Residential Real Estate vs. Commercial Real Estate: Which is Right for You?
As soon as you hear the word real estate, your mind will likely jump to residential real estate or commercial real estate-and that’s what this article will cover!
When considering your next career step, you may find yourself asking the question: should I become a residential real estate agent or commercial real estate broker? These two types of real estate are vastly different in their focus and duties, but both have many positive aspects that you should take into consideration when choosing between them.
Advantages of becoming a residential real estate agent
Residential real estate agents can set their own hours, allowing them to work around their other obligations, like family and schoolwork.The residential real estate market is typically more volatile than the commercial market, which may offer a better opportunity to make money in the long run.
Residential real estate agents tend to work with fewer clients than commercial agents do, meaning they have more time and energy available to dedicate to each client’s needs.
Working with residential clients offers the opportunity to help buyers find a home they love while also earning commission on that sale when it closes. Residential clients are more inclined to trust their agent as a personal adviser because of the close relationship that develops between them over time.
Advantages of becoming a commercial real estate broker
Commercial real estate brokers help negotiate sales and leasing agreements on large commercial properties such as office buildings, shopping centers, hotels, and warehouses. It’s important to note that there are different types of commercial real estate brokers including industrial, retail, and agricultural property brokers who specialize in properties of those types.
Commercial real estate brokers have a much more diversified client base than residential agents do which means you will have more potential clients coming your way. They also have access to a broader range of listings which allows them to find the perfect property for their clients’ needs with relative ease. Commercial real estate transactions involve less paperwork than residential transactions and they are often completed faster so it can be easier to make deals happen quickly.
If you’re an agent looking for ways to increase your income, commercial brokers often earn higher commissions per transaction.
What kind of broker would I be best suited for?
If you want a high volume career with fewer barriers between you and new opportunities then becoming a commercial broker might be right for you!
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