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The Business of Being a Commercial Real Estate Agent
Working in commercial real estate is quite different from helping home buyers and sellers—you’re working with business owners and investors with a very different inventory.
A commercial transaction might deal with multi-family, mixed-use, retail, or office space. Therefore, successful commercial real estate agents must know about sales and leasing in a broad array of property types. There are different kinds of tenant negotiations that occur, and different types of marketing strategies. And a transaction could be for an owner occupied property or as a commercial real estate investment, adding additional factors to the transaction.
What do investors, buyers and tenants want from a commercial real estate professional
First off, commercial is a specialty, so it’s best that an agent gain experience and knowledge in this specific sector of the real estate field. Know (or learn) how to deal with commercial transactions—there are no uniform contracts or cookie cutter leases. That means sharpening your negotiation skills as well as understanding the leasing or commercial buying process.
Of course, just as with residential sales professionals, being proactive is important. Aside from canvassing the local market for properties and leads, research is key to commercial transactions.
- Use your office’s systems and tools to research market rates for rentals
- Become conversant in investment packages
- Gain a full understanding of the different areas in your market. Do properties in certain areas attract certain kinds of businesses? Do the listing prices make sense for sale properties?
- Can you provide a detailed and accurate financial analysis for commercial investors?
Aside from research, developing good relationships with area business owners can help create strong database and referral network. When that investor calls the office looking for help finding the right property, you’ll not only have the listings services as a resource, you’ll have local people to contact and potential space to visit because you’ve done your homework.
Speaking of referrals—remember that commercial real estate transactions often involve build outs and other improvements as part of the lease negotiations. Therefore, good power partners are architects, general contractors, and others involved in lease improvements.
More complicated investment deals may require partnering with others to make a successful transaction, so it’s important to know the players in your area or your office to create a winning team.
If you are working with tenants, it’s important that you show them you understand their businesses and that you are showing them space that makes sense for their needs. Whether it’s a restaurant, retailer, healthcare facility or law practice, every client has different needs in terms of square footage, utilities, parking and leasehold improvements.
When working with building owners, these clients want to know that you have a good performance record when it comes to finding strong tenants or solid buyers; your experience will speak for itself. They will also count on you to represent their interests to potential buyers or tenants, and that you can negotiate a strong deal on their behalf. Like the buyer or tenant, the seller or landlord will want to know that you have his/her best interests in mind throughout the transaction.
From any side of the transaction, building trust builds relationships that will in turn build business.
Build your book of business at Century 21 Cedarcrest Realty
Our office is growing—and we’re always looking for savvy commercial real estate agents to join our team. When you join our northern New Jersey office, you become part of one of the country’s most well-respected real estate organizations, with business-building tools and apps designed for commercial real estate agents. You can take advantage of commercial investment training that will position you for a broader range of transactions. Plus, you’ll benefit from our ongoing in-office training and development for agents at all stages of their careers—an important way we support our team, and why Century 21 Cedarcrest Realty consistently wins industry awards for sales volume and customer service—and accolades and awards from consumers as well.
Interested in learning more? Contact Susan Mazzetta at (973) 228-1050, ext. 126 for a confidential interview.
Are you an Experienced NJ Real Estate Sales Professional with a Career that’s Stuck in Neutral?
Experienced real estate agents know that a career in real estate has many rewards. To a large extent, you make your own hours and the earning potential is high—especially when you’ve nurtured great leads and have closed many successful transactions with happy customers.
However, as with many other careers, sometimes you need to make a change. Over time, motivation can lag and that spark can start to sputter when you’ve been in the same office for a very long time.
If you’re feeling like your real estate sales career has gotten stagnant, it might be time to change offices. And, if you’re working in northern New Jersey on residential sales and rentals, Century 21 Cedarcrest Realty in Caldwell, NJ has a place for you.
Our office is all about excitement and opportunity, working in an upscale market in northern New Jersey. In fact, Century 21 Cedarcrest Realty is a designated Fine Homes & Estates office; wouldn’t like a piece of that action?
Five great reasons to join Century 21 Cedarcrest Realty
- As one of our agents, you’ll be part of the vast Century 21 network, with opportunities to work with buyers and sellers from just about anywhere across the country—and around the world.
