5 Reasons Why Your Commercial Agent is Costing you MoneyMarch 10, 2015
5 Reasons Why Your Commercial Agent is Costing you Money – #3March 10, 2015
2. He has very little experience. It’s true that everyone has a first day on the job. And, every agent has his first deal. But, do you really want them to practice on you. I recommend finding an agent with 5 years of full-time experience. Unfortunately, it’s very easy in most states to obtain a real estate license. No college degree is required. No level of experience is required. In the commercial real estate world, you will need to look for some type of additional training and experience, above and beyond just a real estate license. CCIM (Certified Commercial Investment Member) is one of the best designations. This designation takes most realtors at least five years to obtain along with a resume of completed commercial deals. The recipient has to prove his level of competency with documentation and testing. There are other designations, as well, that are above and beyond the normal real estate license. If your guy, doesn’t have some type of designation, he’s likely not very experienced.
Why will this cost you money? Lots of commercial deals are done via relationships with other brokers. If your realtor doesn’t know other realtors, developers and “players” in the market, then his chances of doing a commercial deal are diminished. And, commercial real estate takes huge amounts of patience. Without the patience garnered through experience, he may not be able keep the deal together.