How to Become a Commercial Real Estate Agent?

A commercial real estate agent serves as investors, buyers, tenants, owners, sellers, landlords, etc. They serve in office space, warehouse space, mobile home parks, commercial real estate lease, and various other spaces. The transactions tend to take a longer time and are a bit convoluted than residential real estate transactions.

How one can get a commercial real estate license?

Some of the steps by the benefit of which one can get a commercial real estate license such as –

1. Complete courses required in your state

All prospective real estate agents, whether residential or commercial, take the same licensing courses as those who plan to become commercial real estate agents. The requirement of the real estate commercial agent exam can vary from state to state. The commercial real estate exam requires somewhere between 60-120 hours of coursework followed by a state-administered exam. The topics covered in these courses cover areas from residential sales and leasing, fair housing laws, types of real property ownership, and other national and state-specific content. As far as pricing goes, one can expect to pay anywhere between $150 – $900 depending on your state, and what format you decide to take the course in. 

2. Passing the test and getting your commercial real estate license

Once you have completed the coursework required of your state. You are eligible for a real estate license, and you need to pass your state’s licensing exam. This exam is generally conducted by the state. This exam has 75 to 150 multiple choice questions covering the topics you learned during your licensing course. Once you have taken your test, you need to wait a few days to a few weeks to get your results and finally receive your license.   

3. Finding a commercial real estate brokerage to work for

Once you have passed your exam and have received your commercial real estate license. You can now pursue your career in residential sales or leasing, commercial sales or leasing, or even appraisal or property management. However, to legally, and auspiciously, start conducting your business as a real estate commercial agent, you can find your subsidized brokerage offering the experience you require. To do this, you have these options such as – 

1. Look for teams handling rentals and sales – Since getting your first deal as a commercial real estate can be more convoluted than residential real estate. You may decide to cut your teeth at a firm that endeavors you to do both. In a large city such as New York or San Francisco, rentals can be an extraordinarily lucrative and quick source of income. While you flourish your commercial real estate knowledge and clientele. This is because a commercial lease can take months to close the real estate deal. While most of the residential leases close in a week or less. A broker that handles both residential and commercial real estate transactions, can get quick cash for rent and groceries while you work toward getting your first commercial real estate deal.
2. Look for mortgage brokerages with a salaried training program – The second way by the benefit of which you can start your commercial real estate career is to join an organization as a commercial real estate brokerage that has a training program for new real estate agent associates. Most of the training programs will last for a year or more. Some brokerages endeavor salaries to their trainees, which means no need to hustle for deals right away. Depending on your location, skills, and the company you are applying to. One can get anywhere between $30,000 to $45,000 per year as a trainee.

4. Become a member of industry associations

Not all states require real estate commercial agents to join a corporation. Many real estate brokerages do as a condition of joining the real estate agency. This is because these associations endeavor their members with added credibility in the marketplace. This is a good idea because each association endeavors different networking and continuing education opportunities, as well as discounts on software and services you may want to work with.

Wrap Up 

Getting a commercial real estate license has a higher median of income, it is not for everyone. This needs specific expertise, training, and qualities to excel in this competitive, fast-paced field. However, with the right education and skills. One can sell, buy, or lease some of the most expensive real estate property on the planet as a real estate commercial agent.

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