Being in the real estate industry is a dream come true. But, as a competitive niche, this industry is not an easy career.
The lucrative pay and commissions may be one of the best factors why people are drawn to this industry, but some are just born to have this profession.
4 Steps in Getting a Commercial Real Estate License
If you are one of those who are eyeing a job in this industry, it is better to start it the right way. Unless you apply for a corporate role, the only choice is to become a commercial real estate agent.
However, it is easier said than done. It requires licensure and rigid training to become one.
This is because commercial properties tend to be priced higher with more complex transactions to handle. It requires additional skills and knowledge to serve the needs of landlords and tenants.
In this article, you will learn the four steps in getting a commercial real estate agent license so you can jumpstart your real estate career.
Adhere to the State or Country Policies
If you want to secure a license, you must follow every rule in your state or country.
This is a rule of thumb for residential and commercial real estate agents since everyone will be taking the same licensure courses.
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However, the requirements may differ from one state or country to another.
Generally, you can expect that they require somewhere between 60 and 120 hours of coursework followed by a state-administered exam.
The topics covered are diverse, ranging from residential sales and leasing, fair housing laws, types of real property ownership, commercial real estate, and other national and state-specific topics.
You must also prepare for a testing fee. As for the price, it is better to inquire directly from the nearest office in your area.
Pass the Test and Get Your License
Aside from completing the required coursework, you need to pass the licensing exam.
Your state generally administers exams and usually has 75 to 150 multiple choice questions covering the topics you learned throughout the course.
After passing the exam, you still need to wait for a few more days or weeks to get your results and the official license.
Again, the timeframe may differ depending on your state or country.
Find a Brokerage
Finally! You have passed the licensure examination, but what is next?
Of course, you are now eligible to pursue a career in residential or commercial sales and leasing or even property management.
However, to legally do this, you need to be connected to a brokerage firm.
In doing so, here are two tested options you can try:
- Look for a Firm with Paid Training Program
You worked hard for your license, so you need to be compensated well, even if you are just starting.
Hence, join a commercial real estate brokerage that has a paid training program for new associates.
This may not be easy because you need to prove your value to the company but still better than not having a firm acquire the experience you need.
- Look for Teams Handling Rentals and Sales
Look for a firm that handles both residential and commercial properties that are available for rentals and sales.
This is hitting two birds with one stone since you can experience both in one go.
However, you need to set your expectations right: commercial real estate is more challenging than residential.
This is because a commercial lease can take months to close, while most residential leases close in a week or less.
So, as an agent, what options do you have to close a deal sooner than expected?
First, you can try utilizing the power of single property websites. To do so, you need to have access to most of the property’s required information.
Then, secure compelling and edited real estate images done by a professional real estate editor like Phixer.net.
After this, be ready to market the property online and using traditional marketing techniques.
Join Industry Associations
Before joining any associations, remember that it is not a requirement.
However, agents are encouraged to join such associations to build networks and connections.
Doing this also adds credibility to the firm’s name. Additionally, this is a good idea because each association offers different networking and continuing education opportunities.
Among the best-known associations for commercial agents are the following:
- NAR (National Association of Realtors)
- ULI (Urban Land Institute)
- REBNY (Real Estate Board of New York)
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