A commercial real estate agent or broker is a professional who focuses specifically on the buying and selling of commercial property. These professionals are licensed by their state to liaisons between buyers and sellers of both land and buildings used for commercial purposes. For example, if you want to buy a small office building, car dealership, strip mall, or restaurant, you need to hire a commercial real estate broker.
- Commercial real estate brokers can work as independent agents or as part of a larger company. In some instances, they may function as a “buyer’s agent” and represent only the buyer in a transaction while acting as a seller’s agent when representing the seller. In other cases, they are known as “dual agents” because they represent both buyers and sellers in a single transaction. Their jobs are to know all about how commercial real estate works, what is available for sale at any given time, where it is located, and who may be interested in buying or selling that property.
- The commercial real estate industry operates somewhat differently from the residential real estate market. In most cases, a commercial broker will receive a commission for successfully selling a property that has been listed or finding a buyer for a property that is not yet on the market. For example, if you list your business with an agent who finds a prospective buyer and that buyer and you reach an agreement, and the sale is completed, the agent will typically receive a commission.
- Commercial real estate brokers can also represent landlords who want to fill their properties by finding tenants for them. Some brokers choose to specialize in only one area of commercial real estate; for example, retail agents focus exclusively on retail property. Others may specialize in representing landlords or tenants, while some work with business owners and property owners. They are professionals who are capable of answering this question, what is an absolutely nnn lease?
- Commercial real estate brokers may also work as part of a commercial brokerage team that includes accountants, lawyers, lenders, and others. These teams will often specialize in specific areas such as retail, office buildings, apartment complexes, hotels, and motels.
- Commercial brokers typically have an excellent working knowledge of their local market and expertise in a particular type of property or lease situation. They also know the bargaining strategies that work best for each specific deal. In addition to having an intimate knowledge of the local real estate market, commercial brokers must stay current with all federal, state, and municipal laws regarding property use and ownership.
- Commercial real estate brokers typically work with a wide range of clients, including individual property owners and businesses such as banks, real estate investment trusts (REITs), corporations, and other commercial entities. They may also work with high-net-worth individuals such as celebrities, athletes, and politicians who own land or buildings.
Conclusion
Commercial brokers are real estate professionals who focus specifically on the buying and selling of commercial property. These professionals are licensed by their state to liaisons between buyers and sellers of both land and buildings used for commercial purposes.
