What Are the Main Responsibilities of a Commercial Real Estate Agent?
If you plan to have a career in real estate, it might be a practical course of action to at least gain some general background information about what each type of real estate career has in store. When it comes to dealing with large and expensive – as well as very profitable – commercial real estate properties, your best choice is to become a commercial real estate agent, and gain access to all the perks and problems that these professionals have to deal with.
The job of a commercial real estate agent is pretty much the same as that of a residential real estate agent. The agent has the responsibility to find buyers or sellers and connect them, discussing the details and unique qualities (as well as the drawbacks) of the property in question and what it would mean to own it. However, the differences are extremely important as well. Many commercial real estate agents will have to deal with larger, more expensive properties, and go above and beyond when it comes to the standards that most real estate properties would be compared against. The deals will be significantly lengthier and featuring more complicated details than ever before, so if you come from a residential real estate background, you will have a lot to learn before becoming a successful commercial realtor. Commercial agents also have to deal with far more knowledgeable clients than young couples looking for a new home. The seasoned real estate investors, builders and industry experts that they’ll be talking to will have far more knowledge about what a truly valuable and profitable real estate property should be all about.
Despite all this, a basic high school diploma is all that’s necessary for you to become a commercial real state agent, according to the Bureau of Labor Statistics (BLS). However, since most large firms and corporations require special degrees, you will find that most commercial realtors actually have at least a college degree. There are also special real estate degree programs that you can find and apply for when attending certain high profile four-year colleges. Finally, and most importantly, all commercial real estate agents in the United States have to be licensed. These licenses can be obtained by passing state-administered exams after having acquired the knowledge necessary for a commercial realtor to have in their specific areas. Depending on where you live, you might be required to have a specialized commercial real estate license, rather than just a basic state license, as it is required in some states.
As a commercial agent, you would be responsible for a more demanding set of duties than a common residential real estate agent. Aside from just providing information about the property itself, the commercial agent will need to place at the disposal of their client a whole host of essential data, including market demographic studies, local statistics about the location where the property is situated and the demographics of nearby businesses as well. Cold calls, extensive research and lease payment analysis will be just some of the more difficult aspects of being a commercial realtor that you’ll likely have to deal with.