Those new to owning commercial real estate will be faced with many decisions related to managing, maintaining, leasing and, eventually, disposing of their property.
Because I am also a landlord and own income-producing commercial property, I am uniquely positioned to share my real-world insights and advise clients on best practices and ways to approach being a hands-on manager, hiring a management company, dealing with existing tenants and brokers, negotiating lease renewals, and advertising vacancies, among other things that occur in the daily operation of a commercial real estate business.
This program is designed for licensed real estate agents that want to learn the ins-and-outs of commercial tenant and buyer representation. The agent will work side by side with Steve Cross and learn the following:
- Prospecting for Clients
- Qualifying prospective Clients
- Fiduciary duties owed to the Client
- Researching for suitable space
- Conducting negotiations with agents, landlords and sellers
- Preparing proposals
- Negotiating the terms of the Lease or Purchase Agreement
- Completing the transaction
- Service after the transaction has been completed
Length of program: 12 months
Details: The agent-in-training (“agent”) is required to obtain 15 prospective tenants or buyers that have commercial real estate requirements (leasing space, buying property, renewing or renegotiating existing leases) during the 12 month mentoring period. On the first 5 transactions Steve Cross performs the research for space and conducts all negotiations, with the agent observing and learning. Commissions and fees resulting from these transactions will be split 25% for the agent and 75% to Steve Cross.
On the next 5 transactions (transactions 6-10), the agent will perform some of the research and negotiations. Commissions and fees will be split 50-50 on these transactions.
On the final 5 transactions (transactions 11-15) the agent will conduct the majority of the research and negotiations. Commissions and fees will be split 75% to the agent and 25% to Steve Cross.