How To Get Into Commercial Real Estate?

While getting started as a real estate broker isn’t that easy, it is a lucrative path. If you have what it takes to make it out in this business then this can very easily be the dream.

In this article, I will be discussing “how to get into commercial real estate”. Keep reading till the end to find out more information about the same!

Who Are Commercial Real Estate Agents?

The people who work as commercial real estate agents actively work with the clients for purchasing, selling and even renting out different properties – that may be used for business-related purposes.

Generally, the investors have ownership of these properties and then gain income from them by collecting rent from the tenants of the people staying in the buildings.

A few examples of some of the properties of real estate (commercial) are hotels, grocery stores, and office buildings. Commercial forms of real estate properties are different from real estate properties (residential).

Steps To Get Into Commercial Real Estate Business

Finally to answer your query about “how to get into commercial real estate”. Here is a list of some of the steps that need to be followed for getting into the real estate business (commercial):

Step 1: Meet The Requirements

First and foremost, you are going to have to make sure that you are eligible to become a real estate agent in the area where you originally wanted to practice.

The eligibility criteria may vary but there are a few common ones that you have to meet anyhow:

the person needs to be at least 18 years of age.
the person is required to have a GED or a diploma from high school.

Step 2: Get Enrolled In Courses

This is yet another important step to “how to get into commercial real estate investing”.

The course requirement remains the same for that of a residential agent and a commercial agent. Each of the states has an outlined specific course that the applicants need to take to become a legal broker. The total hours of coursework that are needed are from sixty to a hundred and thirty hours.

In these courses, you are going to get to learn about the profession’s basics – like specific information related to your particular state, important laws that you need to be aware of, and professional responsibilities.

Step 3: Get Your License

After you have already taken the coursework, you are going to have to take the exam to get a legal license.

There’s a fee that you have to pay upfront to be allowed to sit for the exam. The question paper generally is going to include about 75-150 MCQs, and you are going to get a total of three hours to complete it. The exam paper is going to have both portions of – state and national. Hence, a few of the questions are going to differ based on the location where you are taking the exam.

Keep reading till the end of this article to find out more about how to get into commercial real estate!

Step 4: Search For Employment

After passing the exam and getting the license you can start looking for job opportunities. An option also would be to work for brokerage firms that handle both commercial and residential real estate dealings. The commercial transactions are generally very complicated and it takes months to close a single deal. While any of the residential transaction can oftentimes take less than a week.

Due to this reason, one can begin by focusing on the residential type of business.

Step 5: Join Professional Firms

There are a few real estate firms that require you to join a national or state association as a criterion for employment. Or else, you can also choose to join associations to show your credibility. Then building your network and taking part in other professional benefits.

These same associations also offer various opportunities for training, continuing educational programs, and accessing several real estate tools and resources.

Step 6: Select On A Specialization

As you are building your career, you are going to have the option of specializing in any type of real estate (commercial). There are going to be a lot of options to choose from like office, retail, and even industrial.

When making a decision base it off of the interests and financial opportunities. The specialization that you choose is going to differentiate you from the other similar agents. Hence, you need to keep in mind that you are determining your strong points before selecting a single type of specialization.

Step 7: Become A Broker

Now you can say that you have gotten experience in real estate work and how it operates, you can start thinking about getting a real estate (commercial) license. Similarly to a real estate agent, the broker aids in purchasing, selling, and renting different properties.

As a broker, you are going to have the added ability of owning a real estate office and employing other agents to work under you. There are some states which enable the brokers to be able to run property management services.

And that ends it with the list of steps that you need to follow – “how to get into commercial real estate development”.

To Wrap It Up!

Becoming a real estate agent is a lucrative path. The average salary of a real estate (commercial) agent is about $84,687 yearly. Hence, if you are thinking about opting for this career choice then by all means go ahead with it.

Thank you for reading up till here. I hope you found the information regarding “how to get into commercial real estate” useful.

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