If you have been working in commercial real estate for a while, you may be getting a little bored with the occupation and looking into other options. One option you may want to consider is moving into the residential real estate sector. Working in residential real estate is quite different from working in commercial real estate. Here are a few specific reasons to consider making the switch.
You'll be working with homeowners, not big companies.
Navigating a commercial real estate sale can become complicated since, often, both the buyer and the seller are companies. You may end up having to deal with a lot of disputes and internal conflicts within the companies buying and selling the property. This is not typically something you see in residential real estate. With a few exceptions, the buyers and sellers of homes are usually individuals. You'll get to meet with and talk to the same homeowner or homeowners throughout the entire sale. The decision to buy and sell is their own; there's no committee that has to weigh in. This can be so much simpler from a personal interaction standpoint.
There's less to know about homes from a technical standpoint.
As a real estate agent selling commercial buildings, you really need to be well-versed in the construction of those buildings. And commercial construction can be really complex! You just start to understand how one type of building is put together, and then you're left selling a whole different type of building. Home construction is much simpler. Within a few months, you should have a pretty good understanding of the basics of home construction, what buyers are looking for, and so forth. It's nice to feel more confident in these details and to be able to share them with buyers and sellers more confidently.
You'll have more clients.
Since commercial real estate sales are so big and complex, you probably only navigate a few of them per year. So, you don't meet that many people, and a sale that's not your favorite can feel like it drags on and on. In residential real estate, you don't earn as much per sale, so you have many clients at once. If you like meeting people and prefer to take on multiple tasks at once, residential real estate is the place to do it.
If working as a commercial agent is getting old, consider moving into the residential sector. It's simpler, kinder, and more straightforward in many cases.
To learn more about your options, contact a resource like The Dave Hooke Team: Keller Williams of Central PA.