by Trinidad Real Estate 
Thinking about becoming a Real Estate Agent in Trinidad and Tobago? This can be an exciting and rewarding achievement. Being an agent can also give you the opportunity to interact with a wide range of property markets and help individuals find their perfect home.
Here is what you need to know:
- Upcoming Real Estate Regulations (Real Estate Agents Bill 2020)
- Current Requirements to become an Agent in Trinidad and Tobago
- Working with an Experienced Broker OR Registration with Local Authorities
Upcoming Regulations: Real Estate Agents Bill 2020
Important Note: Although the Real Estate Agents Bill 2020 has been introduced; it has not yet been assented to and is not currently law.
However, future and practising real estate agents should pay close attention to this bill, since it would outline important requirements that would govern how you practice as a Real Estate Agent.
The Real Estate Agent’s Bill set forth frameworks for accountability, Professionalism and registration of all Real estate Agents in Trinidad and Tobago. The bill proposes that agents must:
- Complete accredited training. (UWI Roytec)
- Have good character (Police Certificate of Character)
- Comply with strict Amit-Money Laundering (AML) and Countering Financing of Terrorism (CFT) and Proliferation Financing (PF) Laws.
Although the above is mentioned in The Real Estate Agent’s Bill and not yet considered law, with the exception of that you MUST register with the FIU of Trinidad and Tobago, since this is already Law.
Being familiar with what is needed places you ahead of the curve once the Real Estate Agents Bill has been proclaimed.
Current Requirements to Become a Real Estate Agent
As of now, the pathway to becoming a real estate agent in Trinidad and Tobago involves several practical steps and compliance with existing laws. Here’s how you can start your journey today:
Education and Experience
- Educational Background: While there are no strict educational requirements, having a background in business, law, or a related field can be incredibly beneficial. Some places ask for 5CXC passes, in order the sign up for the real estate course.
- Real Estate Courses: It is advisable to enrol in courses related to real estate to gain basic industry knowledge and skills. UWI Roytec offers and accredits the PORES (Principals of Real Estate Sales) course.. Doing this course is one such requirement you would need to meet when you have to work with real estate companies for experience, and also, to be compliant when the Real Estate Agent’s bill has been assented.
- Business Registration: This is needed only if you are operating independently. If have no experience, and just finished the Principal of Real Estate Sales course from UWI Roytec, then you should apply to work with an experienced Real Estate Agency to get the proper experience. Once you have this experience (at least 3 years) you can operate independently at present. However, after the Bill is Assented, you will need to work under a Real Estate Broker until you attain these qualifications yourself. (Dip. in Real Estate Brokerage from UWI Roytec).
- Compliance. Register with the Board of Inland Revenue and the Financial Intelligence Unit (FIU) to meet all tax and record-keeping obligations. This is very important for maintaining your professional integrity and avoiding legal issues. This is also mandatory regardless of the status of the Real estate Agent bill 2020.
Networking and Professional Development
- Join Professional Bodies: Becoming a member of real estate association can provide various networking opportunities. In Trinidad, real estate transactions close because of opportunities known as co-broking through working with other agents. These bodies will also give you the much-needed industry insights, and professional development resources to ensure that you are successful.
- Continuing Education: Engage in continuous learning to stay updated with the latest market trends, legal changes from regulatory bodies like the FIU, and best practices in the real estate industry. Additionally you can upgrade yourself from being an agent to a Broker through education and some other requirements.
Practical Experience
- Work Experience: As stated before, you need sufficient experience by working with a broker/real estate agency to close deals ,you should know all the steps to sell a house , Land, or Commercial property. You must also know the steps needed to rent an apartment.
- Mentorship: Seek out a mentor in the real estate industry who is able to guide you through the beginning of your career and can provide advice based on his or her real world experiences.
Key Takeaways for Aspiring Agents
- Stay Updated: If you are to become a Real estate agent in Trinidad and Tobago, make sure and be aware of the latest trends and developments in Real Estate. This includes any changes of status to the Real Estate Agent’s Bill 2020 and any new updates by FUITT.gov.tt
- Strengthen Your Business: But your foucus in working with established real estate agencies and get real world experience. When you sell or rent properties, each transaction is different and you need to know how to deal with situations that may arise.
- Registration: Make sure you sign up with the FIU, to make sure your business is compliant. If working with an agentcy, they would be responsible for this, and also mandatory training every year for yourself as an agent.
- Be an activecommunity member: Make sure a real estate association that different groups so you will be aware of different co-broking opportunities. Working with other agents will develop your knowledge and make you a better, more experienced real estate agent.
Once you decide to make the first step into becoming a real estate agent, you may find it a bit overwhelming. Once you get over this, it will be filled with lots of opportunities and potential. Preparing yourself, making new connections and identifying people in the industry that can advise or help you in unfamiliar situations can definitely be an asset.
