2.2: Part II- Commercial Real Estate Careers

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Commercial Real Estate Careers

Embarking on a career in commercial real estate opens doors to a dynamic and rewarding industry that combines finance, negotiation, market analysis, and property management. The field presents an array of career paths to explore, providing the excitement of closing lucrative deals, identifying investment opportunities, or even the satisfaction of revitalizing urban landscapes. Commercial real estate professionals have opportunities to work with a wide range of clients, from small businesses to multinational corporations, and they can play an important role in shaping the physical and economic landscapes of communities.

As with a residential salesperson, the commercial sales agent must be employed by a broker or brokerage firm (see below). In some states, the “salesperson” level has been replaced by the “broker” level, in which case, an employing broker may be referred to as a “broker-in-charge” or BIC.

Commercial brokers are individuals or entities who possess a real estate broker license issued by the state. (This is the same license as the one held by a residential broker.) A brokerage (typically organized as a corporation) is required to have at least one licensed real estate broker who takes responsibility for ownership of the brokerage. Brokers may work alone as sole proprietors, in partnerships with other brokers, or may be organized as a corporation. California does not allow brokerages to be organized as limited liability companies (LLC), so the business would be a C corporation or an S corporation. Employing brokers may employ one or more licensed salespeople to work at the brokerage firm.

Differences between Commercial and Residential Real Estate Careers

How are commercial and residential real estate careers alike or different? Both are very competitive fields, with plenty of rivalry for sales clients. And salespersons for both commercial and residential in California must be licensed by the California Department of Real Estate (same license for both) and employed by a licensed broker.

An important difference is that residential sales agents work with consumers and must be skilled in sales psychology as they navigate peoples’ emotions (see Module 9 on Emotional Intelligence). Commercial agents work with investors and business people concerned with profit margins, so necessary knowledge includes financial analysis, demographic trends, economic influences, and market complexities. To work in the commercial industry, professionals need skills in research, spreadsheet analysis, and financial analysis. In short, residential agents deal most often with people and emotions, while commercial agents focus on data and numbers. To attain the skills required for commercial real estate, prospective professionals are well advised to complete college or university courses in real estate investments.

Commercial real estate sales transactions are typically much higher in value than residential transactions, resulting in potentially higher incomes. For example, a retail building might be valued at $2 million, whereas residential transactions are typically lower, such as a $535,000 purchase price for a house, depending, of course, on the geographic area. Another difference is that commercial agents often work together in teams of two or three. Residential sales agents have usually worked independently, although more agents are now joining or forming teams.

Another key difference between commercial and residential real estate sales relates to compensation. Both commercial and residential real estate sales agents are usually paid a percentage of the selling price of the property. Commercial transactions, given the higher selling prices, offer much higher compensation potential than residential. As mentioned previously, commercial real estate transactions often take longer to close than residential transactions. For example, a commercial sale might take two years to complete, while a residential transaction will usually close escrow or “settle,” in 30 to 90 days. Therefore, although the compensation for commercial sales may be higher, paydays are farther between.

Practice Zone

Imagine yourself in a successful real estate career. Do you see yourself building relationships with families searching for their dream home (residential) or negotiating deals for office spaces or retail locations (commercial)? Why?
Explore the resources provided at Adventures in CRE (https://www.adventuresincre.com/salary-commercial-real-estate) to compare salaries and earnings in various commercial and corporate real estate careers.

Commercial Real Estate (CRE) Sales

Wan Lee glanced at his watch, 9:15 AM, a tad late for his meeting with Mr. Garcia. He buzzed Mr. Garcia's office and apologized for the traffic. Inside, Mr. Garcia, a weathered man with a firm handshake, explained, "I want to sell Parkside Plaza." Wan, familiar with the aging shopping center, knew it needed a refresh. He proposed a revitalization plan – attracting trendy restaurants and local boutiques – positioning Parkside Plaza as a vibrant community hub. Mr. Garcia leaned back, intrigued. "That's an interesting angle," he conceded. Wan pressed on, outlining his marketing strategy and connections with local businesses. A flicker of hope ignited in Mr. Garcia's eyes. "Alright, Wan," he said, "let's get this place sold."

