The current commercial market is booming in many areas, providing great opportunities for motivated sales agents. The ability to sell commercial real estate can be a rewarding option for some agents; however, it is important to understand that dealing with commercial realty is different than selling residential properties. By using the tips below, a person can help ensure success in commercial real estate sales and learn the ropes even faster.
Learn About Commercial Realty Appraising
One of the most important parts of selling commercial real estate is the ability to accurately value the property. Precise appraisals play a critical part in a buyer’s long-term goals and a seller’s expectations. The appraisal process is also much more involved than it is with residential real estate. A successful agent must know the various ways to value properties and how appraisers reach their conclusions in order to provide the best service to buyers.
Get the Right Training
There is more involved in the sale of commercial real estate than simply getting a sales license. Agents should consider taking extended courses on market analysis, negotiating sales, financial options, and commercial investment so they are well versed in this field and have an understanding from the buyer’s point of view. It may be helpful for agents to continue their training to obtain the Certified Commercial Investment Member (CCIM) designation with the National Association of Realtors.
Residential and Commercial Sales
Although both involve property transactions, the sale of residential real estate and commercial real estate are very different. Agents must learn the different processes and laws pertaining to business properties and the extensive financial, appraisal, and investment processes to be successful in this field.
Property Types and Zoning
Another significant part of commercial realty is knowing about the different types of property and the local zoning laws that apply to them. Agents should learn current zoning laws and keep up-to-date with any changes. They should develop a relationship with the local zoning office and be able to advise buyers on the appropriateness of potential investments.
Commercial Property Marketing
Commercial real estate is a highly competitive field that utilizes extensive marketing techniques and technology. Agents must pay attention to marketing trends, stay educated on sales techniques, and use available technology to most effectively manage their sales properties.
Seek A Mentor
New agents should spend time talking with more experienced agents, finding a mentor if possible. Learning the local market, gaining important contacts, and understanding the right processes will come in time with experience; however, it is always beneficial to learn from someone who has been doing this for a while. Co-listing a property with a more experienced agent is a great way to gain valuable knowledge.
With the right training, agents transitioning from residential sales to selling commercial real estate can do quite well for both themselves and their clients. The importance in the sale of commercial real estate is to learn about the many laws involved in this industry. New agents must then know how to appropriately assess various properties and best match buyers to the most suitable investments. Realtors who are motivated to learn and expand their horizons can really excel in today’s exciting world of commercial real estate!