Realtor open House at Pine Ridge Condos

Coldwell Banker Residential agents will be hosting
a Realtor Open House on Thursday, August 12, 2010
from 11-2pm.
Food and Refreshments will be served.
Come out for a tour of the models and note the
new pricing for closing out remaining units.

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Newcastle Team

Chicago area commercial real estate services for Office/Retail leases and Investment property acquisitions and dispositions.

www.newcastleteam.net

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"5965"
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Commercial Real Estate Education

Commercial Real Estate Education“Has the Process Changed”?Considering that there are always new challenges in a changing real estate environment, education is key. In its most basic definition, it is the process of distributing knowledge to those who are prepared to learn.This changing environment in the commercial industry is at the local, regional and national levels and encompasses the four primary specialties of Office, Retail, Multi-Family and Industrial.As a former real estate pre-license instructor, I was amazed at the number of students who would ask me how they could get a license in commercial real estate. They clearly expected that there would be a separate pre-license curriculum and licensing requirements.My response has always been the same. Find a good introductory course in Commercial Real Estate, become familiar with the basics, immerse yourself in the specifics and search for brokerages that offer resources, flexibility and support.Brokerages vary widely so do your research. Some brokerages offer you commercial signage, access to commercial websites for searching and marketing, intra company referrals, networking opportunities, mentoring, office seminars and commercial CE classes.Find a brokerage that is growing their business because you will be expected to grow yours.As you look to move your commercial career forward, pursue education that will build your confidence, competence and clarity. Your clients will place more emphasis on what competencies you display, than what designations you’ve earned.Consider these building blocks for your commercial real estate business and education strategies.Education: Take several commercial courses, seek mentorsTarget: New Business Opportunities, Commercial SpecialtiesBuild: Client Relationships, Referrals, Systems, TeamsCommunicate: Your direction, Marketing, PR, create articlesAlways analyze the market, be willing to adjust your priorities and be prepared to act on what you learn.Remember, the process hasn’t changed, just the Challenges, Insights and Opportunities.
Paul Martis-Broker Associate
Coldwell Banker Commercial NRT

Commercial deals for realtors®, is it music or just a lot of noise?

For those interested in moving their residential real estate careers to a new level, i.e., to include a commercial mix, requires an understanding of the marketplace, its challenges, insights and opportunities.The residential agent needs to identify what segment of the commercial industry is right for them and in many cases, it will be determined by their sponsoring broker.Some residential brokerages will require their agents to be 100% in the residential arena with commercial agents in their own commercial division and others may allow their agents to participate at some level in what I refer to as “getting their feet wet”, letting their residential agents work some commercial deals but with little or no commercial mentoring available.Much is also dependent on the agent’s psyche, level of commercial education and competence.The following commercial understandings, should be a “need to know” for realtors® looking to enter the commercial industry.1. The structure of a commercial lease, terms and considerations2. What are environmental pitfalls, identifying and mitigation3. Best practices for evaluating income producing properties4. Know your limitations, team building and mentoring opportunities5. Locating useful commercial websites for research and marketingFor years, many realtors® have been moving closer to what I will call the “New Hybrid Agent”- or what others refer to as a Commercial Realtor®, focusing on commercial business but with tools and best practices associated with the realtor® community available to them.Just take a look at the surveys and programs recently developed by the Realtors® Commercial Alliance (RCA) and other associations nationwide.In an effort to work with realtors® interested in commercial representation, my business partner and I, developed a Multi-Family evaluations seminar for real estate professionals and lenders.The plan several years ago was to create a 1 hr seminar for lead generation and when we received some great feedback from realtors®, to include, a request for more content, we expanded the program.Capturing those commercial deal opportunities once lost but now paying off has been music to residential agents who are prepared for the challenges of commercial real estate.The trend continues, as more full service realty brokerages incorporate commercial opportunities into their real estate business strategies.And the beat goes on!Paul Martis