A real estate agent career is ideal for individuals with a love of property and a passion for selling and helping people. A commercial real estate agent focuses on properties used for business purposes.
Commercial real estate agents require special licenses, and the requirements for licensing can vary by state. Fortunately, experts at Agent Real Estate Schools can help aspiring commercial real estate agents navigate the license requirements for their chosen career.
Getting the License
- Meet the Eligibility Requirements of the State
Becoming a real estate agent is an achievable goal. No college degree is required for a real estate license, but a high school diploma or GED is needed. Other common requirements may include a minimum age requirement and a background check.
- Complete Required Courses
Real estate license requirements do require industry-specific educational training and experience. More specifically, most states require real estate agents to pass a licensure test. Real estate courses can help prepare you for your commercial real estate license exam through learning materials, group studies, and practice exams.
Some states offer reciprocal licensing agreements. This may mean that an already licensed real estate agent can apply for a real estate license in other states without retaking a test.
The required coursework required for a real estate license varies by state. Some states can require up to 180 hours of coursework, such as Texas, and California, for example, requires 135 hours.
The courses will cover multiple topics, including:
- Real estate fundamentals
- Real estate laws
- National real estate topics
- State-specific real estate topics
The courses can range in difficulty and price, depending on the state and the structure of the training (live, online, or self-study).
According to the Department of Labor, the average salary of a real estate agent is $59,210. However, real estate agents are not salaried or hourly employees. Real estate agents get paid on commission. This means that the actual income will vary depending on the number of sales an agent closes and the types of property an agent sells.
Real estate agents who find working with personal property is not satisfying their career goals may benefit from a switch to commercial real estate and expanding their real estate skills.
Advantages of Commercial Real Estate
Commercial properties differ from residential properties in both use and price. A commercial buyer may have a need for multiple properties, providing multiple sales opportunities from one buyer, whereas a homeowner generally is not buying a new home very often. A commercial client is likely more networked than an individual buyer, thereby increasing the potential for referral sales.
Though not always true, commercial properties are typically more expensive than residential properties. This means the potential for a higher commission for a real estate agent. The commercial real estate market was growing.
The market slowed during the COVID-19 pandemic, but as people are returning employees to offices, a return of sales growth can be anticipated as companies seek to adjust their commercial property needs to accommodate employees returning to work.
Continued economic recovery also benefits commercial real estate, as growing and expanding companies need a new property for their successful operations.
How to Become a Commercial Real Estate Broker
An experienced real estate agent has the option to expand his or her career through continued education toward a real estate broker license. Brokers have the freedom to work independently and start their own brokerage, whereas most real estate agents must work for brokers or agencies.
A real estate agent must also share his or her commission with their brokerage or agency. Obtaining a broker’s license allows real estate professionals to increase their commission rates and expand their education and experience.
A principal or designated broker can supervise real estate agents and ensure their agents are in compliance with state and national real estate laws. The agents pay their broker a portion of their commissions. According to the Department of Labor, the average salary of a real estate broker is $81,760.
Commercial real estate brokers can maximize the commissions and networking of commercial real estate sales to expand their real estate careers through diverse sales opportunities.
To find out more about how to become a commercial real estate agent or broker, contact one of our experts at Agent Real Estate Schools today. Not yet licensed, but thinking about becoming a real estate salesperson? Find out more by attending our free Career Day event, or try a free class with us! To find out more about becoming a real estate agent, contact Agent Real Estate Schools. Reach us at (858) 329-0999 or email us at firstname.lastname@example.org.