Commercial Vs Residential Real Estate Agents
There are many similarities between commercial and residential real estate agents. Still, it is important to understand the key differences to determine which path would be the right fit for you.
- Education & Training: Real estate agents will be required to complete training and education to obtain a real estate license regardless of whether they are
involved in commercial or residential real estate. However, commercial real estate agents should have a college degree in either business or finance to better understand the financial concepts of the deals they will encounter and undergo more
mentorship training before entering the field.
- Property Types: The clear distinction between these two types of real estate agents is the type of property they work with. Residential real estate agents only
work with residential property, whereas commercial agents can encounter property used for multiple purposes. Therefore, commercial property agents must have the knowledge required to distinguish the proper processes and legalities of both residential
and commercial property deals.
- Earnings: Commercial property tends to present a higher earning potential than residential real estate. Although it is easier to get a residential property off
the market, commercial agents can make a higher commission from the properties they sell.
- Clients: Residential properties are easier to sell due to economic factors that can affect the commercial real estate market in different ways. Residential real
estate agents have an easier time searching for tenants to occupy their properties, while commercial real estate clients are less abundant.
- Worklife: The work-life of a commercial real estate agent vs residential agents vary in work schedules and responsibilities. Residential agents can expect to be
available to work at unconventional work times, including evenings and weekends. On the other hand, commercial real estate agents typically stick to the 9 to 5 workday. However, commercial agents take on a heavier workload, which will involve
researching and reporting on market and economic trends to ensure their more intricate deals.
Being a commercial real estate agent and a residential real estate agent are both fulfilling and at the end of the day you have to choose the right path for you. If commercial real estate sounds like it may be for you make sure to lookout for more information
on commercial real estate.