Identify Your Commercial Real Estate Niche Market
If you have wanted to get into commercial real estate, but haven’t known how to get started, remember that the top sellers always seem to know where to find the right information. The world of commercial real estate is complex, but if you know where to find trusted information, you will be one step closer to commercial real estate success.
One key to making it in the commercial real estate world is knowing how to specialize. Experts cite five types of commercial properties: raw land, office, retail, apartments/hotels and industrial. The type of property you specialize in will determine what skill set you need to develop.
For example, if you decide to sell raw land, your clients (whether selling or buying) will have different set of expectations from a client buying or selling an apartment complex. Knowing that the type of property can dictate the buying and selling factors helps you know how to work the sale.
Most of the time, real estate investors are concerned with how much income a property can generate and weigh that against any risks they face in making the investment. Someone who is interested in raw land has a different set of expectations. She may want the land for development or simply hold the land until the market appreciates so she can turn it while the market is favorable.
A savvy commercial real estate agent uses the right tool for the right job and sells according to the buyer’s need. This can lead to client loyalty and a brighter future.
When you are dealing with commercial real estate, you often have more than one opportunity to benefit from the same property. First, you benefit from the sale and then you may well earn the opportunity to lease that property for commission.