I'm thinking about taking the intro class online. Intro classes I've found to be crap but I figured CCIM would be a bit better. I'm wanting to learn a bit more about tenant rep and leases and I see that it mentions it but I'm sure its not in depth. Anyone have any good sources or books on the topics. I'd also like general info on listing. Say if I get an opportunity to sell a shell or building, I want to at least be able to collect the appropriated documents, legal info,forms, etc. Whats usually needed for a commercial listing? tax info, proof of ownership, etc...??

CCIM is more about learning how to crunch the numbers.

For learning leases you go more into www.irem.org

The forms needed vary for the type of commercial you are doing.

In these turbulent times clients are looking for specialists to help them out instead of generalists. With the higher risk clients want more specializing and knowledge.

Here are three books to check out:

1. How To Succeed In Commercial Real Estate, by John L. Bowman
2. The Fundamentals of Listing and Selling Commercial Real Estate by Loren K. Keim
3. Negotiating Commercial Real Estate Leases by Martin I. Zankel

All are on Amazon.com, where you can read their reviews.

Also, here's a link to The Center For Commercial Real Estate: http://www.centerforcommercialrealestate.com/index.html

Hope this helps.

Like Super said, don't be a generalist. There are so many avenues in commercial real estate that it will take years to become in expert if you spread yourself thin.

The basic commercial areas of focus are office, retail, industrial, mixed use, and land. And within each you have leasing and sales. Within leasing you then have tenant rep and landlord rep, and within sales you have buyer and seller rep.

The quickest path to become an expert and to be viewed as an expert is to specialize...and then refer the rest out!

- El Luchador

Thanks guys

I've been waiting on how to succeed to come in at the library but I think someone has just decided to keep it. I've seen all of these books on Amazon. I have a couple of hometown opportunities I may possibly be able to get involved in. We have two former Winn Dixies. One about 18k and the other 42k sq ft. Both with neighboring smaller spaces. One with a build to suit lot available. Just trying to be up on my p's and q's if I get a chance.

Reggie,
Are there folks in your office doing comm sales or leasing that you can work with and learn from?


You need to develop the skill sets within you to bring value to a transaction to the point that it is justifiable for you to be paid for that value you brought to the table. That value can be any number of things or combination of them...such as market knowledge, industry contacts, governmental contacts, buyer/seller contacts, etc. etc. etc. and at the end of the day needs to include all the above.

CCIM classes are very expensive and personally i'd not recommend them unless you are going to get your CCIM designation. That being said, you should be able to find some online classes that are basic and not terribly expensive and worthwhile.

I agree with Super re: specialists but to be honest, only to a point. The market is so much in turmoil right now I have to say that I am glad to be able to roll with the punches and do various transactions in the commercial world. 2 years ago I'd never, ever fool with commercial leasing- did some back then and just never found it all that fun. Yet now I find myself doing leases (another restaurant lease signed tomorrow!), selling buildings, office stuff, etc. None of that i'd be doing back when the development market was strong and i could make good money on just a couple of deals a year and LOTS of free time (man I hope the market comes back soon!!!). If stuck to just being a land specialist as i traditionally have been i'd be flipping burgers this year b/c the typical land deal is not getting closed (or more specifically, the typical land deal can't get financed these days). I guess what i am saying is that it is good to be able to be flexible and capable of doing various types of deals so you can still make good money in less than ideal times. Heck- if you want a practical example of how bad the market is check this out...i was actually the broker that helped Obama's campaign find office space for their headquarters for our region! Yes...i've had to resort to working for the darkside!! Actually they were nice folks to work with and i had a lot of fun joking with them about politics.

Perhaps another good analogy would be someone who is an expert guitar player. Typically, such a person is naturally good at playing that instrument and can pick up other instruments as time goes on and become equally good on those instruments. Brokerage work needs to be the same way. Be the deal maker that can make any kind of deal happen and you'll never be lacking for work.

Thanks. Yes we have a few that are doing some leasing. We had a CCIM that left and went back to remax after our broker left. I think he basically came over with her to help start the office.

KW is launching its offical commercial division, complete with training resources, tools, etc. But its all in progress and I'm trying to stay ahead of the curve.

The ccim intro is like 2 bucks and some change. Not too bad.

Reggie - Have you thought of going to work for a commercial company?

I know KW is in the process of opening a commercial division, but from the commercial property owners' perspective, it's going to be a long time before KW Commercial is viewed as a legit commercial operation (even if the reality is different). This will be especially true if you are attempting to list anything bigger than a mom & pop storefront or office space. (YES, THERE ARE EXCEPTIONS TO THIS, BUT THIS IS TRUE MOST OF THE TIME).

Just to use your example, there's a good chance the owner of the grocery anchored center is not local and will be a large company, and to convince this property owner that a new commercial startup division within a residential company has the connections to get this center filled over an established commercial brokerage firm that specializes in shopping centers is going to be very difficult.

With regards to Merkaba's comments about not overspecializing, he does have a point. For example, depending on your market size, it may not be feasible to focus solely on one area like office tenant rep.

I have thought about working for a commercial company. Still thinking about it.

The owner of the two centers are local. One is a local businessman that I've spoken with. The other location is owned by two partners, one of them I've spoken with. And trust me I already know it's a challenging endeavor.

I'm sure you do! Good luck with it...

Being local is a good thing because you will have a better chance to form a relationship to help them with all of there portfolio in the future.

One issue I run into occasionally is the big centers that are owned by reit's,insurance companies,and or pension funds like the really big commercial companies to deal with.

The main reason is all the services they need are provided under one roof.So say c/b richard ellis they can sell the property,manage the property,do the leasing up,and the ongoing property management making the owners life easier.

This happens to with multifamily foreclosures as th ebank keeps taking rent and just uses the property management company already in place to handle the sale in some instances.

Since I only like listing and selling and land development.Doing leases and property management is not something I offer nor want to. I still get my share of the business. You just have to decide what you are going to offer as there are pro's and con's to each.

Super -
Being local is good, however, there's quite a difference between being local working as a commercial agent for a commercial firm and being local as a commercial agent within a residential company.

I know a guy who headed the real estate department for a national retailer (20+ years experience). He left to try his hand in brokerage. He worked for a residential company with a commercial division, and was there about a year before he switched to a commercial company. Before he made the switch, I ran into him at a reailer's booth at last year's NY ICSC, and saw him having to explain to every retailer whose booth we visited together why he was working for a residential company. To me, that's not a battle I see worth having.

For Merkaba -
Regarding ownership of centers, one thing to be aware of on the leasing side many large owners (PREIT, DDR, General Growth, among others) have their own in-house leasing agents to lease their centers. For these centers you mostly can only bring them a tenant and get paid as the tenant rep.