Expert: Stephen A. Cross, CCIM - 8/2/2010

Question
QUESTION: I want to move from new home sales (residential) into commercial real estate.  Which specialty currently has the most growth and income opportunities?

ANSWER: Anna:

After giving your question additional thought I believe I can provide some direction. The best overall commercial real estate opportunities lie in metropolitan areas, where there are large numbers of property owners and even larger numbers of potential tenants and buyers.

The three principle types of commercial real estate are office (including medical), industrial (including distribution) and retail (including restaurants). I handle all three but only represent tenants and buyers. In this recessionary economy, I can attest that, while office and industrial are the strongest markets, there is good potential in retail.    

A large portion of my work involves renegotiating existing leases, which is a complex and, many times, emotionally-charged process.  Therefore, I suggest hitching your wagon, so to speak, to an established broker who can shepard you through the process. Also, consider obtaining the CCIM designation (www.ccim.com).  The education provided in this curriculum will significantly shorten your learning curve.

You can learn more about the various aspects of the commercial real estate process in the "Articles" section of my website: www.crossrealty.com.   

Best wishes for your success in commercial real estate. Please let me know if I can be of further assistance.

Steve
Stephen A. Cross, CCIM
10601 N. Hayden Road, Suite 108
Scottsdale, AZ 85260
steve@crossrealty.com
www.crossrealty.com



---------- FOLLOW-UP ----------

QUESTION: Stephen, thanks so much for your advice and experience.  I appreciate your help.  I am actually starting my CCIM training this week and I agree that this curriculum is stellar as well as a highly respected and coveted designation.

I've spoken to several commercial brokers and all are looking for experienced brokers to come into their firm.  None so far are anxious to shephard me into the business.  Any words of wisdom?


Thanks,

Anne

Answer
Anne:

If you're getting the cold shoulder, be proactive and canvass for tenants that may be wishing to renegotiate their leases or relocate their businesses. When you have a prospective client, contact a broker that you like and present the opportunity...on the condition that you get hired and are permitted to shadow the broker and learn the process.

Above all - be persistent.

Very truly yours,

Steve
Stephen A. Cross, CCIM
CROSS Commercial Realty Advisors
10601 N. Hayden Road, Suite 108
Scottsdale, AZ 85260

480-998-7998

steve@crossrealty.com
www.crossrealty.com