Check out the Resources

CHECK IT OUT!   When looking for information on the commercial real estate business, take a moment and review former postings .(Look to right of this posting)  You will see titles of my recent postings and below that you will see all entries  by Category.   As time passes, the categories will expand and so will the number of postings.      Cindy

Be a Professional

Most real estate agent get themselves into trouble when they get outside their area of expertise and DON'T GET HELP.  I cannot begin to list the number of inquiries I've had from (otherwise bright) residential agents asking for help in a commercial transaction. 

I recommend that they partner with or refer to an experienced commercial agent.  "Will I have to pay them anything?" they ask.  When I explain that they will and it will be more than a referral fee (think of it as tuition!) they back away and ask if I can give them a bit of advice over the phone or email.  Translation: free.  This is OK if it's a small item or a detail, but when it's a "what's important to look at in a commercial lease?" more help is needed.  THIS IS UNPROFESSIONAL! 

Clearly the agents contacting me do not know how to competently proceed and clearly these agents do not want to refer the business.  Apparently they want to incompetently work with a client, most likely without disclosing they don't know what they are doing.  Not only does this violate the REALTOR Code of Ethics, but it also violates licensing laws.  Everyone's licensing laws require us to work in the client's best interest and be competent.  Does this sound like the agent is working in the client's best interest?  Sounds like breach of fiduciary duty to me.

Be a Pro!  Get help when needed and be ready to pay for it, because if you don't, you'll end up paying for it another way and you won't like it - neither will your ex-client!

Never Stop Learning

Unlike residential real estate, commercial education is a bit more challenging to find (and attend).  Yes, there are so many courses and opportunities out there but many are offered only in larger cities and tend to be expensive.

Education is the BEST investment you can make In yourself.  It never depreciates and only increases in value.

So where do you find these opportunities?  If you are in a larger metro market. you may have a commercial real estate group, such as a REALTOR Association, which offers classes.  Attend them and make friends.  You'll also find offerings from commercial specialty groups such as CCIM, SIOR, RLI, ICSC, IREM, BOMA, to name a few.  Their courses typically are those offered to commercial practitioners seeking a commercial designation but anyone can attend.  Be ready for some sticker shock but where can you get a better return on investment than invest in yourself?

Where to start?  Well, what is your passion?  Retail?  Try ICSC (www.icsc.org - the international council of shopping centers).  Investment?  Try CCIM (www.ccim.com - CCIM Institute).  There are many more but let's start with these. Attend a conference, take their introductory classes.  Think of it as tuition.  Ask your instructors which classes they recommend.  Take time to meet everyone in your class and exchange cards.  Don't overlook the networking opportunities and learn from them while you're at it!

Feed your brain.  It will take care of feeding you.

Find a Mentor

How do you decide which firm to affiliate with when you have a choice?

Look at growth opportunities? Yes.  Look at location of office?  Yes.  Look at training programs?  Yes.  Look at clients served?  Yes.  Look at market share and position?  Yes. Look at national affiliations?  Yes.   Look for a mentor?  YES!! 

Having a cheerleader/mentor in your corner can make the difference between success and mediocrity.   It can put you years ahead in your career.  Think of a good mentor as a custom one on one training program.  Specific answers to YOUR specific questions.  Getting "heads ups" that you would not get or notice in a standard training program.  Having your behind kicked when needed....  Having someone look out for you....  Wow!

So, if someone who is successful in commercial real estate is willing to be your mentor, with other things being somewhat equal, my suggestion is to start there.

CindyC

RCA DVD

Just who is the REALTORS Commercial Alliance (RCA)?  The RCA is the commercial real estate division of the National Associaiton of REALTORS (NAR).  The RCA is an alliance of REALTOR-related instutites, societies and councils, such as CCIM, RLI, IREM, CRE, SIOR.  Learn more about the RCA from the website, http://www.realtor.org/commercial/index.html

I also show it as one of my favorite websites (see right).  Once there, click on "Delivering on the Promise" video, center page.  The video is about 5 minutes and demonstrates the benefits for commercial practitioners through the RCA of NAR.

More on the resources offered by the RCA in future postings.

Enjoy!

CindyC

Commercial Real Estate Books

Welcome back!

Interested in learning how commercial real estate operates?  Let's start out with a couple of basic books.  In the interest of "full disclosure" one of them is mine!

Both books cover from the basics to intermediate topics and they focus on different things.  Order them through your favorite retailer such as Amazon.com or from the publisher.  If you have any books on commercial real estate to recommend, please post.

"The Insider's Guide to Commercial Real Estate" - Cindy Chandler, CCIM, CRE - Dearborn Publishing

Insider's Guide Focuses on how to get into the business and some basics of commercial real estate product, financing and brokerage.

"A Master Guide to Income Property Brokerage", Fourth Edition - John M. Peckham III, CCIM, CIPS, RECS - John Wiley & Sons, Inc.

Master Guide Focuses on how to effectively broker, negotiate, market income property.  A "must read" for all entering the business!

In my next posting, we'll look at some other handy resources.    Enjoy!  CindyC

Welcome to Resources for Commercial Real Estate

Welcome!

This is your place to find and share best sources for information on learning more about the business of commercial real estate.  Whether you are a residential agent wanting to know more about the field, a new commercial agent looking for additional resources or an investor wanting to understand where to find information, this blog will provide some ideas and resources. 

My next entry later on today will introduce 2 books you will find helpful.  Future entries will talk about education, certifications, web resources, etc.

I plan to post at least weekly with a new resource idea.  Please feel free to share yours too.