The commercial real estate market is booming right now in many key areas of the country. This means the demand for skilled commercial realtors is high. Although many people may have the idea that commercial realty is all about selling or investing in tall skyscrapers and giant shopping malls, there is actually much more involved in this segment of the real estate profession than meets the eye. Commercial property realtors do a lot more than sell or lease buildings. With the recent growth in the commercial market, this translates to increased opportunities for brokerages and their qualified agents.
Commercial Sales and Leasing
Sales and leasing are the main thing thought of when considering the job of a commercial realtor. It is also the main area of work for most brokerages. Since the commercial real estate investment business is vastly different than the residential side of this profession, realtors need different qualifications. They must understand and work with numerous real estate laws, as well as a completely different realty market.
Commercial agents must have the ability to think quickly, understand the complexities of lease negotiations and financing, and know how to monitor local commercial market trends. They must also understand the best and most efficient ways to turn available properties into properties that fit a client’s every need to close the deal. Commercial agents can provide the best service to business clients looking to lease or invest in commercial property by helping them find the perfect property for their needs.
Commercial Property Development and Investment
While the sales and leasing of existing commercial property is an obvious area where commercial property realtors are always necessary, property development is yet another area requiring specialized commercial expertise. Agents working in commercial property development typically work as part of a team that: conduct research and then purchase commercial land for sale; develop a plan for the construction of commercial buildings to put on that land; and handle the financing and management of the actual building process. After these commercial properties are built, agents will go on to manage them if they are owned by commercial brokerages, and often do so for private owners as well.
Commercial Property Management
Managing commercial property, whether brokerage or privately owned, requires great organizational skills and a thorough knowledge of the commercial property profession, especially concerning repair and maintenance contractors. Depending on the type of property, commercial agents may need to keep buildings staffed with cleaning and/or security staff, provide regular maintenance, and arrange for anything else that falls under building maintenance. Commercial property management is actually a very important, yet often overlooked side of this profession for agents who prefer not to deal strictly with selling or leasing.
It can be seen that there is a good opportunity for an enthusiastic commercial realtor, especially those interested in more than just basic property leasing and sales. Some of the best brokerages work in development and investing as well as also manage many commercial properties after negotiating leases with tenants. Providing the best service is essential in this competitive industry; however, for the right commercial property realtors and the clients they serve, commercial real estate can be a very lucrative profession!
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