Review for Getting Started in Commercial Real Estate - 10 Step Program to Success!
A step by step procedure to get into Commercial from Residential Real Estate (by samshueh)
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It is designed to take someone from selling residential to selling commercial real estate.
By following the ten step plan(10 chapters), you will learn how to analyze properties and control transactions. The authors are active real estate brokers and recommend vendors and websites that help them be their most productive. Investors, as well as licensees, can derive an immediate benefit from this information. The majority of real estate licensees specialize in residential real estate because that is what the "boot camp" courses cover.
The book shows you how to decide on a product specialization, develop expertise in that product type and attract interest from sellers and buyers. Use the sample cold calling scripts to break the ice with potential sellers. Most investors purchase commercial real estate for its income-producing potential, which means the commercial real estate agent needs an understanding of investment analysis. The authors present the basic concepts in an easily understood manner. You will be shown how to reconstruct the seller's operating statement and calculate net operating income, capitalization rate, cash-on-cash return, internal rate of return, present value, net value and future value. You probably won't be a financial expert after reading the material, but you will learn enough to communicate with your clients and determine a reasonable list or offer price. Investors love this chapter! A commercial real estate listing presentation is often a more formal affair than its residential counterpart. You may find yourself in a conference room facing the CEO and his Board of Directors. You need your presentation to shine! The text discusses how to organize the material and to present it in a style that matches your seller's personality. To successfully sell your listings, you want to be in control of advertising, showings and contracts. Most importantly, you have to use an appropriate purchase contract. Due diligence periods, hard escrow money and environmental reports are just three of the commercial real estate contractual provisions that are unfamiliar to most residential real estate agents. Read the book and learn how to close the deal in a professional manner. The book also offers insights and training in financial analysis that many investors will find useful.
It compliments the CCIM book.
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