Can you do both commercial and residential real estate? The short answer is yes, The short answer is yes; the longer answer depends on your connections and your skill level. Your technical understanding of commercial real estate is important as well. Commercial real estate agents need the proper tools for their work. Researching property, calculating cap rates, and assessing market conditions are vital tasks. Agents with a commercial real estate license also can engage in the sale of businesses. Commercial agents sell businesses. Implements and trade fixtures also get sold.
Commercial listings are more complex. Understanding the market often means canvassing where you work. Canvassing allows you to assess market conditions. You will find listings and clients for future deals. The need for this manual work is because not everyone utilizes a central database like the MLS. Commercial real estate agents will sometimes list their properties on a private database. Commercial agents network with colleagues when they have a listing.
Residential real estate business tends to appear as a more relaxed environment. Business attire is more relaxed compared to commercial real estate. Work hours are also more flexible than in commercial real estate. Commercial real estate agents often wear clothes that are professional for a work environment. Commercial real estate professionals prefer a regular business schedule during customary business hours.
There are many opportunities for education in both residential and commercial real estate. The technical aspects of residential real estate agents are straightforward. The process is similar throughout most real estate situations.
Commercial real estate agents will face many different technical situations. There are many types of commercial real estate scenarios. Commercial agents will deal with trade fixtures and the sale of the businesses that occupy the commercial property. Advanced training in the commercial real estate world is recommended.
Popular commercial real estate designations are CCIM. This stands for Certified Commercial Investment Member. This is a distinguishing designation that many commercial real estate agents pursue. The designation implies that you have completed a certain amount of transactions. The required coursework to attain the designation is also very challenging. Applicants often travel for coursework.
The CCIM designation also allows you access to the other members of the group for networking purposes. Like the university system, your membership in the CCIM will benefit your future business. Knowing other professionals in your industry is very important. Agents around the world seek the CCIM designation, you could expect to give and receive referrals from your CCIM network.
Can a residential Realtor sell commercial property?
Can you sell commercial real estate with a residential license? Your residential real estate license will allow you to sell real estate in your state regardless of property type. You may need to transfer your license to your company’s commercial division to sell commercial property. Residential agents often refer clients to commercial real estate agents. Specializing is to provide the proper level of service for clients. Referring agents receive revenue when the transaction closes.
Advantages of Commercial Real Estate
Some of the advantages of pursuing commercial real estate representation are less competition, larger commissions, multiple paydays for leases that renew, and more robust earning opportunities. Agents can earn commissions from the sale of the business as well as business fixtures.
Disadvantages of Commercial Real Estate
The length of the sale cycle is the main disadvantage of commercial real estate. Residential real estate agents often get paid 30 to 60 days after negotiating a contract. Commercial agents can wait for months and even years to earn their commission. You have to sustain yourself while waiting for these sales to happen.
Can you do both residential and commercial real estate?
Yes, you can. You must ask yourself if you can sell residential and commercial real estate competently.
Commercial real estate agents need expensive marketing software. Commercial software is the counterpart to the residential MLS. Commercial real estate agents rely on built-in networks for help selling listings. Commercial real estate agents pursue specialized knowledge to serve their clients. Commercial real estate agents also rely on their experience.
Residential agents must learn commercial real estate methods. The answer to the original question “Can a residential Realtor sell commercial property?” is yes. The real question for residential real estate agents is whether they can serve their client’s best interests. Ultimately, you may want to find a commercial agent to refer business to. If you want to specialize in commercial real estate sales, the opportunity is available to you.