So You Want to Sell Commercial Property?
I led a company training on the difference between commercial and residential real estate. Many agents are unsure of the differences in the various types of real estate disciplines. Knowing your trade is important and staying out of legal trouble in areas where you shouldn't be are key.
In order to truly understand what defines a commercial property is basically that the property is or has the potential to have a business running out of it or on it. Buildings that house businesses, land that will either be developed with commercial businesses or become housing developments, warehouses and industrial sites are all considered to be in the commercial real estate realm.
Selling commercial real estate covers many different types of transactions and sales. Many commercial real estate agents focus on a singular area of commercial real estate. The most common areas are:
- Retail leasing
- Office leasing
- Office/building purchase
- Investment properties
- Industrial & warehouse
- Land and development
- Ground leases
- 1041 Exchanges
Each of these disciplines require a lot of knowledge and experience. An experienced commercial real estate agent can provide their clients with excellent skills to negotiate rental rates, lease terms, development expertise, and to value an existing business in order to sell it.
There is a difference between commercial and residential real estate. Both disciplines required licensing, education, and experience. A good rule of thumb for any real estate agent is, "If in doubt, refer it out!"
CHEVUAX Group, PLLC has experience in all areas of real estate. Our team can assist you with your residential sale, luxury home, or commercial real estate transaction. Give us a call today! We look forward to working with you.