- We’re all about career development, and provide ongoing training in our own training center. Century 21 Cedarcrest Realty offers weekly training classes and provides guidance whenever you need it to help you keep your sales and marketing skills sharp and your customer relationships positive.
- No-fee leads – unlike other offices, Century 21 Cedarcrest Realty covers the cost of the lead management system to help maximize your earnings.
- Senior management that’s there and that cares. We’re not behind closed doors—we’re available every day for hands-on interactions with our sales associates, always ready to help you build your book of business.
Come rejuvenate your real estate career at Century 21 Cedarcrest Realty. Contact Susan Mazzetta at (973) 225-1050, ext. 126 for a confidential conversation about opportunities for seasoned real estate sales associates … and a future with Century 21 Cedarcrest Realty.
Are you Thinking of Getting into Real Estate? Century 21 Cedarcrest Realty is Hiring New Real Estate Agents!
Becoming a real estate sales professional can be an exciting and lucrative career for the right person – energetic, people-oriented, and with a passion for sales. At Century 21 Cedarcrest Realty, we’re looking for people who are interested in starting a new career in real estate. Experience is not required but a willingness to learn and work hard are definitely traits anyone must have to gain a foothold in this industry.
Benefits of working at Century 21 Cedarcrest Realty
- You become part of a great team and an international network of real estate offices. Yes, our agents may work with buyers and sellers from just about anywhere.
- Our corporate culture here is all about support, mentorship, and ongoing professional development.
- Century 21 is a brand with powerful advertising and high consumer respect.
- You’ll have access to industry-leading technology for maximum exposure and increased qualified leads.
- Although we are specialists in Essex County real estate, our busy office represents buyers and sellers from throughout Northern New Jersey.
- Century 21 Cedarcrest Realty was named 2015 “Best Realtor” by readers of Suburban Essex magazine in its Best of Essex Readers’ Choice Awards—and we’ve been nominated again for the 2016 honor.
We invest in your future with us
Century 21 Cedarcrest Realty also believes investing in the future success of our sales associates. One way we do that is to offer you a $100 discount off the mandatory state pre-licensing course, which prepares you to sit for the New Jersey real estate exam, in order to become a licensed real estate agent.
Then, after you’ve passed the exam and received your license, we provide ongoing expert training, led by seasoned real estate pros who’ve seen and done it all. They’ll teach you our winning sales and customer service techniques that get your foot in more doors with home buyers and sellers.
Upon your first closing with us, we then reimburse new agents for the out-of-pocket expense of the pre-licensing course, up to $275.
All our agents have access to Century 21’s superior real estate marketing, automation and communications systems as well as C21 University, an online resource that offers continuing education programs and a library of valuable assets to help you grow your book of business and refine your customer service skills.
About that training …
We offer weekly in-house training and professional development courses in our nicely appointed training room. These programs are managed by Susan Mazzetta, Century 21 Cedarcrest’s director of career development. Our agents also receive valuable mentorship about marketing their listings, customer relations, and sales techniques from Susan and Dennis DiSabato, our agency’s sales manager.
We have an open-door policy with senior management so that everyone at every level of experience can share challenges and gain valuable support and ideas; this extends not only to Susan, Dennis and broker owner, John Sass but to other team members as well.
Are you our next hire?
We’re looking for people with enthusiasm and motivation, strong interpersonal skills, and a passion for sales, to talk to us about their real estate career. The North Jersey market is hot right now and it’s a great time to get into the business (or build up an existing real estate career).
Prospective agents may upload a resume and get more information at https://century21cedarcrest.com/real-estate-career. For a confidential interview, call Susan Mazzetta, director of career development at (973) 228-1050, ext. 126. We look forward to meeting you and bringing you into the world of real estate in Northern New Jersey!
Sellers in the West, Buyers in the East
Zillow, an online real estate site, recently released a study that listed the markets for sellers and buyers in the United States. The study showed that there is an east/west divide. Basically, if you’re on the West Coast, it’s a seller’s market. If you’re on the East Coast (or Midwest), it’s a buyer’s market. Obviously, if you compare New Jersey to California, there’s a lot of difference, and not just in terms of miles. Things are different out there. But why is one coast showing one market, and the other coast an entirely different market?