Energized, Wan dove back into a whirlwind of activity, scheduling meetings and preparing proposals. By afternoon, fueled by a quick sandwich, he met with Linda McCall, a developer known for breathing new life into struggling properties. Wan presented Parkside Plaza, highlighting its potential with his revitalization plan. Linda’s smile grew wider with each point. She reviewed the spreadsheet. "This could be fantastic," she admitted. They discussed renovations and tenant mix, and their conversation flowed. By the end, Linda wasn't just interested; she was excited. Wan, drained but exhilarated, knew this was the perfect match for Parkside Plaza's revival. He began researching demographics and designing the new business plan based on the city’s property zoning.

From this description of Wan’s day, notice that commercial real estate sales is similar to residential sales (see Module 1) in various ways. Wan has a real estate license, which is the same license for commercial sales as for residential sales. He represents a seller and finds a buyer. The financial information will be more complex than for a residential transaction, as will the plan for revitalizing the center, but the process is similar.

In commercial real estate sales, agents and brokers list and sell properties zoned commercial (see above), such as warehouses, industrial property, and build-to-suit opportunities. Some agents specialize in specific property types, such as vacant land, medical facilities, gas service stations, research laboratories, office buildings, or retail shopping centers. Successful commercial agents understand the complexities of commercial mortgages, allowing them to inform their investor clients.

Another specialized area of knowledge and competency is real estate exchanges, including 1031 tax-deferred exchanges. These exchanges allow investors to sell an investment property and reinvest the proceeds into another qualifying property within specific timelines, which defers capital gains taxes on the sale.

Farm and land brokers sell rural, agricultural, or equestrian properties. Another part of commercial real estate involves construction and building inspection of new property developments. Lastly, seasoned brokers may establish an office for research and business consulting.

Among commercial clients (buyers and sellers) are individual investors, franchise companies, multi-million dollar corporations, and local business firms. These investors are experienced in completing business-to-business transactions, often abbreviated as B2B. Because commercial sales transactions involve complex financial calculations, agents must have skills using advanced financial calculators as well as Excel® or other workbooks and worksheets. Also, as discussed in Module 14 on real estate technologies, these agents and brokers must be familiar with multiple listing sites for commercial property, such as LoopNet and CoStar–whose services cost substantially more than residential MLS services.

Some of the top commercial real estate agencies in the U.S., such as those shown below are known for their significant business volume.

Cushman and Wakefield
Marcus and Millichap
Lee and Associates
Colliers
CBRE
SVN International Corp.
Voit Real Estate Services
Avison Young
Newmark

In addition, other large real estate agencies, such as Coldwell Banker and Keller Williams, offer both commercial and residential divisions. Find out more about the top-ranked commercial firms at the webpage linked below, where agencies are sorted by sales volume (stated in millions of dollars), square feet leased (if applicable), number of brokers, and property types.

https://www.commercialsearch.com/news/top-commercial-real-estate-brokerage-firms

Commercial Real Estate Careers:Compensation

Potential average annual earnings in commercial real estate range from $60,000 to $570,000 annually, depending on the volume of sales or lease transactions closed and the compensation rates. Pay for commercial real estate sales agents is typically 100% commission or highly commission-based. In other words, they get paid only when a sales transaction is closed. While the income is attractive, commercial sales transactions take much longer to close; it is not unusual for a transaction to take from three months to five years to close. Although commercial sales transactions are usually more profitable than residential sales, the commercial salesperson must budget finances and be prepared for a lengthy closing timeframe.

