Commercial Real Estate: The Life Of A Broker

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1 Commercial Real Estate: The Life Of A Broker Target Realty Corp. info@target-realty.com

2 A commercial real estate broker provides a service between buyers, sellers, and rental agreements of real estate. Brokers are responsible for managing a team of real estate agents, to assist people in buying, selling, leasing, or renting commercial properties. Properties handled by commercial brokerages often include office buildings, hotels, apartments, retail, hospitality, shopping centers, and industrial properties. For clients who are building on raw land, brokers can help assist the client in managing the construction process, including inspections, identifying zoning restrictions and building codes, and guidance to ensure that necessary steps are taken to make sure that the building is completed on time, and within budget. When working for a seller or landlord of a commercial property, the broker has a signed agreement with the client and sets out to achieve the best possible price with the best terms for their client. While a broker is working for the seller or landlord they may also assist buyers in finding a commercial property to suit their needs, and budget. But in these cases there is never a pre-written agreement, on the buyer s behalf. To become a real estate broker, a license is required. This allows the broker to receive money in return for services rendered. It is illegal for a broker to conduct business without a license, unless they are a practicing attorney who is not required to sit for a broker s license in order to receive a commission. It is important that those interested in becoming a broker make sure that they look into their respective province guidelines on becoming a commercial real estate broker, as requirements, and regulations can differ between provinces.

3 In Alberta, licenses are issued for one year. After that, the broker is required to complete further education to renew their licenses. These further education requirements are especially important to make sure the broker is kept up to date with real estate law updates, and changes in the industry. How To Become A Real Estate Broker Brokers usually start out as real estate agents. This is where they gain their industry experience, and then decide to become a licensed commercial real estate broker. In order to get a broker s license, the real-estate agent must pass a brokers exam, as well as complete some course work, or training. Usually, after receiving accreditation, the broker will either continue to work for another broker, as an associate broker, or start a business of their own where they will manage a team of real estate agents. Brokers, who have their own brokerage business with real estate agents to manage, must have a very good working knowledge of legal procedures, and requirements. It is their job to educate, and advise both their real estate agents, as well as clients who come to them for advice on commercial selling, rental, or building. What Services A Commercial Broker Provides A broker will offer services such as an estimated value of a property, marketing of that property, and assistance to a buyer, or seller with the purchase, lease or sale of a property. A broker will also offer guides to property owners on how to sell, or rent their property, and assist with property management process. A broker will often fill out the paper work needed to sell or rent a property, although they are not given the authority to sign papers on behalf of their clients.

4 Commissions Commercial Brokers receive a commission from the sale or lease of a property. This is usually an agreed percentage of the sale price or part of the monthly rental income from the landlord. Brokers in the commercial industry must be very competitive, and have a good knowledge of their local area to make a sound income. But with these skills, there are definite monetary rewards offered to brokers. Source:

5 WELCOME TO TARGET REALTY CORP Commercial Real Estate Services You want to make the best choice, our real estate experts make sure you do. Exceptional service is at the heart of our business. Whether you are buying, selling, leasing, investing or developing, our extensive knowledge and decades of experience in the commercial and industrial real estate market can help you meet your goals. As one of the longest-serving independent commercial real estate groups in Calgary, Target Realty has been building client relationships on the foundation of honesty and integrity for over 30 years. LEARN MORE Source: