Selling commercial property takes a lot of time and patience. Commercial real estate agents must provide substantial and analytical data and financial information. Real estate agents can work on their own, for a real estate service firm or for a commercial broker. Most commercial real estate agents are paid on a commission basis.
Qualifications and Requirements
According to the Bureau of Labor Statistics (BLS), a high school diploma is a basic requirement for commercial real estate agents. An educational background in real estate is very important. Most real estate firms require a college degree in courses such as finance, statistics, economics and business administration.
The National Association of Realtors also provides a list of important courses required for commercial real estate sales.
Canadian real estate agents and brokers must also be licensed. This can be acquired by passing state real estate exams. Some states may require only a basic real estate license, while others may require a specific commercial real estate license.
A career as a realtor is not just for anyone or everyone and it requires certain essential skills. Good educational background and experience to work quickly with numbers and analyze data are essential. Also people who are good multi-taskers who enjoy working in a fast-paced environment with different kinds of people are suitable for this career. Interpersonal skills, dedication to customer satisfaction and persuasiveness are also important.
Primary Duties and Responsibilities
A commercial real estate agent must provide a commercial buyer with all the information on what he intends to buy. This may include, environmental research, financial analysis, etc. Prospective commercial clients are also interested in the area, the data on the property’s location, the area’s population and nearby businesses.
A typical daily life of a commercial real estate agent involves calling business owners and managers, to find out new potential sales and to collate statistical information, searching for, analyzing maintenance costs and renovations of the real estate property, getting in touch with local businesses, negotiating between buyers and sellers, property inspections, arranging for financing and final transactions, etc.
Commercial real estate agents also employ various statistical analysis techniques, to help their clients and prospective buyers.
The Bureau of Labor Statistics (BLS) points out that real estate agent jobs will continue to grow even though the career’s growth rate remains slightly slower than the average national growth rate compared to other occupations.