How to Have a Career in Commercial Real Estate
Once you earn your real estate sales associate license, start reading books and articles about commercial real estate to see if it's for you. Interview with brokers who specialize in commercial properties and ask if anyone in the office can mentor you. Decide on the type of property that attracts you the most and develop an expertise in that type. Prospect for listings and effectively market those listings to your peers and the public.
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Instructions
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Earn your real estate license and take additional classes and read books about commercial real estate. A pre-licensing real estate sales associate course focuses primarily on residential aspects, because that's the chosen field for the overwhelming majority of agents. Interview brokers who specialize in commercial property and ask if you can team up with a top producer in the company who needs help and enjoys training new agents.
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Decide on the type of property that appeals to you and is plentiful in your area. Develop expertise in one type before you move on to another. Options include apartment buildings, retail stores, strip malls, office buildings, warehouses and restaurants. Ask your mentor or broker which property type is active; you don't want to start your career in a stagnant market.
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Prospect for listings. For tax purposes, commercial properties fully depreciate in 39 years. Search the tax records for owners approaching that mark; they might be ready to sell and buy another property in order to have another 39 years of depreciation. Drive around and search for For Sale By Owner (FSBO) signs. If the sellers aren't having any success, they might want to list with you. Know the selling price for comparable properties in the area before you contact the FSBO sellers.
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Develop a marketing plan for your listing. Enter the listing in the Multiple Listing Service and on commercial real estate websites. Feature the property on your own website and let everyone in your office know that you have a new listing. Attend local commercial real estate networking meetings and present your listing to your fellow agents. Prominently place a For Sale sign on the property and perhaps display a banner as well. Answer all phone calls and keep the seller advised of all activity related to your marketing efforts.
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References
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