Posted on December 26, 2018
Commercial real estate agents are licensed individuals who help their clients buy, sell or lease properties that are intended for business purposes. These agents have the option to work for themselves, another commercial broker or for a full real estate services firm. A commercial real estate agent takes leadership and provides guidance in helping clients to facilitate a wide variety of property transactions. Some of these are listed below:
Commercial real estate agents have similar job duties to residential real estate agents; however, typically the negotiation process for business properties can take significantly longer and the workload is highly demanding. Also, some states require additional licensing beyond residential real estate certifications.
By way of explanation, a real estate broker is an agent who has also passed their broker license exam. The primary difference between a real estate agent andbroker is that a broker can own a real estate firm or hire agents to work for them.
Characteristics & Abilities of a Successful Agent
The commercial real estate industry is generally fast paced and complex. Successful agents enjoy the challenges of multi-tasking, working quickly on their feet, financial analyses, cold-calling businesses, relationship building, networking, etc.
A qualified agent has a healthy understanding of financial processes such as break-even analysis, property maintenance costs, financial inspections, etc. Mathematical calculations are an integral part of this profession and the ability to perform them quickly and efficiently is a much-needed asset. For instance, agents are sometimes asked to provide substantial financial data or calculate analytical information such as market demographics and environmental research.
Moreover, strong people skills and the ability to communicate well with others are critical in the real estate market to elicit a feeling of honesty and trust. On the flipside, a good agent can also work alone for extended periods of time as needed.
The Benefits of Hiring an Agent
It is advantageous to employ an agent when dealing with any type of property transaction. Effective agents have an inherent understanding of their community, culture and surrounding businesses. They are well-educated in the economy on both the local and national economy and consistently seek to gain knowledge as real estate markets fluctuate.
Licensed agents possess a broad understanding of financial institutions, commercial lenders and the loan options available to their clients. Furthermore, agents are able to provide straightforward feedback regarding property values and many other real estate proceedings.
An experienced agent will be of great value in the negotiation process between buyer and seller of commercial properties. These agents are well-versed in the importance of optimal timing and a multitude of other considerations involved in real estate agreements.
A college degree is not always required for a career as a real estate agent. Many higher educational institutions offer programs with a specific emphasis on commercial properties, and a large number of individuals are choosing to pursue these degree advancements. It is worth noting that many real estate firms do seek individuals with a four-year degree. Whether the college route is taken or not, an agent must pass the required real estate exams to become licensed.
A career as a commercial real estate broker can be highly satisfying, challenging and rewarding. Opportunities to meet and work with a wide variety of individuals from many backgrounds while serving their real estate needs can be truly satisfying.
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