Commercial listings – A way to increase your income

Residential agents can increase their income selling commercial property

If you are normal you are always looking for a way to increase your income. Selling or listing commercial property in your area might be just what you have been looking for. Generally a commercial real estate agent will work for a major company or one that deals with just commercial listings. Most of the time they like to deal with larger – high dollar properties. These properties are more complex and sometimes more difficult to deal with but they also pay a higher commission. That allows residential agents the opportunity to handle the smaller properties.

Just 10 minutes a day

One of the ways to get started is to find out just what is out there. Your local MLS is a good place to start. While most commercial agents do not list property across the MLS there are still a lot of properties on there that have been listed by residential agents. These agents are looking for help in getting this listings sold and that is where you come in. Take 10 minutes a day to search any new commercial listings on the MLS.  Call the listing agent to get any additional information about the property (see below). Whether residential or commercial, knowledge about the property and the market is very important. In most cases you will not have a need for that information today but over time a client will ask about commercial property. It is far better and you look more professional if you have knowledge about the market at your finger tips.

Questions to ask a seller about a property

Physical:

  1. Size of property – Acreage
  2. Size of structure and makeup (# of units or amount of office vs warehouse space)
  3. Age of structure- Any remolds or upgrades and when – Overall condition.
  4. Any special features or problem areas
  5. Parking – Number of stalls – Access
  6. Zoning – permitted or non-conforming use – Any restrictions
  7. Utilities
  8. Power – Size and capacity
  9. Sewer – Type
  10. Water – Public or private

 

Financial:

 

  1. Price
  2. Current loan balance – Terms – Any seconds
  3. Any seller financing
  4. How long has seller owned the property
  5. Reason for selling
  6. Leases (if any) – Number – Terms – NNN or Gross
  7. Utilities – Annual cost
  8. Property taxes
  9. Other operating expenses
  10. Investment Property
  11. One to 5 years of Gross income and expenses
  12. NOI – Net Operating Income (need this to figure a CAP rate)

 

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