residential broker vs. commercial broker

Can I hire a residential broker I knew to write a proposal for buying a commercial property or lease it? she is also a residential property management. please advise. thanks.
In Buying Property - Asked by dan d. - Sep 15, 2009
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Answer(s)

Davide P.
Broker/Agent
Pinole, CA

You can have anyone with a license write an offer on any property - commercial or residential. The important thing is if they know what they're doing! I think most people who do this for a living will agree there is a HUGE, HUGE difference between agents who deal in residential only vs. agents who deal with commercial property. If the agent doesn't know how to calculate the IRR or estimate your after tax cash flow, go with someone who does. A lot of times properties that "seem" like they make great money really don't.

Sep 15, 2009
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Eric D.
Broker/Agent
Fairfield, CA

As Davide mentions, any licensed real estate agent can submit offers; there is no unique or separate test specifically for residential or commercial agents. As a commercial agent I have encountered many residential agents representing neighbors or friends in commercial transactions. Though there are those residential agents who have educated themselves in the commercial sector, more times than not there are items that residential agents overlook or neglect to address. In a nut shell, if you (God forbid) require heart surgery, you most likely will prefer that a heart surgeon perform the procedure rather than your family practitioner; though they both practice medicine and belong to the same industry (medical), one is a specialist. The same applies to real estate.

Sep 15, 2009
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David A.
Broker/Agent
Chicago, IL

Would you hire the world's best brain surgeon to do heart surgery?

Sep 16, 2009
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Candice A D.
Broker/Agent
Fort Mohave, AZ

The question should be, "Should you?" :)
If the reason you wish to use a particular non-specializing agent is for instance, their extensive knowledge of the property (you said the agent is in property management--perhaps they are managing a property you wish to purchase)
AND
the agent is knowlegeable enough of local laws and resources to help you with your due diligence/feasibility investigations
AND
the agent has or you have a good attorney to provide legal guidance
AND/OR
the agent's broker has commercial real estate specialization
then perhaps it would be okay.
Otherwise, you would be wise to TALK to other brokers who specialize in commercial properties and find out what you would typically do to buy or lease a commercial property--and then ask the residential agent the same questions.
And see if they compare.
Good luck!

Sep 24, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

Yes, but you might as well write it yourself.
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Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)225-9894
gregory.garver@gmail.com

Oct 23, 2009
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