What Do Commercial Real Estate Brokers Do?
Commercial real estate brokers are responsible for myriad functions related to buying and selling commercial properties. The broker can list, inspect, evaluate and represent either the buyer or the seller of the piece of commercial real estate.
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Duties
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The main duties of a commercial real estate broker on a daily basis don't vary much from those handled by residential brokers. The broker must oversee the listing and showing of the property and manage the real estate agents involved in any transaction.
Listing
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When listing a piece of commercial real estate, the net to gross profits, age and type of machinery, fixtures and building are factored into the development of a listing price. This is the most difficult aspect of listing a commercial property and is far more time consuming for both the real estate agent than the broker. Detailed business records must be copied and reviewed by the brokerage to share with potential buyers and lending institutions.
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Marketing
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A commercial real estate broker must market and promote the commercial property. Most brokerages utilize a variety of media types to attract buyers to listed properties. Virtual tours on the brokerage website, television advertisements and local real estate print guides featuring interior and exterior photos are common forms of marketing properties.
Closing Table
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Commercial real estate brokers must be present at the closing table, when the seller, buyer, title company and loan officer formalize the agreement and turn over the property deed.
Commercial Professionals
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In most instances, the commercial real estate broker will spend time working with a commercial real estate appraiser, title research company and lender to complete the tasks necessary to ensure a legal and smooth property closure.
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