How do I enter Commercial R/E coming from Residential?

With the residential market at a stand still, I am interested in jumping into the Commercial arena. I have clients calling me, but I have never worked outside of residential. HELP! I don't want to lose these clients and I know I can generate others in my area due to current and projected commercial growth in the next 3, 6-12 months.
In General Area - Asked by Kim C. - Jan 14, 2009
Report Abuse
Answer this Question

Answer(s)

Michael T.
Broker/Agent
Chicago, IL

Try and figure out what type of commerical real estate you want to specialize in, i.e. retail, industrial, office, multi-family, then figure what companies specialize in that type of product in your area. You can also find a commercial agent and refer them your commercial clients and receive a referral fee for giving them leads.

Jan 14, 2009
Report Abuse
Michael T.
Broker/Agent
Chicago, IL

Try and figure out what type of commerical real estate you want to specialize in, i.e. retail, industrial, office, multi-family, then figure what companies specialize in that type of product in your area. You can also find a commercial agent and refer them your commercial clients and receive a referral fee for giving them leads.

Jan 14, 2009
Report Abuse
Chris C.
Broker/Agent
New York, NY

Kim -
I have a strong background in commercial having come from CBRE. I do have a program that's "brand-new" from a guy named Bob McComb. He's the broker that sold the TransAmerica Tower in San Francisco. Its excellent for agents like yourself that are just starting out and want to know exactly where to begin and how. I have it for-sale and could certainly give you more details. I'm asking $950. If you are interested, please feel free to email me at: chriscaballero@netoneassets.com
Best,
Chris

Jan 15, 2009
Report Abuse
Chris S.
Broker/Agent
Coeur D'alene, ID

You need to spend the time in the classroom. Education is absolutely key to being successful in this business. If you don't know what you are talking about you might get lucky on a few deals, but you won;t be in the business long term.
check out www.ccim.com for good classes in your area.

Jan 16, 2009
Report Abuse
Joe V.
Owner/Investor
Plymouth, MI

Education and access to financing are the keys. If you focus on specific types of real estate it makes it easier. My recommendation to start would be either multi-family, since you are coming from residential, or my favorite...NNN/Absolute single tenant properties with corporate Guarantees by BBB+ (A preferred) corporations. These leases, backed by these tenants, means these properties are almost on "auto pilot". Then get your financing in place. These type of leases make the financing a little easier do the risk factor being allot less than the "Ma and Pa" corner operations. The first thing you need to do is get a Non-Signatory LOC. This can open the door to many things, not to mention very fast access to cash to take advantage of deals as soon as you can. You can even buy them right from the LOC and refinance later. The refi would be on a property then that would be free and clear since there would be no loan on the property...the LOC is not tied to the property in any way.

Jan 17, 2009
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question