to time.

Note: The most Common Area of Specialization in Alberta is Residential Real Estate.

If you are planning to become a Real Estate Agent in Canada, these areas of specialization in Real Estate Licensing with their basic understanding of the roles and responsibilities of each of them is a must. Make your decision after you have all the information as the courses are long and will require a good amount of your time and effort. These will help you start and shape your career in the direction you choose.

Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions summarized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! Visit our list of Real Estate Tutoring Sessions for details.

If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.

You can also listen to this blog in the podcast below. We Hope you found this information useful. Stick to us for more updates.

Happy Realtoring!!