Selling commercial real estate can be a very lucrative career. However, it’s not as easy as just putting up a sign, printing a few business cards and selling property. Depending on the state you wish to sell real estate in, you may need to obtain a license to do so. The requirements for a commercial real estate license will vary from a simple licensure exam to a more specific test for commercial real estate.
You may need to take a class, usually ranging from 40 to 80 hours, depending on the state, before you can take the exam. Once you’ve passed the state licensure exam, an apprenticeship is usually necessary to obtain full credentials in the commercial real estate industry. In some states, the requirements vary a little depending on whether you want to be licensed as an agent or a broker.
Obtaining Full Credentials
After passing the basic testing and finding work in the industry, it’s necessary to develop skills putting you at the top of your game. This is done through experience, continuing education classes and gaining a full understanding of the commercial real estate industry. Specializing in one area of the business will help develop a specific set of skills you can use to sell your services in that specific area.
Some of the areas of the commercial real estate industry include office space, apartment complexes, agricultural lands and industrial warehouse space. These areas are all very different and new agents should only start with one or two specific areas before trying to master all of them. It’s important to gain a full understanding of the different laws, financing, ownership, contracts, title transfers, commercial bonds, insurance and other parts of each type of real estate.
Becoming an expert in one specialized field can make a real estate agent or broker easier to market. This can make it easier to obtain clients and give them the advice they need in regards to their specific property type. In order to gain specialty credentials, however, you need more than just a string of letters after your name. You will need the proper knowledge and experience to help you become the top choice within your specific specialty.
The commercial real estate industry can be very competitive and an agent or broker wanting to succeed must gain a positive reputation. Many recommend those looking to sell commercial real estate to research the reputation and the track record of many different real estate agents before choosing. This is a bit like building a resume for a job interview. You want your credentials to get you the interview and your reputation to get your the job.
Building a Solid Reputation
Honesty and hard work will lead you to a great reputation within the industry. Avoid selling properties for less than they are worth just to make a commission and always put your clients’ needs ahead of your own. You want to represent the needs of your clients in a fair and assertive manner. This will help you gain more clients and the word of mouth advertising about you will always remain positive.
With the proper licensing and a great reputation, the commercial real estate industry can be very lucrative. It may require long hours and hard work, at first, but as you gain experience and build your reputation, the work will come to you much easier.