Commercial Real Estate Broker Job Description, Key Duties and Responsibilities
This post provides complete information on the job description of a commercial real estate broker to help you learn the work they do.
It presents the key duties, tasks, and responsibilities that commonly make up the commercial real estate broker work description in most companies.
It also highlights the major requirements you may be expected to fulfill to be hired for the commercial real estate broker role by most recruiters/employers.
Please, continue reading to improve your knowledge of the commercial real estate broker career:
What Does a Commercial Real Estate Broker Do?
A commercial real estate broker has the responsibility of assisting their clients in buying, selling, or leasing properties for commercial purposes.
His/her job description entails working as an intermediary on rental properties between owners and potential tenants, overseeing property transactions between buyers and sellers, and assisting with new business development.
It also involves assisting landlords in promoting their properties for sale and offering advice to interested buyers, with the goal of forwarding and securing a mutually satisfactory agreement.
Commercial real estate brokers assist sellers in the best way they can promote their properties to attract advantageous offers.
They advertise properties through a variety of marketing techniques.
Commercial real estate brokers evaluate the clients’ desires and economic capabilities to discover the appropriate suggestions.
If you are seeking the commercial real estate broker job, some of the requirements that employers/recruiters would want you to possess include excellent marketing and people skills, understanding of the local property market, and willingness to work long hours; experience and insight on law and regulations, persuasive abilities, and knowledge of mathematics and economics; negotiation and persuasion skills, strong communication skills, and ability to work alone for extended periods of time.
Commercial Real Estate Broker Educational Qualifications
To become a commercial real estate broker, you will be required to show proof of academic qualifications.
You need to build a strong portfolio with demonstrated skills and abilities for the commercial real estate broker job that you are seeking, so you can have the opportunity for an interview with the HR person.
A High School diploma is the basic requirement for becoming a commercial real estate broker (or an equivalent educational qualification).
Most successful commercial real estate brokers have an undergraduate or graduate degree in business, statistics, finance, economics, or real estate (with a special focus on the sale or lease of commercial property).
Although a college degree is not compulsory to become a commercial real estate broker, professional licensure is required in all 50 states and the District of Columbia.
Many postsecondary institutions offer courses and certificate programs that prepare aspiring real estate brokers for their licensing exams. Some institutions offer associates and Bachelor’s degrees in Real Estate as well.
Commercial Real Estate Broker Salary
In 2018, commercial real estate brokers in the United States made a medium salary of $58,210.
However, commercial real estate brokers earn an average salary of $62,005 per year or hourly rate of $9,759 according to Payscale.
Commercial Real Estate Broker Job Description Example/Sample/Template
The typical duties, tasks, and responsibilities performed by commercial real estate brokers are shown in the job description example below:
- Assisting clients in finding suitable non-residential properties to run their business from
- Assisting sellers in promoting their properties to attract qualified buyers in a reasonable amount of time
- Providing guidance on agreements, mortgages, and market prices
- Applying a variety of marketing techniques to advertising properties
- Provide the best suggestions to clients by evaluating their desires and economic capabilities
- Providing relevant information to clients, including property availability, legal guidelines, specifications, and rates
- Appraising the value of properties by thoroughly researching the market or past purchases
- Presenting properties to potential buyers and addressing questions or concerns
- Drafting and completing important legal documents (contracts, agreements, etc.)
- Coordinating property auctions or exchanges
- Producing lists of properties up for sale and managing them
- Collaborating and networking with contractors, home inspectors, attorneys and other external stakeholders
- Remaining knowledgeable about the market and best practices
- Coordinating exchanges of ownership and drafting legal documents and contracts
- Assisting with negotiations between buyers and sellers
- Managing a portfolio of rental properties and supervising real estate agents
- Attending networking functions and occasional workshops.
Commercial Real Estate Broker Job Description for Resume
If you are writing a new resume or CV and have worked before in the position of a commercial real estate broker or are currently working in that role, you should include that experience in your resume/CV.
By adding the professional or work experience section to your resume/CV, you will be able to let the recruiter/employer know that you have been effective in performing the duties and responsibilities of a commercial real estate broker.
This piece of information can influence the recruiter/employer to call you up for an interview, especially if the new position that you are seeking requires having some commercial real estate broker work experience.
You can easily and quickly make an effective professional experience section for your resume/CV by applying the commercial real estate broker sample job description provided above.
Commercial Real Estate Broker Requirements – Skills, Knowledge, and Abilities for Career Success
Here are major requirements you may be expected to meet by recruiters/employers to be considered for a commercial real estate broker position:
- A degree is not compulsory, but state licensure is a must
- Real estate training or a qualification may be required
- Profound knowledge of procedures, policies, property specifications, property law, and legal guidelines
- A firm grasp of best practices within the industry
- A minimum of three years of experience in a similar role
- Proven real estate broker work experience
- Proven track record of sales, as well as self-motivated and honest proficiency
- Ability to work autonomously and sell effectively
- Outstanding negotiation and people skills
- Basic knowledge of MS Office, as well as trustworthy and results-driven
- Valid real estate broker license to practice in most States.
This post is valuable to individuals interested in the commercial real estate broker career; they will be able to increase their knowledge of the duties and responsibilities that make up the role.
They will therefore be able to make the best decision about whether to take the commercial real estate broker career path or not.
This article is also helpful to recruiters/employers needing to hire the best candidates for the vacant commercial real estate broker job in their companies.
They can create a detailed description of the available commercial real estate broker job by applying the sample job description provided on this page.
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.