When you want to become a real estate professional who can offer commercial real estate services to your clients, you need more than just a business card and a good vehicle. Even if you have been practicing residential real estate for a few years, you will have to improve your skills and knowledge if you want to put a commercial place for sale in Calgary.
Commercial real estate encompasses the leasing, listing, and selling of a variety of different types of property. You may want to focus on a specific type of commercial real estate such as multi-family buildings like 4-plexes, small apartments or larger buildings with multiple tenants. Other types of property that fall under the commercial real estate field are things like office bays, multi-use buildings, strip malls, and businesses.
To achieve success when working as a commercial real estate agent here are some tips to improve your chances of being the top agent in your brokerage.
1. Education
Learning the ropes is important when it comes to commercial real estate. Your local real estate association and municipal board offer a variety of different courses to get you well on your way to understanding the principles of commercial real estate. You will need to complete the mandatory education requirements to practice as a licenced real estate agent.
2. Mentorship
Partner with a seasoned agent for commercial real estate services in Calgary. When you work with someone who has been practicing for several years, they can often help you understand the ins and outs of the business. Working with a mentor will help build your confidence and also provide a good resource for information.
3. Financing
Understand the way commercial financing works. This is not the same as residential mortgage financing. Commercial lenders have different requirements depending on the type of property or business that is being purchased. You want to make sure your buyer is qualified to make a large purchase before you do all the work in a transaction.
4. Environmental issues
Commercial sales are often subject to environmental examination. For the lender or prospective buyer to purchase a property, there will need to be an environmental assessment done on most commercial properties. Get yourself one step ahead of the game and make sure your new listing has at least a phase I environmental report ready if possible. It will help the future sale move along quicker.
5. Networking
Connect with a variety of different commercial real estate agents and brokers. Make sure you are familiar with the types of property currently for sale or lease in the area you are focusing on. Many commercial listings never make it to the MLS system so you will have to network with other brokerages to be aware of available properties.
Remember, when entering into a different field of real estate, it will take some time and effort to become successful. The key is to keep learning and building a list of potential clients.
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Disclaimer
The material presented in this blog is provided for general information and educational purposes only. It is not a substitute for professional advice. All information is subject to change regularly and without notice. CMS Real Estate Ltd. assumes no responsibility for any errors in the information provided, nor assumes any liability for damages incurred as a consequence, directly or indirectly, of the use and application of any of the contents of the blog/website page.