Commercial vs. Residential Real Estate
Dr. Dre famously said, “What’s the difference between me and you?”
When it comes to real estate agents, this is a very poignant question. We are not all, in fact, equal and it has little to do with our vehicles, bank accounts and other things. All things considered, everything else can appear strikingly similar to a mid-2000s rap video.
All joking aside, when you encounter a “Realtor” it is important to understand who they are and what they do. They may be a generalist (does a little bit of everything within their market), they may be a “team leader/member” (part of a cache of agents who work together to aggregate business and focus on certain activities individually), a buyers agent (primarily help people buy things), a list agent (primarily lists properties for sale or lease/rent), they could be a Broker/Manager (primarily works in a office overseeing operations, coaching and mentoring other agents) or they could work in some capacity as a property manager (part of a Brokerage specializing in this thankless craft).
To take things to a whole other level, there is the disparity between Commercial and Residential agents. Most people have had an interaction with a Residential agent, in some way or another, as described above. Generally speaking, some people in their professional business capacities may have interacted with a Commercial agent. The various specialties within the commercial arena can also start to reflect a Baskin Robin’s menu. There are agents who focus on Industrial (warehouses and manufacturing), investment properties (over 4 units, further broken down into residential/mixed use, industrial and NNN), retail leasing (sometimes differentiated by local and national market representation), raw land and development, commercial property managers (some working for brokerages and others working for owners directly), office properties, and then the full representation of list/sell, broker/manager, etc also exists in this market as well.
Agents may mix a few of the above listing specialties above as primary and secondary focuses. A few, like myself, may even cross from Residential to Commercial with other various pieces also included. This complexion of agent/broker should only be considered with appropriate experience. The complexities of the multiple markets is a lot to master and keep pace. Often if your agent from one sector has little experience with your newest need, ask them for a referral for someone who specializes within that market.
Many in our craft are in a long term pursuit of professionalism. Establishing years of experience and hours of education. So when you encounter an agent or seek to engage with one professionally, make sure you ask them who they are in the capacities listed above when determining if they are the right one for you.
And remember, we are all getting used to ‘livin’ big dog style and straight coastin’ ” :)