What Are Some Careers in Commercial Real Estate?
There are many career opportunities open to those interested in commercial real estate. Generally speaking, commercial real estate is a more complex property type and requires advanced training. If you are looking for a challenging and potentially very rewarding career in real estate, you might want to think about commercial property.
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Commercial Property Management
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Commercial property managers oversee the day-to-day operations of many different property types. Most office buildings, retail centers and specialty properties like movie theaters or theme parks rely on outside property management. There are numerous courses offering certification in commercial property management. It is not always a requirement to be certified, but it is an advantage when seeking employment.
Commercial Property Leasing
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Leasing commercial property is another career opportunity. Leasing brokers usually specialize in either office or retail property. It is essential to understand the complexities involved in commercial leases, which can sometimes exceed 100 pages. Sometimes the same leasing broker represents both parties, but each party can have his own broker as well. Again, there are many courses offered as a sub-specialty within the commercial real estate genre.
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Commercial Property Sales
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Commercial real estate sales brokers must be licensed in the state in which they practice. Most brokers specialize in a specific property type within a geographic area due to the complexities involved. Each jurisdiction has its own requirements regarding the purchase and sale of property. It is challenging to become an expert in more than one type or locale. For example, the San Francisco Bay Area comprises nine counties. Within each county are numerous cities or towns. Each city, town and county has its own set of rules and regulations. It would be daunting to try to broker property in both the Los Angeles metro area and the San Francisco Bay Area.
Commercial Property Appraisal
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Commercial property appraisers must also be licensed in the state in which they conduct business. Overseen by the OREA (Office of Real Estate Appraisers), there are increasingly difficult classroom and experience requirements imposed on all potential and existing appraisers. New commercial appraisers must have a four-year degree from an accredited college or university. However, due to these stringent requirements, there is a usually a demand for qualified commercial real estate appraisers.
Research
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There are many firms that conduct and provide research and statistics to commercial real estate professionals. These firms are either independent entities or a division within a national or global real estate company. Either way, these services are considered premier data sources and highly regarded. Also, there is an ongoing need for this information due to the ever-changing real estate environment.
Commercial Lending
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Most commercial banks have a commercial lending department. Commercial loan officers are trained to analyze the merits of commercial loan applications. Some banks have their own appraisers as well. There is also an underwriting department and support staff. Wholesale lenders buy commercial loan portfolios from commercial banks. These are packaged as investments and sold as securities.
Summary
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There are many commercial real estate career opportunities available if you are willing to put in the time to become a qualified professional. While a career in residential real estate is easier to achieve, the complexities involved in commercial real estate can make it a more rewarding and lucrative career in the long term.
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