Source: https://www.adventuresincre.com/salary-commercial-real-estate

Commercial Real Estate Careers: Hours and Locations

Commercial real estate salespersons and brokers typically work weekday business hours (Monday to Friday from 8:00 am to 5:00 pm) so they are available to work with their clients, who are business professionals. And, in contrast to residential sales agents, commercial agents do not usually work on weekends, evenings, or holidays.

Commercial real estate offices are located in major metropolitan areas. Applicants who live in a small town or rural or remote location will need to consider relocating to an area with more commercial properties. Earning a living selling commercial real estate in an area with only a handful of commercial properties would not be very profitable. In either case, commercial agents need a long-term focus on building strong relationships with potential buyers and sellers as well as a means of supplementing their income by, for example, offering property management services or specializing in valuations.

Commercial Real Estate (CRE) Management Careers

Commercial real estate (CRE) management offers various career paths for individuals interested in overseeing the operations, finances, and tenant relations of commercial properties. Property management careers in the commercial real estate realm are typically either asset managers or leasing agents. Leasing agents may represent landlords (lessors), tenants (lessees), or both.

Asset Manager

An asset manager is a person who manages commercial properties. For example, an asset manager may manage several shopping centers owned by the same investment company.

Asset Manager Duties

Among an asset manager’s job duties are the following:

track the property's financial health, including income from rent or other sources, expenses, and occupancy rates.
implement strategies to optimize lease agreements, reduce operating costs, or plan capital improvement projects that will attract tenants and boost rental income.
oversee upkeep and repairs to ensure the property remains in good condition. This might involve working with property managers, contractors, and vendors to address maintenance needs and prioritize projects based on budget and long-term value.
prepare reports on the property's performance for owners, investors, or superiors.
communicate with tenants, property managers, and other stakeholders to address concerns and ensure everyone is aligned regarding the property's goals.
research and analyze market trends to understand how they might impact the property's value.

Asset Manager Education and Experience

Usually highly trained in financial management, often with a bachelor’s degree (or higher) from a university, asset managers are expected to have expertise and experience in financial management. Asset managers do not usually need a real estate license.

Asset Manager Compensation

The asset manager earns compensation as (a) salary or (b) commission plus bonuses, either of which can be substantial.

Asset managers manage commercial rental property on a daily basis and earn salary-based compensation (with bonuses based on profit milestones) when working directly for the property owner. Licensees who lease and manage residential multi-family apartment complexes are usually employed directly by the property owner and paid hourly or by salary (with a bonus included).

Leasing Agents and Leasing Managers

In California, commercial leasing agents and leasing managers are licensed by the California Department of Real Estate (DRE) as either a salesperson or broker. Working for owners of commercial properties, such as shopping centers or office buildings, leasing agents’ primary responsibility is to fill vacant units with business tenants who will pay the highest rent possible for the longest time.

Leasing managers, who are also licensed by the Department of Real Estate as salespersons or brokers, fulfill roles similar to those of leasing agents, but with broader responsibilities, often including property management. While both roles involve leasing commercial properties, a leasing agent is more focused on sales and negotiation, while a leasing manager is responsible for the overall management of leased properties.

Leasing agents can represent the landlord, the tenant, or both. For example, a leasing agent could work for or represent a chain of restaurants with the responsibility of finding appropriate properties or spaces for setting up coffee shops.

Retail Leasing Agent Duties: Day in the Life

Sarah Bernstein is a licensed commercial real estate leasing agent in California who specializes in shopping center retail spaces. She works for a brokerage firm whose clients are primarily owners of retail properties, such as shopping centers and standalone retail buildings. Her duties include the following:

Tenant Acquisition: Sarah's primary duty is to find and secure tenants for vacant retail spaces in the shopping centers properties her brokerage represents. This involves marketing the available spaces, conducting property tours for potential tenants, and negotiating lease agreements.
Market Research: Sarah keeps herself updated on market trends and demographics to advise the owners of the shopping center on the appropriate rent to charge. She also uses market research to tell her what types of businesses would be a good fit for the shopping center so she can market to them.
Lease Negotiation: Sarah negotiates terms of the lease(s) with potential tenants, ensuring that the parties reach mutually beneficial agreements.
Client Relationship Management: Sarah maintains strong relationships with property owners, the clients of the brokerage she works for; she works to understand their goals and preferences so that she can effectively represent their interests.
Property Maintenance: While Sarah isn't directly responsible for property maintenance, she ensures that leased spaces are well-maintained.

