Between its high quality of life, tax benefits, and vibrant business community, the city of Austin, Texas is a great space to purchase or lease commercial real estate. Companies and organizations of all kinds have the ability to grow here, from those in hospitality to those in tech. Filled with a collaborative community of forward-thinking professionals, it’s no wonder why Austin experienced a population influx of 51,349 people in 2022. Skilled entrepreneurs want to surround themselves with other skilled entrepreneurs.
Of course, what this means is that commercial real estate agents are needed more than ever in Austin. If you are considering going on this path, you have the opportunity to enjoy the benefits of working in a city that ranks among the top spots in the nation. You can help buyers and sellers alike get what they need out of Austin’s rapid development. To make a career out of commercial real estate, just follow along with these six steps.
Real estate is a very complex industry, given the fact that it is ever-evolving. This is especially true in the Austin area, what with the dramatic increase in residents in recent years. There is a lot to learn and a lot to continue educating yourself on. For that reason, you need to carefully consider whether becoming a real estate agent will align with your personal goals. Ask yourself: Do you have a genuine passion for the industry and helping people find their perfect properties?
Further, you need to decide if commercial real estate is the appropriate career path for you because it is a different experience than residential real estate. Commercial real estate agents in Austin focus on properties intended for business purposes. Residential real estate agents, on the other hand, work with properties intended for personal use. Beyond the fact that the types of properties are different, the clientele and market dynamics are different. Talk to other Austin-based industry professionals from both sides about their experiences.
Although every state is able to choose its own requirements, they all need you to get a license in order to sell commercial real estate. In Texas, there are certain qualifications that you must have before you can commit to becoming a real estate agent. These include that you are 18 years of age or older, that you are a legal resident of the United States, and that you pass the Texas Real Estate Commission’s (TREC) Fitness Determination. A Fitness Determination determines whether you meet expectations for honesty, trustworthiness, and integrity
Once you have ensured that you are eligible to tackle the role of commercial real estate in Austin, you can sign up for the necessary courses. Where some states only ask for prospective agents to complete 30 hours of coursework, TREC requires 180 hours. This means that when you work with a real estate agent in Texas, they have a significant amount of educational training under their belt. You will be in good hands when selling or searching for a property. Not only that, but license holders must meet Continuing Education (CE) requirements every two years.
Following your courses, you will need to take a licensing exam. Administered by testing service company PearsonVUE in Texas, you can expect your exam to be between 75 to 150 multiple-choice questions. It is recommended that you study, either by using a guide or joining a program, so that you have the best chance of passing. For Austin residents, you have one year from the date your application is filed to meet the state’s licensing requirements.
As a new commercial real estate agent in Austin, you need to be able to prove your skills and knowledge. So, it can certainly help to find a national or state-level association within the industry to take part in. It will make you appear more credible to your future clients. One example is the National Association of Realtor®s (NAR). NAR offers an array of resources to help with education, advocacy, networking, and supplying property data. As the largest trade association in the United States, NAR is dedicated to your success as a commercial real estate agent in Austin.
No matter which ones you decide to join, real estate associations provide the benefit of networking opportunities. When you attend an association’s events and conferences, you have the chance to connect with many like-minded industry professionals in one place. This allows you to form mutually valuable business relationships that will serve you well as you continue to grow your career.
There are so many different types of commercial properties in the Austin area, ranging from shopping centers to industrial space to warehouses. It is a good idea to narrow your focus so that you can have the deepest understanding possible of your niche. You will be more aware of relevant micro-trends and specific building requirements. Ultimately, when you specialize in an area of commercial real estate, you can differentiate yourself from other agents. This allows you to build a positive reputation amongst your target audience and reel in more clients.
How you choose to specialize can be dependent on your personal interests. For instance, if you are someone who has a background in retail management, you might feel more inclined to specialize in retail businesses. Your decision can also be based on where the greatest financial opportunities lie. As a commercial real estate agent in Austin, you need to be keeping up with market demand and trends. Educate yourself on what is going to attract clients and close deals.
Both commercial real estate agents and commercial real estate brokers in Austin serve as liaisons between parties during commercial transactions. They each have extensive knowledge of the location and demographic, and are able to do in-depth analyses about whether a property is good for their client. While much of their day-to-day is the same, brokers are licensed to work independently and they can employ agents. Once you start learning about commercial deals at a brokerage, you may even decide to put in the extra work to become a broker yourself!
Whether your focus is on office space, retail space, or land, Commercial Industrial Properties can help. Our team has an average tenure of 20-plus years in commercial real estate, and we have continued to educate ourselves throughout that time. That means we have a long history of providing superior service to our clients. We will give you the deep relationships that you need to succeed in the world of real estate investment. Are you ready to learn more from our brokers? Contact us today to chat about your goals as a commercial real estate agent in Austin!