How To Get Into Commercial Real Estate? 6 Easy Steps

Commercial real estate is a lucrative and rewarding field that offers many opportunities for investors, agents, and developers.

However, it also requires a lot of knowledge, skills, and experience to succeed in this competitive market.

An image of a real estate agent
Real estate agent [photo courtesy of PInterest]
Here are some steps you can take to start your journey in commercial real estate:1.Decide what type of commercial real estate you want to focus on.

There are four main categories of commercial real estate: industrial, retail, office, and multifamily.

Each one has its own characteristics, advantages, and challenges.

You should research the market trends, demand, supply, and profitability of each type and choose the one that suits your interests, goals, and budget.

2.Get the required education and license.

To become a commercial real estate agent, you need to meet the eligibility requirements of your state, which typically include being at least 18 or 19 years old, having a high school diploma or a GED, and being a legal US resident.

You also need to take the required courses and pass the licensing exam for your state.

Some states may also require additional courses or exams for commercial real estate agents.

3.Find a mentor and a brokerage.

Commercial real estate is a complex and competitive field that requires a lot of guidance and support from experienced professionals.

You should look for a mentor who can teach you the ropes, share their insights and contacts, and help you avoid common pitfalls.

You should also join a reputable brokerage that specializes in commercial real estate and offers training, resources, and leads for new agents.

4.Build your network and reputation.

Commercial real estate is a relationship-based business that relies heavily on referrals and repeat clients.

Realestate agent [PHOTO COURTESY OF THE MOTLEY FEE]
Realestate agent [PHOTO COURTESY OF THE MOTLEY FEE]

READ MORE : How Much Do Beginner Real Estate Agents Make? A Guide to Income Potential and Factors

You should cultivate your network of contacts, including potential buyers, sellers, tenants, landlords, investors, lenders, appraisers, inspectors, attorneys, and other professionals involved in commercial transactions.

You should also establish your reputation as a trustworthy, knowledgeable, and reliable agent who can deliver results and add value to your clients.

5.Market yourself and your properties.

Commercial real estate is a highly competitive field that requires effective marketing strategies to stand out from the crowd and attract clients.

You should create a professional website, social media profiles, business cards, flyers, brochures, newsletters, and other materials that showcase your brand, expertise, and portfolio.

You should also use various channels to promote your properties, such as online platforms, print media, direct mail, signage, events, and word-of-mouth.

6.Keep learning and improving.

Commercial real estate is a dynamic and evolving field that requires constant learning and adaptation to changing market conditions, client needs, and industry standards.

You should stay updated on the latest trends, developments, regulations, and best practices in commercial real estate by reading books.

You should also seek feedback from your clients, mentor, peers, and broker to identify your strengths and weaknesses and improve your skills and performance.

How do I get a commercial real estate license

Commercial real estate is a rewarding and challenging career that involves helping clients buy, sell, or rent properties for business purposes.

AN image of development manager
Development realestate manager [PHOTO COURTESY OF POSTREDI]

To get a commercial real estate license, you need to follow these general steps:

  • Meet the eligibility requirements

Depending on your state, you may need to be at least 18 or 19 years old, have a high school diploma or GED, and be a legal US resident.

 You also need to complete the prelicensing coursework required by your state, which can vary from 60 to 180 hours.

  • Pass the licensing exam

After completing the coursework, you can take the state exam, which usually consists of multiple-choice questions about real estate laws, principles, and practices.

The exam fee and passing score may differ by state.

  • Find a sponsoring brokerage

Once you pass the exam, you need to find a brokerage that will sponsor your license and provide you with training and mentorship.

You can look for brokerages that specialize in commercial real estate or offer both residential and commercial services.

  • Apply for your license

After finding a sponsoring brokerage, you can submit your license application to the state real estate commission or department.

You may need to pay an application fee and provide proof of your education, exam results, and sponsorship.

  • Continue your education

To maintain your license, you may need to complete continuing education courses every year or every few years.

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