Leasing Agent Education and Experience

Although no college degree may be required for leasing agents, it is sometimes expected for this position.

Leasing Agent Compensation

Leasing agents locate and screen prospective lessees (tenants) for their clients, the commercial property owners. They work for a real estate brokerage contracted by the property owners and earn a commission. Sometimes, they work directly for the property owner, earning a salary based on leasing achievements.

In our previous example of leasing agent Sarah, the compensation is commission-based, derived from successful lease transactions. Her compensation model involves the following:

Commission on Lease Transactions: When Sarah successfully leases a retail space, for example, to a shoe store for the shopping center, she earns a commission based on a percentage of the total lease value. This commission is typically paid by the shopping center owner.
Split Commission: The commission Sarah earns is split between her and her brokerage firm, with Sarah receiving a percentage and the brokerage receiving the rest.
Bonus: Some brokerage firms offer additional bonuses based on performance factors, such as leasing volume or client satisfaction.

Sarah's compensation model incentivizes her to secure quality tenants who sign long-term leases at competitive rates, maximizing both her income and the property owner's returns.

Commercial Mortgage Lender

A mortgage lender may participate in either residential or commercial property transactions. As you know from Module 1, MLOs working with residential properties typically include purchasing and refinancing single-family homes, condos, manufactured homes, and 2-4 unit owner-occupied properties. Commercial lenders, on the other hand, specialize in financing the purchase and refinance of commercial properties, such as warehouses, retail shopping centers, office complexes, farms and agricultural land, and medical facilities. In addition, MLOs are a critical resource for building developments, such as new home communities, as well as build-to-suit land leases for commercial buildings.

California commercial mortgage lenders, like residential mortgage lenders (see Module 1), must be licensed by the Department of Real Estate (DRE). A commercial mortgage lender, whether a mortgage broker or mortgage banker, must be registered as part of the Nationwide Multistate Licensing System and Registry (NMLS) national registry. According to the NMLS registry website, various states also require an additional layer of licensing. Refer to the following page link for full information regarding mortgage licensing: https://mortgage.nationwidelicensingsystem.org

To become a mortgage loan originator (MLO) in California, for example, both a state and a national license are required. To review from Module 1, the state license in California is either through DFPI or DRE and the national registry is the NMLS. In California, two types of state licenses can qualify an individual to fulfill the state license requirement and prepare to take the national NMLS licensing and registry exam. The first, California Department of Financial Protection and Innovation (DFPI), previously known as the Department of Business Oversight (DBO), is for professionals who plan to work for a bank as a mortgage banker. The second, California Department of Real Estate (DRE), is for professionals who plan to work independently as mortgage brokers. All mortgage lenders must be licensed in California and then registered with the national NMLS.

The steps an individual would follow to become a mortgage lender in California are:

Step 1: Apply online for an NMLS account number.

Step 2: Complete the California mortgage Pre-license Education ("PE").

Step 3: Study for, and pass, the licensing exam.

Step 4: Apply for California NMLS mortgage license.

Step 5: Complete background check and credit report check.

Step 6: Pay licensing fees to the state.

Refer to Module 1 for a discussion of mortgage bankers and mortgage brokers, including regulations they are both required to follow.

Commercial Real Estate Commission-Based Positions and Duties

Some commercial real estate career positions are listed in the table below along with sample job duties. Please refer to the Resources section of this module for more details.

