There are many reasons why an individual would want to start a career as a commercial real estate Agent. Not only is the commerical real estate industry fast-paced and exciting, this career path offers high flexibility and the potential to earn a lot of money.
No matter your reasons, becoming a commercial real estate Agent can be a rewarding and fruitful career that is sustainable through both high and low economic periods.
So, how do you get started? Below we provide information on the steps, requirements, and career options when becoming a commercial real estate Agent.
The first major step to becoming a commercial real estate Agent is to earn a real estate sales license, which is a requirement in every state. While the exact qualifications for obtaining licensure vary from state-to-state, below are the most widely accepted and common standards. For exact requirements in your state see this resource from Kaplan Real Estate Education.
Education and Age Requirements
A degree from an accredited college or university is not necessary to become a commercial real estate Agent, but most states do require that you have earned a high school diploma or equivalent. Most states also require that you be at least 18 years of age and pass a background check.
In order to earn a real estate sales license you will need to (i) complete a certain number of hours of pre-licensing coursework from an approved, accredited real estate school, and (ii) successfully pass a state-administered examination.
Every state has a defined prerequisite number of coursework hours that need to be completed in order to qualify to take the real estate sales license examination. These numbers can be anywhere from 30 to 165 hours. Completing the pre-licensing coursework can take anywhere from a few weeks to six months and can be done online or through in-person classes. Again, this depends on your state and your real estate school.
In many states the pre-licensing coursework requirements will be waived for individuals who have earned a state-approved postsecondary certificate or a Bachelor’s degree in real estate.
Once the required pre-licensing coursework is completed, and you have passed the final examination at your real estate school, you will be allowed to apply for and take the state-administered real estate sales license examination.
|Degree Level||High school diploma required. No college degree required, though postsecondary education is helpful.|
|Licensure and Certification||A sales license is required in all 50 states and the District of Columbia.|
|Training||Real estate coursework required prior to taking a licensure exam, hours depend on state.|
|Median Salary||$79,340 (for all real estate sales Agents) according to U.S. Bureau of Labor Statistics (May 2016).|
|Key Skills||Ability to work alone for extended periods of time; strong communication skills, people skills, and problem solving skills; persuasive abilities; self-motivation.|
Once you have earned the proper real estate sale licensure in your state the door to becoming a commercial real estate Agent is wide open! While most people think a career as a CRE Agent solely involves facilitating the buying, selling and leasing of commercial assets, there are actually more options. Find them listed below.
Most commercial real estate Agents enter the industry by hanging their license with a firm and performing general brokerage services. This involves representing buyers, sellers and/or tenants in the acquisition, disposition and/or leasing of a commercial property.
A commercial real estate Agent is most typically an independent contractor at his/her firm, not an employee, and earns income based on commission. Depending on their market, most Agents will choose to specialize in a certain commercial sector or product type (office, industrial, retail, multifamily, medical office, hospitality, land, self-storage, restaurant and single-tenant).
A commercial real estate Agent is not bound to work in general brokerage, they can choose to focus on development and project management. Working in this capacity an Agent would be involved in procuring and purchasing land that is to be utilized for development projects.
Working in a development capacity, a commercial real estate Agent would oversee the entire development process from beginning to end, with the end being defined as tenant occupancy. This would include defining and arranging optimal financing, negotiating anchor tenants, and hiring contractors and architects.
Most full-service commercial real estate brokerage firms offer property management services. Becoming a Property Manager also requires real estate sales licensure, so it is a logical career path among commercial real estate Agents.
At its most basic a Property Manager oversees the day-to-day operations of a commercial property. This includes tenant relations, leasing, showing property, hiring and managing staff, hiring and managing contractors, overseeing all property repairs and maintenance, and more. Commercial real estate Agents who are employed by property management firms are typically paid a salary.
At Rosano Partners we are always looking for new, driven talent to join our growing commercial real estate team. Becoming a part our firm means gaining vast knowledge and experience in the CRE industry through the utilization of our superior training programs and support systems. If you are ready to get started in your new career as a commercial real estate Agent, please see our current career opportunities.
Sources: The Balance