Does the prospect of selling commercial properties and earning substantial commissions excite you? Many buyers will use commercial loans in Los Angeles to acquire office buildings, warehouses, factories, and similar types of real estate in busy cities and towns. As a commercial real estate agent, your job will be to manage the smooth sale of these properties. You can have a highly rewarding career in this sector if you make the proper investment in acquiring the necessary skills and learning the ropes.
Here are a few tips to help you start a successful career as a commercial real estate agent.
- Take Relevant Pre-licensure Classes
- Choose Your Specialization
- Office blocks
- Industrial complexes
- Retail spaces
- Storage facilities
- Build Your Reputation
- Target Urban Commercial Property Markets
- Refine Your Skills and Qualities for CRE Success
- The ability to generate leads and turn them into clients
- Salesperson attributes like being persuasive, persistent, and proactive
- Great work ethic
- Great negotiation skills
- Interpersonal skills, like being sociable
To acquire the necessary skills for the job, you should enroll in commercial real estate training. There are state-mandated classes you can attend online or offline to qualify as a real estate agent. Training covers the fundamentals of the property market and applicable laws.
Primarily, you’ll learn about general brokerage, property development, and property management. These are your main commercial real estate career options. Then, you’ll need to take an exam (usually state-administered). Passing the tests paves the way for licensing, allowing you to practice shortly after obtaining your license.
You have several career options as a commercial real estate (CRE) agent. Instead of exploring everything at once when you’re starting, you’re better off focusing on a specific area like general brokerage. This way, the learning curve is less steep, letting you master your craft much faster.
As an independent general broker, you can practice as a buyers’ or sellers’ representative in commercial real estate transactions. Your dealings can involve properties like:
You can deal with any of these properties or specialize in one type.
A good reputation is what will get you the first couple of clients. Since you’re not well known in the industry as you begin your career, consider joining a reputable commercial real estate company first. A firm that specializes in the type of properties you wish to handle would be a great choice. It’ll give you a chance to build relationships with corporate clients and establish your credentials as a buyers’ or sellers’ representative.
The most lucrative commercial real estate markets are in cities and towns. These locations are highly attractive to investors looking to set up physical workspaces, retail stores, entertainment joints, warehouses, etc. These types of properties, as well as general brokerage services, are usually in high demand in urban areas.
Note that commercial real estate is expensive, and your commission is a percentage of this cost. As such, you can earn a decent income as you grow your client base and close more deals.
By the time you complete your CRE training, you’ll have learned about the qualities needed to excel in this profession. Some of those may be inherent in you as you get started, while others need nurturing, experience, and mentorship. Here are some skills and personal attributes that are imperative to success in commercial real estate:
Keeping these tips in mind can boost your chances of success as a CRE agent. It’s also best to start building solid professional relationships with key stakeholders, including lenders. For any questions about obtaining a commercial mortgage in Los Angeles, contact our experts at Fidelity Mortgage Lenders today. We provide funds for different types of small and large commercial real estate properties.