Have you been thinking about a change in your real estate career? If you have ever considered becoming a commercial agent you will want to read this article in its entirety.
“Should I adopt commercial real estate sales into my business, and if so at what level?”
It doesn’t have to be a Yes/No answer. You can adopt commercial as much as you want. If you only want to supplement your current business by doing a couple deals a year, great! Maybe you want to do equal parts residential and commercial business, fantastic! Keep in mind you can also have another income stream.
And that is actively creating a commercial referral business. I guarantee you, your current database has commercial leads ready to buy or list. You can make a serious income from only referring the business!
Keep in mind many commercial commissions reach well into the 6-figures. And the referral fees are just as proportionate as residential referrals!
I wish I could say creating these referrals is a cake-walk but that’s not quite the reality. You do have to go about it strategically, and not haphazardly. For example you still need to be able to communicate with the lead/prospect and that requires you to know enough about the commercial business to speak intelligently.
There is no right or wrong answer here. Let me give you real examples (names have been changed):
Joe was a newer agent doing about 8 residential deals per year. Joe started seeking commercial clients while still maintaining his current residential clients. He did both commercial and residential deals for about 8 months to pay his bills before transitioning 100% to commercial.
A seasoned broker associate Barbara, had sold residential properties in the past. She came back after several years strictly as a commercial specialist. She built her business from the ground up in a short period of time. Barbara now has her own all-female office with 8 agents. Her business is thriving.
As a seasoned agent with 12 years’ experience, Susan has completed over 50 residential deals a years with her Chinese speaking clients. She has added commercial to her business which has increased her average deal size and transaction count for higher profitability. Currently she has a junior agent to handle most of the residential deals, while she works the higher end residential and commercial deals.
The opportunity is also prime for a top producing team environment. Adding a commercial member to a “mega-agent” team is another possibility.
No matter what level you want to adopt, there is no right or wrong answer. The first step is to get educated so you can decide if at all you want to continue down the path.
Check out the Commercial-BOX training program and get started learning the ropes today!