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Commercial real estate agents help individuals or businesses buy, sell or lease real estate for business purposes. They specialize in different segments, such as renting office space or buying apartment complexes. Agents must be licensed and work under a licensed broker. They are paid on a commission basis and can represent either the landlord or tenant. Good agents conduct market research and help find the most suitable site and negotiate the lease.
A commercial real estate agent is a licensed professional who specializes in helping individuals or businesses buy, sell or lease real estate to be used for business purposes. Commercial real estate (CRE) includes offices, retail spaces, industrial properties, apartment complexes and agricultural properties. Because commercial real estate encompasses so many different types of properties that require different types of expertise, many commercial real estate agents specialize in one segment. For example, some commercial real estate agents are particularly well-versed in renting office space, while others may be experts in buying apartment complexes.
According to the United States Department of Labor, in the United States, every real estate agent must be at least 18 years old, have finished high school and pass a written test to be licensed. Generally speaking, a Realtor should also have 30 to 90 hours of classroom instruction and be sponsored by a Realtor.
Most commercial real estate agents work under the auspices of a real estate agent, who is also licensed. Brokers are required to have a certain number of years of experience, the amount of experience varies by state, have at least 60 to 90 hours of formal instruction, and pass a more comprehensive written exam. The Department of Labor also indicates that a broker’s license allows you to sponsor agents and manage your own real estate office. The industry also requires brokers and agents to keep up to date with new information by continually studying license renewals.
A commercial real estate agent is usually paid on a commission basis when a deal is completed, such as signing a lease. Agents that provide more services will charge higher commissions, which are usually shared with the sponsoring broker. Listing or leasing agents are commercial real estate agents who generally represent the landlord, while tenant representatives are commercial real estate agents who represent the tenant. Some agents represent both parties to a transaction. In many cases, the entire commission is paid by the property owner.
Commercial real estate agents can be worth their weight in gold for helping the tenant navigate the intricacies of the process. The best agents will first conduct market research for the tenant, which will include such things as the nature of the business, the size needed and the desired location. Based on this information, using their experience in the market, agents can help find the most suitable site and also help negotiate the lease.
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