The term agent is often applied to both commercial real estate agents and brokers. An agent is a licensed professional who takes part in an agent relationship with a client. Typically, it is the real estate firm that truly holds a legal relationship with the client through one of their sales staff, salespersons or brokers.
There are some distinct qualifications and duties for brokers and commercial real estate agents (a.k.a. sales agent, or salesperson). The conditions that define agents and brokers can vary some by area. Recently in some states, the real estate (sales agent) licensing option is no more. If one seeks to work in this role, they are required to pursue a broker’s license. So, in these instances, commercial real estate agents are really brokers. For the sake of this blog, the below points will help distinguish the rest of the brokers and agents in the U.S. and Arizona.
Commercial Real Estate Agents:
- Completed state-required courses and other necessary education.
- Acquired their state license.
- Coordinate the valuation of properties.
- Report to a broker.
- Develop marketing materials for their client.
- Find qualified buyers.
- Negotiate sales and leases.
- Cannot work independently and, or, open a brokerage firm.
Commercial Real Estate Brokers:
- Oversee commercial real estate agents.
- Can represent buyers, sellers and business entities without restrictions.
- Have duties that can extend beyond sales and negotiations, such as property management.
- Take on most of the legal tasks for any real estate agreement made.
- Passed state exam for real estate brokers.
- Acquired a brokerage license via extensive class hours.
- Have 1 – 3 years experience as a commercial real estate sales agent.
- In some states, can be licensed attorneys. They are not required to take the college-level courses, but must pass the broker exam.
Get to know Menlo’s commercial real estate agents and brokers better here. For more information about how Menlo can help you, contact us at 480.659.1777.