Commercial Real Estate Agent Job Description, Key Duties and Responsibilities
This post provides exhaustive information on the job description of a commercial real estate agent, to help you learn what they do.
It highlights the key duties, tasks, and responsibilities that commonly make up the commercial real estate agent work description in most companies.
It also presents the major requirements individuals seeking the commercial real estate agent role may be asked to fulfill by employers/recruiters to be considered for hiring.
Please, continue reading to learn more about the commercial real estate agent career:
What Does a Commercial Real Estate Agent Do?
A commercial real estate agent is responsible for helping clients sell and lease commercial properties, which requires analyzing large amounts of data and an understanding of the commercial real estate market.
His/her job description entails consulting with clients on how to sell their property quickly and for a good value.
They advise clients throughout the negotiation process to help them get maximum value for their property.
Commercial real estate agents study their local real estate community and are knowledgeable on current property sales.
They advertise their brokerage services to the local community through marketing materials and networking.
A commercial real estate agent is responsible for obtaining, maintaining, and updating listings of their available properties.
They answer questions about contracts and terms of sale, and take clients on tours.
If you are seeking the commercial real estate agent job, some of the requirements that employers/recruiters would want you to possess include the ability to work quickly with numbers and analyze data, multi-tasking ability to enjoy working in a fast-paced environment with a variety of people, good interpersonal skills, dedication to customer satisfaction and persuasiveness, and a high degree of flexibility and practical knowledge of the real estate industry.
Commercial Real Estate Agent Educational Qualifications
You will be required to show a proof of academic qualifications if you are searching for a commercial real estate agent position.
You need to build a strong portfolio with demonstrated skills and abilities for the new commercial real estate agent job, so you can have the opportunity for an interview.
According to the Bureau of Labor Statistics (BLS), a High School diploma or equivalent is the basic requirement for the commercial real estate agents job, but because most firms and other commercial property services require a degree, many opt for college and university degrees to secure better job opportunities.
In several cases, brokerage firms will offer educational courses, mentorship, and on-the-job training.
The National Association of Realtors offers industry-specific courses for commercial real estate agents.
Beneficial courses for those aspiring for the commercial real estate agent position include statistics, finance, business administration, law, and economics.
Commercial Real Estate Agent Salary Information and Employment Outlook
In 2018, the BLS reported that commercial real estate agents throughout the country made a median wage of $48,690 per year.
The BLS reports that commercial real estate agents earn an average income of $85,000 yearly.
Keep in mind that these figures could vary, as most commercial real estate agents’ incomes are based on commissions and the geographic area where their properties are sold.
The BLS indicates that commercial real estate agent jobs will continue to grow by 6 percent from 2016 to 2026, about as fast as the average for all occupations.
Company expansion will likely increase as the economy continues to strengthen, so more positions will be available to prospective commercial real estate agents.
Commercial Real Estate Agent Job Description Example/Sample/Template
The commercial real estate agent job description consists of the following tasks, duties, and responsibilities:
- Handling cold calls to business owners and managers, both to locate new potential sales and to collect statistical information
- Providing tenants and landlords with relevant information on leasing availability, current market conditions, and property values
- Researching and analyzing typical lease payments for other commercial properties and office complexes in the area
- Assisting attorneys in preparing real estate contracts such as deeds, leases, and mortgages
- Utilizing statistical analysis techniques, including breakeven analysis, to help clients determine a basic margin of safety
- Preparing offers, term sheets, and lease amendments, and participating in contract negotiations and due diligence
- Maintaining current knowledge of market conditions, property values, and legislation that may affect the real estate industry
- Researching and discussing property maintenance costs and possible renovations, networking with local businesses, negotiating between buyers and sellers, overseeing property inspections, arranging for financing, and facilitating final transactions
- Drafting correspondence to existing and prospective clients
- Engaging in local business community and charitable events, as well as industry and professional associations for the purpose of creating new contacts and generating new business
- Maintaining accurate and up-to-date information in company CRM or Database that supports owner activity reporting.
Commercial Real Estate Agent Job Description for Resume
If you are writing a new resume or CV as someone who has worked before as a commercial real estate agent or are presently working in that position, you should add the professional experience section to it.
By having the professional or work experience section in your resume/CV, you can effectively let the recruiter/employer know that you have been successful performing the duties and responsibilities of a commercial real estate agent.
This piece of information can boost your chances of getting an interview with the recruiter/employer, especially if the new job that you are seeking requires some work experience as a commercial real estate agent.
You can apply the commercial real estate agent job description example provided above in creating a detailed professional experience section for your resume/CV.
Commercial Real Estate Agent Requirements – Skills, Knowledge, and Abilities for Career Success
If you are seeking the job of a commercial real estate agent, here are major requirements most recruiters/employers may want you to meet:
- Ability to quickly obtain valid State Real Estate License or have already possessed it
- Strong sales and negotiation skills, and ability to understand and present contracts
- Excellent networking ability and communication skills
- Strong work ethic and a pleasant and trustworthy demeanor
- Working knowledge of Microsoft Office applications
- Ability to work independently with excellent interpersonal skills
- Understanding how to create value with clients, and genuinely building relationships with people
- Having a passion for understanding a client’s needs and creatively delivering solutions
- Happily talking with people on the phone and in person
- Understanding the importance of accountability with clients and team members
- Understanding the finances of a business or at least have a desire to learn
- Having a desire to build a business in one of the fastest growing areas in the country
- Self-motivation to build a strong financial future.
This post is helpful to individuals interested in the commercial real estate agent career; they will be able to learn all they need to know about the duties and responsibilities performed by the role.
This will help them to decide if the commercial real estate agent career is the right one to pursue.
The information shared on this page is also useful to recruiters/employers needing to hire for the vacant commercial real estate agent position in their companies.
They can apply the sample commercial real estate agent job description provided on this page in making a detailed description of the available position in their companies.
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.