In commercial and retail property today, the most successful commercial real estate agents are those that specialize in a particular niche area or property type. In many cases they will specialize in both.
The reason for this is that the specialization allows you to provide real market knowledge and dedicated focus to the property and the client. Every property type will have factors of improvements, function, location, services and amenities, and tenancy mix. That being said, you should choose a property type that is reasonably active and that has some future in your local area for both business owners, and property investors.
Most top commercial real estate agents specialize in some form of property or location. They will comprehensively understand that property type and provide advanced marketing solutions to attract the maximum amount of enquiry and inspections.
Here are some niches for you to consider as part of your career in commercial and retail property today:
- Retail shopping centers and retail property are particularly specialized. That is because retail has its own property cycle that is heavily geared to the local and domestic economy. To specialize in this segment of the market you need to understand local businesses, how they operate, how they can improve their sales, and what type of occupancy they need to be a viable retail business.
- The leasing of industrial and or office property is relatively straightforward. It is also the easiest part of the industry to start your career in. When you can successfully lease premises you will find that those leasing opportunities will one day turn into sales opportunities. A lease transaction today can be a sales opportunity in a number of years. Many landlords that we serve today own properties in a variety of locations. If those landlords are satisfied with your service, they are likely to trust you with a future sale requirement in another location. The best salespeople are usually those that have been very good at leasing properties locally. The link between a lease document and a sales transaction will exist in most investment properties. That then says that you should understand the lease document and how it can impact a future sale situation. Some leases and tenancy mixes will need to be tuned prior to any sales situation.
- Many businesses require the services of a leasing agent or tenant advocate. When you work with larger businesses, you will find that they will be prepared to appoint you as their agent to find a suitable property. They will therefore pay your commission. If this part of the market is attractive to you, the general rule is to work with the larger local businesses. They are more reliable and consistent when it comes to formulating decisions and appointing agents.
- You may choose to be a specialist in property sales. If that is the case, you should develop a series of specific and dedicated marketing systems that make your services unique and special in the local area. Just about every agent will say that they are a specialist in property sales. The reality is far from the truth, however you can specialize and stand out as a top agent by providing unique marketing solutions in selling a property and provide dedicated client service.
Have a good look around your local area to see what niche property types are available for your focus and activity. Choose the one that is most attractive to you and that has a reasonable level of potential activity over coming years. When you have made that selection, start to learn everything you can regards the property niche and property type.