There are many different business models employed by real estate brokers and you are encouraged to learn as much as you can prior to deciding on which model fits your personal circumstances. NLAR adheres to CREA’s Pledge of Competition and encourages a diversity of business models in our membership.
Beginning a career in real estate is not like getting a traditional job with a paycheque. In almost all cases, there is no employer-employee relationship between the agent and the broker.
Canada Revenue Agency views a real estate salesperson as an independent contractor. So as you plan, you should think about your real estate career as a business you are building, not a job you are getting.
Regardless of where you eventually find your place, there are certain start-up costs that all new members will incur, in addition to any fees or charges your broker may levy.
|Pre-Licence Course Registration (non-refundable, non-transferable)||NL Association of REALTORS®||$2,000|
|Real Estate Recovery Fund||Service NL – Licensing Dept||$250 Salesperson / $450 Broker|
|Licence fee||Service NL – Licensing Dept||$200|
|Total (Education/Licensing)||approx. $2,450 Salesperson / $2,650 Broker|
Real Estate Association Fees
Upon successfully passing the pre-licence program and attaining their licence, individuals would then be permitted to join the provincial real estate Association. Fees are payable directly to the Newfoundland and Labrador Association of REALTORS® (NLAR).
Fees to join NLAR fluctuate slightly according to the time of year someone joins. However, an approximate overview of the fees would include:
|Start–Up Fee Description||Organization||Fee|
|NLAR Entrance fee||NLAR||$500|
|NLAR Quarterly fee||NLAR||$58|
|CREA Entrance fee||CREA||$200|
|CREA Quarterly fee||CREA||$310|
|Errors and Omissions Initiation Fee||REIA||$100|
|Errors and Omissions Insurance||REIA||$515|
- All fees are subject to 15% HST
- CREA – The Canadian Real Estate Association
- REIA – The Real Estate Insurance Association
Other Start-up Costs
As a new business you will have to invest in development of your branding material, website, business cards, etc. Other costs will undoubtedly include technology such as a computer or tablet, smartphone, etc.
You should also talk to your broker about what to expect in terms of training and goal setting for your real estate business. It usually takes several months for new entrants to complete their first sale and earn their first income. In your planning and budgeting you should be prepared to earn very little income in your formative year or two as you establish yourself in our industry.
Fees updated: April 2023