Position Title	Description / Duties
Asset manager	Manager of a portfolio of properties, focusing on maximizing value, mitigating risks, and achieving investment objectives. Manager who monitors, tracks, and records site operations; performs financial reviews; conducts budgeting and invoices.
Commercial Appraiser	Appraiser who appraises commercial assets and real estate investments.
Commercial Broker	Real estate licensee who is able to own and operate brokerages, supervising agents of commercial property sales.
Commercial Lender	Mortgage lender or banker who makes loans to investors and businesses on commercial property.
Commercial Salesperson	Real estate licensee who represents investors and businesses in purchasing and selling commercial real estate.
Leasing Agent / Leasing Manager	Person who negotiates leases with tenants, manages lease agreements, and ensures optimal occupancy rates for corporate properties.
Property Manager	Person who oversees the day-to-day operations of corporate properties, including leasing, maintenance, and tenant relations.
Real Estate Developer	Person who oversees the development of properties. Plan and manage projects, including negotiations.

CRE Career Requirements

How are qualifications for a career in commercial real estate different from those for residential real estate? In many ways, the requirements are the same. Let’s have a look.

Real Estate License

The California salesperson and broker licenses qualify individuals to work in both commercial and residential real estate. The licensee can choose to work in only one of the areas or in both. Refer to Module 1 for the steps to take to obtain the required license. See both www.dre.ca.gov and https://www.dre.ca.gov/Examinees .

Education and Experience

To succeed in commercial real estate, a strong educational foundation is important, even though the positions typically don't require a college degree. A strong educational foundation helps in securing employment, handling responsibilities effectively, and advancing in the field. Employers in commercial real estate generally expect applicants to have knowledge in various aspects of real estate such as appraisal, finance, economics, and management.

Fulfilling the educational requirements for the real estate license provides the basic knowledge in these areas, for brokers more so than for salespersons. (See the licensing requirements described in Module 1.) The positions described in this module also require strong abilities in math, communications, and problem-solving–learning available from most community colleges. Major commercial agencies offer in-house training programs, and hundreds of learning opportunities are offered via online courses. Refer to Module 10 for more information regarding professional development.

While real estate experience is not mandatory for commercial positions, it does add to the likelihood that an applicant will be selected. For example, even agents new to the industry hold a fiduciary duty to provide competent services, and those competencies are built through active experience in the work, not just book learning. Newcomers to commercial real estate should look for opportunities to work closely with a mentor or under the direct supervision of a commercial broker to build an understanding of the real world complexities of the job. Some agencies require new agents to start as "runners," working under experienced agents before assigning them independent projects.

Skills, Strengths, and Characteristics

Commercial real estate professionals need a range of skills, strengths, and characteristics to serve their clients effectively. Proficiency in math, including understanding financial calculations and using spreadsheets, is more critical than in residential real estate. The ability to gather market data and property information through research online is a must.

Agents must be detail-oriented and able to schedule and manage time. These skills underpin initiating and reviewing contracts, ensuring accuracy and completeness of property inspections and assessments, and coordinating appointments, property viewings, and meetings with clients and other professionals involved in a transaction.

Successful professionals in this field are adept at negotiating real estate transactions. Their problem-solving skills are essential for addressing challenges that arise during the buying, selling, or leasing processes. And, they have strong communication skills that enable them to interact effectively with a diverse range of people, including clients, other agents, and stakeholders, such as inspectors and lenders.

Importantly, successful agents are self-motivated. They possess the drive and determination to pursue leads, follow up with clients, and continually improve their skills and market knowledge.

In short, commercial real estate professionals need the skills to negotiate lease terms between a landlord and a tenant, communicate property details to potential buyers, solve issues related to property inspections, manage the calendar to meet client needs, and keep themselves motivated to pursue new opportunities even in a competitive market.

Practice Zone

Select two commercial real estate firms from the list provided earlier in this module. Compare the mission, vision, and values of the two firms. How are the firms different from each other? Which firm would you prefer to work for? What do you think you could earn as your annual salary at one of them?

Here’s one firm, SVN, for you to start with:

https://svnca.com/the-svn-difference

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