I am currently 16 years old and I am looking into getting into the real estate agency. I am looking to set up a transaction between an agent where I shall receive compensation for suggesting people to him. Would it be okay if I went door to door for referrals? I understand that I must have written disclosure that I am getting paid for this, but are there any other legal liabilities for both me and the agent that I am working with?
There’s a few things to consider here at the onset…
1) In order to legally receive compensation from a registered real estate salesperson, you also need to be a registered real estate salesperson. It is illegal for anybody who is not licensed to trade in real estate, to receive a referral fee.
2) In order to be a registered real estate salesperson, you need to be over 18 years old, and also have an Ontario Secondary School Diploma, or equivalent credit.
So from a legal standpoint, what you are proposing is not possible.
Are there real estate agents out there that would provide you with compensation, illegally? Probably.
But to be quite honest, you are 16-years-old. You are still a child. I highly recommend that you finish high school, attend an Ontario university and obtain a business degree, try to do co-op or an internship in between, and consider real estate as a career when you are 22-23 years old, and ready to enter the adult world.
I know that TV shows glorify the real estate business, the lifestyle, and the earning potential, but these shows are not real – they are completely contrived, and it gives kids like you all sorts of crazy ideas.
In reality, the real estate industry has the highest failure rate in existence, and most of the 50,000 licensed agents in the GTA net less than a minimum-wage job would pay them in a full year.
Stay in school!