Commercial Real Estate agent is a lucrative business many eyes to pursue as a career choice. A commercial real estate agent is mainly tasked to help clients sell or buy commercial business properties. This may include restaurants, office buildings, retail spaces, and industrial centres. Commercial real estate agent greatly differs from residential real estate agents, this is because the latter is majorly involved in residential homes. Being an established commercial real estate demands that you be patient and committed in your job, and acquire all the necessary education and experience required. Navigating to be successful in the commercial real estate business can be difficult; however, with the required skill set, experience and patience, you will be on your way to build a solid foundation in the commercial real estate industry. Here are some of the tips to follow to become a successful commercial real estate agent.
For one to a licensed commercial real estate agent, there are several mandatory basic requirements. These requirements are essential for one to be fully licensed, and they vary from state to state. Before one is licensed to becoming a real estate agent they need to have a commercial license in being a real estate salesperson, with at least two years of experience. Additionally, one is required to be of the minimum age which is 18 years for most states to qualify for a real estate agent license. Also, one is required to be a resident of a state to be issued with the license of the said state, and one needs to have pursued the required education and have passed the examination before being issued with the license.
Pursuing a real estate course is mandatory for one to be a licensed commercial real estate agent. However, it’s important to note that you do not need a bachelor’s degree to be qualified as a real estate agent, although it can be an added advantage. For you to become a licensed commercial real estate agent you must undergo courses offered by your state real estate governing body. This may take several months depending on the courses you pursue. You will learn topics like mortgages, property law and investment, financing, and contracts.
After the courses, you must undergo an exam in which you need to pass so that you can qualify for a commercial real estate agent license. Adding to the initial examination requirements, commercial real estate agents are required to constantly renew their license after every 3-4 years after re-taking an exam. This is to ensure the agents are up-to-date with the constant change of commercial real estate laws.
Explore the Market and Gain Experience
Once you’re officially qualified to be a commercial real estate agent, you can apply to work for a firm as a real estate agent. Based on your commercial real estate agent qualifications, you will be exploring commercial properties for selling and buying off of a plan on behalf of your clients. This will mean that you base yourself in a town or city that is bustling with commercial properties so that you can practice your profession and gain experience in the industry.
Build Your Brand
Obtaining in-depth experience in commercial real estate will help you expand your network and build a reputation in the real estate industry. This way you will build a network with your clients and get frequent work from your previous clients and referrals. Moreover, building a network and establishing yourself as a reputable real estate agent can help you soar into the next phase of commercial real estate as a broker or owner of a commercial real estate firm
Skills and Qualities required
As earlier stated, commercial real estate agents need to develop several skills sets that will help them navigate successfully in the industry. For instance, real estate agents need to be skilled negotiators, because most of their work is interwoven in negotiation between buyers and sellers as their intermediate negotiator. Therefore, the need to be composed in negotiation and learning on how to arrive at a common ground is an essential skill. Additionally, agents are required to the patient this is because some negotiations may take months and even years before they are finalized. This makes them have inconsistent pay throughout the year and will need to have backup plans for their finance. Moreover, agents are required to be committed in their work as they are required to work long hours even at home to ensure a deal is sealed.
Pursuing a career as a commercial real estate agent requires more than just educational qualifications. By exploring the market and working with clients one will build the required skill set to become a sought-out real estate agent.