ByThe first thing that comes to mind for most people thinking about careers in commercial real estate is the money. This industry offers high salaries, and it’s not uncommon to see brokers in their twenties making multiple six figures annually.
There are many different types of jobs in commercial real estate. These include brokers and property managers, as well as appraisal and valuation firms.
Real estate brokers
Real estate brokers assist clients with purchasing, selling, or leasing commercial property. Typically, they start off as residential agents and then acquire a commercial real estate license. Then, they join a brokerage firm and work under a senior broker.
The broker’s duties and responsibilities include finding space that meets their client’s current and future business needs, analyzing lease payments, and negotiating with landlords. They also offer in-depth market knowledge and specialized research tools.
Another commercial real estate career path involves developing properties. It is often more lucrative than buying and selling existing spaces, but it requires more expertise, capital, and time to develop. It is important to understand the risks involved before entering this industry. Commercial developers must consider construction costs, financing, and market trends. In addition, they must be willing to work long hours. They must also have exceptional marketing and people skills. Their remuneration is usually commission-based. Moreover, they need to have a high sales volume.
Appraisers
The duties of a commercial real estate appraiser include inspecting, evaluating, and documenting properties. They also prepare detailed appraisal reports and assess the value of additional amenities and features. In addition, they may need to record health and safety code violations. They also need to understand real estate laws and regulations, as well as how to use the latest computer software.
A career in corporate commercial real estate jobs in Washington, DC has high income potential. Selling a $30 million property, for example, can result in brokerage commissions, disposition fees, acquisition fees, and future management fees for both the seller and buyer. This is particularly true for larger markets and large institutional investors such as REITs, insurance companies, and pension funds.
Another perk of a career in commercial real estate is the networking opportunities it provides. If you want to advance your career, it is important to attend local after-hours networking events and to proactively reach out to other professionals in the industry.
Property managers
Property managers are responsible for day-to-day operations at commercial real estate properties. They are often tasked with increasing asset value and improving tenant satisfaction. They also have the responsibility of managing corporate portfolios. These positions are more focused on maximizing net income from a property than buying and selling.
They are also responsible for negotiating and leasing spaces. They may also be involved in repairing and maintaining the property. They need to be familiar with local building codes and regulations. They are also responsible for identifying potential issues and handling them quickly.
Property management is a complex job that requires a high level of expertise. They must be able to handle the unique requirements of each property, such as a hotel or industrial space. They must also be able to deal with the complexities of lease contracts and financial transactions. In addition, they must be able to track rent payments, maintenance costs, and tenant complaints.
Internships
Internships are a valuable opportunity to learn the ins and outs of commercial real estate. These positions are available to college students who want to gain experience in the field before completing their degree program. Often, internships offer professional mentorship and hands-on training in the field.
Commercial real estate is a huge business that encompasses everything from investment sales to leasing and development. It is a highly lucrative field that can be very rewarding, but you must know the right steps to take in order to succeed.
A commercial real estate internship can expose you to the different facets of this industry, including finance, valuation, and construction. Getting into this field is possible without fancy degrees or Ivy League schools, but it takes aggressive networking to get the job. Typical internship duties include research, creating lists of properties that fit specific criteria, and preparing reports for clients. Some interns also handle clerical and administrative tasks.
