Get A Real Degree

Commercial Real Estate Broker

Career Overview

Commercial real estate brokers focus on income-producing properties such as retail stores, warehouses, apartment and office buildings, shopping centers, and industrial parks. Brokers sometimes arrange financing as well, and are responsible for managing agents.

Responsibilities

As a client advocate, commercial brokers are responsible for understanding the characteristics of a good investment property, as well as growth possibilities for specific geographical locations. They must also stay current on income tax regulations as well as options that allow a buyer a larger return on investment. Working in the highly competitive real estate field means commercial brokers must have good interpersonal skills and a head for detail.

Educational Requirements

Commercial real estate brokers must undergo between 60 and 90 hours of formal training in addition to passing a written exam and possessing 1-3 years of experience in the field. To become a commercial broker, one must take courses in the following:

  • Real Estate Finance
  • Real Estate Appraisal
  • Real Estate Economics
  • Real Estate Practice
  • Legal Aspects of Real Estate

Most brokers enter the field after working as an agent and training under brokers. However, being an agent is not a required prerequisite for becoming a broker.

Areas of Specialization

Commercial real estate brokers can specialize in the following areas:

  • Office properties, one of the highest-profile areas of commercial specialization
  • Retail properties, a busy field given a high amount of retail turnover
  • Industrial properties, which require expertise given the legal, zoning, and environmental issues involved
  • Business brokerage, another highly specialized area that requires dealing not only with the client but with equipment, customer base valuation, and other factors
  • Investment properties, which can prove a lucrative niche

Career Opportunities

Below is a list of possible career options for qualified commercial real estate brokers. This is not a complete list and serves only as a guide to potential career paths.

  • Commercial Real Estate Manager
  • Commercial Sales Agent
  • Director of Management Services
  • Leasing Agent
  • Office Leasing Manager
  • Owned Real Estate Representative
  • Real Estate Representative
  • Regional Leasing Manager
  • Sales Associate

Salary Ranges

According to the Bureau of Labor Statistics (BLS), median annual earnings, including commissions, of salaried real estate brokers were $60790 in May 2006, with the middle 50 percent earning between $37,800 and $102,180 annually. Median annual earnings in the major industries for brokers during this period were:

Offices of real estate agents and brokers: $64,350
Lessors of real estate: $61,030
Activities related to real estate: $48,250

Professional Organizations

There are several professional groups for commercial real estate brokers. These can prove a powerful resource and offer helpful information.

ACRE – Association of Commercial Real Estate
www.acre.org

Commercial Brokers Association
www.commercialmls.com

ICSC – International Council of Shopping Centers
www.icsc.org

NAIOP – National Association of Industrial and Office Properties
www.naiop.org