The Difference between Residential and Commercial Real Estate Agents

Is there a difference between real estate agents?  The answer is yes, it is the market or type of real estate that they deal in.  Do you know the main difference between Residential and Commercial Real Estate?  It’s the Use.

If you are buying, selling, renting or leasing, any licensed real estate agent can assist you; but you will find that most agents specialize in either the Residential or the Commercial market.  This allows the agent to be more knowledgeable and up-to-date regarding his or her field, which benefits their clients.

The Real Estate market changes daily, and some days it seems to change by the hour.  Whether you are looking for Residential or Commercial property, a good agent should be current with the trends in their market, and the most advanced resources in Real Estate.   But what makes a real estate agent “good”?

In general, a “good” real estate agent exhibits positive values through their actions.  They are respectful, have integrity, provide quality service, strive for excellence – in all that they do.  They are licensed, experienced, knowledgeable, professional, reliable and responsive.  They should always respond quickly and courteously to you, and to others, on your behalf – while keeping you in the loop.  And a good agent should be able to assist in navigating you through the buying, selling or leasing process.

In the Residential market, a good agent should also:

1. Suggest that you make lists of the Items You:
   • Must Have, Need and Want.
2. Help you evaluate your lists, and make alternate and/or affordable suggestions as needed.
   • Concessions can be made in every price range, and
   • If you are realistic about the items that you must have – you will be more likely to find your ideal home/property.
3. Locate as many homes as possible – that meet your criteria, for you to view.
4. Advise you of current comparable prices in your chosen area, to help you make a reasonable offer.
5. Refer you to other people/services that you may need, such as a lawyer, lender, home inspector and or other respective consultants.

In the Commercial market, a good agent should also:

1. Assist you in making informed decisions, which are as stress and anxiety free as possible.
2. Provide you with a realistic time line for your transaction process.
   • Be advised that these estimates are subject to change, based on the response time of the parties involved and sometimes even the weather (in build out/construction instances).
3. Suggest that you make a list of the amenities your business needs.
4. Advise you of current comparable prices in the area, to help you make a reasonable offer.
5. Refer you to other people/services that you may need, such as a lender, lawyer, appraiser and or other respective consultants.

Many clients (existing or potential) are not aware of the value that an experienced Real Estate Agent provides during their real estate transaction processes.  Nor are they aware of the professional knowledge and hard work that bring about a successful transaction.

FAQ & As:

Q – Why do I need a licensed real estate agent?
A – In the state of Florida, anyone Selling/Buying or attempting to Sell/Buy real property of another for compensation must have a License.  This also includes Renting/Leasing or attempts to Rent/Lease real property of another for compensation.   http://www.myfloridalicense.com/

Q – Why would I need a lawyer, if I have a real estate agent?
A – Real Estate transactions involving the rights of a unit or property being transferred between two or more parties, buyer/seller or owner/tenant can be complicated due to the legal complexity of the property rights being transferred, the amount of money being exchanged, and government regulations.

Tip:

When researching neighborhoods, one source you may want to look at, is Walk Score.  They use a public access walkability index that assigns a numerical walkability score to almost any address in the United States, Canada and Australia.

Launched in 2007, Walk Score helps people determine the “walkability” of an individual address, with an algorithm that awards points based on the distance to the closest amenities.  This means that you can get an idea of how walker friendly a particular location is.  https://www.walkscore.com/