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    The Residential Agent's Handbook for Commercial Real Estate
    The Residential Agent's Handbook for Commercial Real Estate
    The Residential Agent's Handbook for Commercial Real Estate
    Ebook155 pages2 hours

    The Residential Agent's Handbook for Commercial Real Estate

    By Brian Hennessey

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    About this ebook

    Create another revenue stream from your current client base and attract new clients by helping them with their commercial real estate needs.

    The biggest trend in the commercial real estate brokerage business in the past decade is the number of residential agents involved with commercial transactions. It used to be very rare for residential agents to participate in a commercial lease or sale, but today it is more common and acceptable to consumers and the commercial real estate industry.

    This is due to several factors: more internet resources available for residential agents to learn about commercial transactions; more digital platforms for residential agents to advertise their properties for sale or lease, and more flexible residential brokerage companies.
    If you have ever thought of getting involved with commercial transactions, but were hesitant because it seemed too difficult, this book will dispel those self-imposed limitations and put you on the FAST TRACK TO EARNING MORE with commercial transactions.

    LanguageEnglish
    PublisherBrian Hennessey
    Release dateJan 10, 2019
    ISBN9780998616346
    The Residential Agent's Handbook for Commercial Real Estate
    Author

    Brian Hennessey

    Brian Hennessey has been in the commercial real estate industry for over 30 years as: a commercial broker; a Senior Vice President of Acquisitions and Dispositions and ran his own real estate syndication/asset management company. He has represented a number of Fortune 500 Tenants including Bank of America, The Walt Disney Company and Baxter Healthcare.With over 12 million square feet of sale and lease transactions; a wealth of experience was accumulated.Having and adhering to a proven system keeps you from missing something and allows you to do it faster, easier and more efficiently."The Due Diligence Handbook for Commercial Real Estate" was written originally as a personal reference tool/checklist because of the many facets and volume of information that is needed to be remembered for each transaction. It is filled with information that is useful in any commercial real estate investment purchase; an apartment building, retail, industrial, office or residential property, from the smallest to the largest. The fundamentals remain the same, no matter what the property type.Much value can be added to an investment by being aware of the potential of each opportunity's strengths and weaknesses and using them to your optimal advantage. This handbook will help you to uncover those so that you may make informed and intelligent decisions while analyzing commercial real estate investments.He is also the author of "The How to Add Value Handbook for Commercial Real Estate", "The Residential Agent's Handbook for Commercial Real Estate" and "Too Old to Hire, Too Young to Retire, A Comprehensive Guide for Body, Mind & Soul".

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      Book preview

      The Residential Agent's Handbook for Commercial Real Estate - Brian Hennessey

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      Reader Comments

      As a residential agent who is beginning to focus more on commercial properties, I found Brian’s book to be the perfect guide. His vast knowledge and experience is a clear insight into the world of commercial real estate. With a huge list of resources and actionable steps outlining each chapter, this book is a sure-start way to success for any agent or broker looking to make the move into commercial real estate.

      – Peter Garian, Residential Real Estate Agent

      Whether a residential agent is considering transitioning completely, or just trying to gain enough knowledge to be in the know for an occasional commercial transaction, this book delivers the goods. Readers can circumvent years of trial and error by tapping into Mr. Hennessey’s knowledge of the industry’s inside track. . . . This is not a one and done kind of book, but a valuable manual, to be referred to over and over, underlined and dog eared.

      – Dina Novak, GRI, Realtor

      I have always wanted to incorporate commercial real estate into my residential business. To be honest, it has always seemed too daunting. After reading Brian’s book and seeing how he breaks everything down in such a simple way, I am ready to tackle the next commercial referral that comes my way. No more giving away large chunks of money when I could put it in my pocket. I also like that I will become more valuable to my clients.

      – Kathy Gardner, Realtor

      I’ve always wanted to have a friend in commercial real estate. Someone who will encourage me to start selling commercial properties, give helpful advice, and point me in the right direction. This is exactly what this book has done for me. I feel really empowered!

      – Mila Orgiyvsky, Residential Real Estate Agent

      I highly recommend this book to anyone who is on the fence about venturing into commercial real estate. Brian does an impressive job of not only applying his 30 years of expertise and experience, but really outlining the process in a clear concise manor and providing action items at the end of each chapter. This book is a truly an invaluable guide to anyone who is even remotely looking to venture into commercial real estate or simply wants to learn more about the industry.

      – Angela Forgo, Residential Real Estate Agent

      Contents

      Introduction

      Chapter 1: Why Consider Doing Commercial Real Estate Transactions as an Agent?

