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Updated over 4 years ago,
How Are Commercial Contracts Executed?
Hey all, so here's my situation.
I'm a fairly new real estate salesperson (coming up on a year in the industry), and things are just starting to pick up for me. I'm currently nurturing a pipeline of 8-10 solid leads, one of which is an investor interested in multifamily & retail opportunities.
I've asked my teammates, team leader, and broker how to go about writing a commercial offer. They've all told me to refer the deal to one of the commercial agents under our brokerage, but none of them told me "No, you can't represent a commercial deal."
I've done a decent amount of research, and I can't find any source that says I need a special certification or designation to sell commercial real estate. I understand that I'm a fairly new agent, but I'm tired of playing follow-the-leader. This was my lead from the start, and I want to step into the commercial world. This may be my only shot for years to come.
So... That begs the question. Where can I familiarize myself with how commercial contracts work? From my research, it seems there is a longer inspection/contingency period, but is there anything inherently different compared to a residential contract? How do negotiations differ?
Is the CCIM Designation the gold standard for stepping into commercial deals? Those classes seem more tailored to investors, rather than agents, but the "Negotiations Training" course seems like it may be the first logical step.
Thank you to any and everyone willing to help out. Happy 4th of July!