For starters, there are relatively strong job markets on the West Coast, which is helping to create more demand. Since there is a limited supply, this is causing a rapid appreciation for homes and giving sellers the edge. And, housing prices and interest rates are still favorable, so some buyers want to buy NOW. They’re willing to pay a bit more for a home because they know it’s still a great deal, and the sellers get to take more of a profit than they would have a few years ago.
Here in New Jersey and our surrounding areas, however, the housing market is appreciating more slowly. Homes are staying on the market for a bit longer, and this gives buyers the edge. If a seller wants to take advantage of the market and sell off their existing home, they’ll be much more willing to take a little less and move on rather than holding onto the property. This isn’t the case in every township, but it is the picture for things at large.
So, what can you be looking at this fall? It depends on who you are. If you’re the buyer, then you can expect to have the upper hand, and you may be able to land your NJ dream home by asking the seller to come down in price. If you’re the seller, on the other hand, expect to have your home on the market a little longer and perhaps have to lower your asking price. Or, you could always wait for that perfect buyer to come along, which isn’t asking too much in this market. New Jersey does, after all, have unique, one-of-a-kind homes.
What are the Benefits to Buying a Short Sale?
Even though the housing market is strengthening, current buyers will find that inventory is still rather low, and there is a good number of short sale properties to choose from. What is a short sale exactly, and are there benefits to you, the buyer?
During a short sale, the homeowners agree to sell the house for less than what they owe on the loan, which means the lender must also agree. If you are in the market for a new home, short sales are a good option to consider. They do take time, however, since the banks must approve the offer. This makes it difficult to pinpoint an exact closing date. Short sales are not recommended for people who need to move quickly or before a certain date, but if you have some flexibility, you can enjoy the following benefits with a short sale.
Low Housing Price
Short sales are listed lower than the normal selling price. Not only can you scoop up a nice property for less, but also you can negotiate with the seller and the banks, something that is hard to do with a foreclosed property. In a traditional sale, the homeowners would be responsible for fixing things up, but with a short sale, this will be your responsibility. It’s important to understand that you may have to purchase a fixer upper, but again, this will be reflected in a lowered cost.
Cooperation from Homeowners
With a short sale, the sellers are eager to sell their home. The sooner the house sells, the sooner they can move on and start repairing their credit. This is a much different scenario than if you were to buy a foreclosure where the people need to be evicted and may cause damage to the home out of anger. This cooperation between the sellers and the buyers is helpful in making the sale work to everyone’s advantage.
Favorable Financing Terms
Short sales are generally in the best interest of the bank. Instead of having to pay all the costs associated with a foreclosure – eviction, administrative costs and repairs to the home – a short sale allows the lender to take a loss on the loan, but then start getting some of that money back by approving the short sale and moving the new buyer into the home. Since sellers are behind on their mortgage payment by a few months, it makes sense to get someone in there who can pay. This often gives buyers the advantage by getting buyer-friendly terms such as low interest rates.
If you’re considering purchasing a short sale, call Cedarcrest Realty today!
More Buyers Keep the New Jersey Housing Market Strong
If you have managed to survived the housing market crash thus far, you don’t have much more to go. The North Jersey market has been very lively this past spring season, giving homeowners a bit more hope that they will be able to successfully climb out of the worst housing bust since World War II. What has been helping the market to grow? Low interest rates, low home prices and added job security.
Bergen County remains one of New Jersey’s strongest markets, but all of the state’s counties have seen growth. What has changed compared to last year is that it’s not just a buyer’s market anymore; it’s both a buyer’s and a seller’s market. Low interest rates and low housing prices make now a great time for new homebuyers. After all, when will you see interest rates at 4 percent again?
At the same time, there is a low inventory and plenty of buyers, which means that there is a seller’s market going on as well. Sellers don’t have to accept low-ball offers or take the first person who bids on the house. In fact, some sellers were surprised to see that their house sold for more than what they put it on the market for just because people out-bid each other. It’s a great feeling, and the market has become an even playing field for both buyers and sellers, good news for the future.
What we hope is that these homebuyers keep the market going strong. A lot of buyers have a “buy now, pay less” mentality, and they want to jump in now before it’s too late. They see prices and interest rates going up, and they know they don’t have much time. Buyers are tired of waiting; they know that the best prices and rates are behind us. This is great for sellers, who are also tired of waiting. Is this the start of a healthy market? We sure hope so!
