Any licensed individual involved in buying, selling or leasing commercial properties used for corporate purposes is known as a commercial real estate broker. They act as intermediaries between buyers and sellers representing both parties in a real estate deal. No doubt, the real estate industry is highly competitive and ought to grow even more in coming time asking long hours and 100 percent devotion for career success.
To be a commercial real estate broker, a simple college degree isn’t just it as professional license is accepted in more than 50 countries around the world. Most of the post-secondary institutions nowadays offer certification and recognised degree programmes preparing ambitious and devoted real estate brokers for licensing exams. In many universities around the world, real estate has been introduced as a separate disciple catering associate and bachelor’s degree programmes.
If dealing with commercial properties has been your dream, here’re a few steps to be a licensed broker in the industry and garner long-term success.
Acquire a sales license
Most of the states require industrial experience to a certain extent in order to become a licensed commercial property broker. Therefore the first step in becoming a licensed broker is earning real estate license and requisites vary from one country to another much like the market itself. Most individuals should possess a high-school diploma or equivalent, enroll in relevant courses, take the exam and of-course pass to proceed forward.
Individuals interested in the field may prefer post-secondary certificate or degree in real estate. However not a compulsory prerequisite, aspiring brokers may enroll in appropriate degree programmes or track for post-secondary certification offered by many different recognised colleges and universities. Pre-licensing course requisites may be waived for individuals already earned a state-approved certificates or degree in commercial properties.
Gain industry experience
Preparing for the career require individuals to gain at-least one to three years’ experience being a real estate sales agent. This comes by working in state-recognised real estate agency or even enrolment in internship programmes. Because commercial real estate deals with properties used for corporate purposes, focusing on sales may provide experience and competitive edge for success.
Sales agents looking forward to be commercial brokers should develop and strengthen their skills in the niche, probe into the how and whatof the industry, specialise in sales and be operational in commercial properties. The curriculum would include learning basics of tax and zoning laws, business evaluation and choosing appropriate location to initiate.
Think like a typical business professional; develop a likewise network or people already engaged in the industry, look how real estate industry operate in the market where you’ll serve and proceed accordingly. A word of thanks to one firm, that deals in commercial properties in Dubai, for this pointer.
Obtain a broker’s license
After fulfilling necessary prerequisites and gaining industry experience to a certain extent, a real estate sales agent may become a licensed broker. The track involves completing certain number of real estate training course, taking the exam and clearing it. Passing grades may vary from a state to another and even between different institutions.
In order to pursuit successfully, an individual shouldn’t quit present ongoing education. Most countries ask renewal of real estate license after every four years only after taking the exam. With each state having its own licensing commission, better get acquainted with the requisites and proceed accordingly.
Become a commercial broker
On receiving real estate broker’s license, individual can confidently pursue dealing with commercial properties as a legally recognised broker. With time and industry exposure, professionalism would develop further allowing agent to take the skills to the next level and perhaps open up their own real estate office.
Brokers must stay updated with latest advancements and innovations taking place in the industry especially if they’re engaged in highly competitive market such as the UAE, the UK, USA and North Africa.
Real estate; whether residential or commercial has underwent tremendous changes over the last few years with further innovations and radical changes expected in coming years, especially before the much anticipated Expo 2020 scheduled to be held in Dubai.