Are you interested in a new lucrative career as a commercial real estate agent? Transitioning to this new role is entirely possible with these tips and tools.
Have you ever dreamed of brokering significant real estate deals? Shaking hands with successful business people in an opulent hotel lounge bar that just opened? Sharing laughs with your colleagues and higher-ups, knowing you’re set for the year?
If this vision sounds like something you could enjoy, then becoming a commercial real estate agent is right up your alley. For reference, the average top commercial real estate agent makes $250,000-$350,000. Are you getting the picture?
If you’ve always dreamed of making good money and loving your job, read on to discover the path to becoming a commercial real estate agent.
Step 1: Get Your Sales License
To become a real estate broker, first, you have to get experience in real estate sales. You don’t need a 4-year business degree to get your license, but you must pass a test and earn your real estate license.
Getting your real estate license will vary from state to state, but most states require a high school equivalency education, several real estate courses, and passing an exam.
At your discretion, some states also accept a postsecondary certificate or degree in real estate. This certificate is not required but can serve well to bolster your resume.
Many universities offer postsecondary programs, and some states waive pre-licensing requirements for those who earn this certificate.
Once you have your sales license, you’ll be able to provide first-time homebuyers with valuable advice. But you still have some tricks to learn before becoming a commercial real estate agent.
Step 2: Real Estate Experience
Commercial real estate marketing and practice have different elements than private real estate. Because there are various aspects to each field, you need to have experience selling private real estate first.
Firms require 1-3 years of experience, and brokers can achieve this experience by working with other real estate companies or brokers. During this experience, it is wise for aspiring commercial real estate brokers to focus on selling business properties.
Focusing on the first components of commercial real estate can set you up for success in a commercial real estate brokerage.
Real estate agents should focus on honing their commercial real estate knowledge throughout their experience. Understanding pertinent tax and zoning laws, KPIs for the real estate business, and how to discover prime locations are all valuable skills.
Step 3: Earn a Broker License
Different states require different procedures to get your real estate broker license. If you’re looking to become a commercial real estate broker, the broker license is the essential piece of the process.
To get your broker’s license, you have to complete specific courses and pass an exam, but requirements vary from state to state.
Broker’s education doesn’t end once you pass the exam. If you’re looking to stay a licensed broker, you have to complete continuing education requirements. Most states require you to take continuing education classes every two to four years, and some require you to pass an examination each time.
But states are different in continuing education, and it is best to contact your state for specifics.
Step 4: You’re a Licensed Commercial Broker
After you receive your license, you are eligible for the positions you’ve always dreamt about. But once you receive your license, education doesn’t end there. The real estate industry changes quickly, and you need to be on your toes. Entry-level commercial real estate brokers have a lot to learn from senior positions.
It’s beneficial to stay educated on the latest trends and advancements so you can speak to them with your clients and strategize better. Within the industry, commercial real estate marketing, environmental standards, and data rapidly change.
After you’ve developed your skills and the confidence necessary to run your brokerage, you might want to open your own offices. To begin your brokerage, you likely need more experience in the realm of business finance.
You can develop this knowledge with internal resources or secondary training.
Commercial Real Estate Agent: A Pathway to Your Future
Becoming a commercial real estate is both challenging and rewarding, and the achievement can last a lifetime. The path requires perseverance and a lot of dedication to the experience you gain in the field. Don’t wait, start planning your career today.
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