      Chapter 2: Today’s Real Estate World

      Chapter 3: How to Get Started as a Commercial Real Estate Agent

      Chapter 4: Start the Learning Process

      Chapter 5: The Various Commercial Real Estate Types

      Chapter 6: The Basics of Leasing Commercial Properties

      Chapter 7: Investment Sales

      Chapter 8: Owner-User Building Sales

      Chapter 9: The Good, Bad, & Ugly of the Commercial Real Estate Brokerage Business

      Chapter 10: The Art of Working Both Residential and

      Commercial Real Estate Transactions

      Chapter 11: Success Stories of Agents Who Work Both

      Residential and Commercial Real Estate Brokerage

      Chapter 12: How Tenants May Structure Commercial Leases

      Chapter 13: 20 Things You Can Do to Fast Track Your Commercial Real Estate Earnings

      Acknowledgments

      Sample Letter Agreements and Forms

      Consulting Services

      Resources

      About the Author

      The Due Diligence Handbook for Commercial Real Estate

      The How to Add Value Handbook for Commercial Real Estate

      Introduction

      I have been in the commercial real estate industry for over 30 years. However, I started out in real estate on the residential end of the business. I never really became excited about listing and selling homes. I felt as though I was always working. Nights and weekends were spent fielding calls and negotiating transactions.

      In the office where I worked, there were a couple of brokers who focused on commercial real estate. I would sometimes stop by to speak with them and asked them questions about commercial real estate transactions and commercial properties I had seen that perhaps I could work on with them. Their response was: You are either in residential or commercial real estate, not both. That was just the way it was perceived back then.

      In today’s commercial real estate world, we see many real estate agents who work both residential and commercial real estate transactions. I believe the reason for this is that the Internet has leveled the playing field for real estate agents. They can now work for offices who offer them higher commission splits or even 100% of the commission and act as either residential or commercial brokerage firms. For example, RE/MAX, Keller Williams, and other firms offer agents maximum flexibility to work on their own.

      This has led many residential brokers to start working in the commercial real estate end of the business. They can easily place a listing on a commercial real estate listing website alongside other commercial real estate brokerage firms, to offer their commercial listings and compete with them directly. This has become more acceptable, both from the principal and commercial brokerage side of the industry. It is no longer an anomaly.

      I have met many agents who work both residential and commercial real estate quite successfully. Many of them are knowledgeable and are able to service their clients with a high degree of skill. I have also met residential agents who were marketing commercial listings with little or no knowledge of commercial real estate. I believe those agents are doing a disservice to their clients. Like any other business, you need to put forth the time and effort to acquire skills that will help you to succeed and provide the best service you are capable of. Those who do so are able to make a nice living for themselves while servicing their clients in a professional manner.

      I wrote this handbook to help those residential real estate agents who wish to explore or get better at serving their clients in commercial real estate. Even though it was many years ago since I made the transition, I believe that I understand how someone can cross over, and I can help them to do it successfully.

      In this book, I will offer you numerous ways to get started while you are doing residential real estate as well as helpful information that will help you to cross over entirely to the commercial real estate brokerage side of the industry. I will explain the various genres of commercial real estate and the benefits and challenges of each. I will also offer you tips and strategies on how to start generating income quickly, including examples of how leasing and investment sales can work.

      I will present stories of residential agents who work commercial transactions and those who have learned the ins and outs of straddling the business. I also include a list of resources that will help you to build your knowledge base in commercial real estate.

      I will be recommending books and other resources throughout this handbook, as well as a list of resources at the back of the book. Be sure to take advantage of these learning materials in order to expedite building your knowledge base in commercial real estate. If you do, it will pay off handsomely and get you up to speed much quicker.

      More residential real estate agents are working commercial real estate transactions than ever before. They are reaping the financial benefits by being able to help their clients with all their real estate needs. It has never been easier than it is today. If you have been thinking about or have been involved with helping your clients with commercial real estate transactions, then you know it can be lucrative. This book will help you to take your knowledge and skill set to the next level in working on the commercial real estate side of the business.

      Before we get started, I want to give you this quote by Tony Robbins:

      There are always two businesses you’ve got to manage, there’s the business you’re in, and the business you’re becoming. If you just manage the business you’re in, you’re going to get knocked out by a new technology or new competition. But if you’re constantly managing those two businesses, you won’t have to quit or pivot, because you’re always doing something to innovate, or to change, or to improve.

      The real estate brokerage industry is changing rapidly, and five years from now, it will not look anything like it does today.

      So, let’s get started on building your new skill set and knowledge base in commercial real estate to help you create a new revenue stream.

      Brian Hennessey

      Author of the #1 Best Seller The Due Diligence Handbook for Commercial Real Estate and The How to Add Value Handbook for Commercial Estate. Also, the instructor of The Due Diligence Video Course for Commercial Real Estate at impactcoachingsystems.com/courses.

      Chapter 1

      Why Consider Doing Commercial Real Estate Transactions as an Agent?

      We gain strength, and courage, and confidence by each experience in which we really stop to look fear in the face... we must do that which we think we cannot.

      - Eleanor Roosevelt

      The benefits of working commercial real estate

      Having been in the commercial real estate industry for over 30 years, the one trend that stands out most is the amount of residential real estate agents who are now involved in commercial real estate transactions.

      I believe this has to do with the fact that it is easier than ever for real estate agents to do both residential and commercial transactions. The internet has leveled

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