“My class is designed to take agents who have experience in the residential space and show them what the differences are in the commercial space,” says Josh Cadillac, who’s hosting a session titled “Introduction to Commercial Real Estate: What You Need to Know” at this year’s Triple Play Realtor® Convention and Trade Expo.
Cadillac is a residential and commercial Realtor®, real estate coach, national speaker, author and more whose goal is to help provide other real estate professionals with the knowledge, skills and outlook that will lead them to success in their careers as Realtors®, whether that be in residential or commercial real estate.
With the residential sales volume and inventory down, many Realtors® are exploring career opportunities in commercial real estate. However, for those wanting to test the commercial waters, it’s important to understand the differences between the two jobs.
Cadillac mentions parts of the commercial real estate business that differ from the residential side, including zoning, leases, math and contracts. While a great benefit of working in commercial real estate is the increase in income-earning potential, he highlights the added responsibilities and expectations that come with it.
“Know your product,” he tells commercial Realtors®, stressing the importance of knowledge when working with more sophisticated clients who have higher expectations and may bring more in-depth questions to the table. “At the end of the day, you’re supposed to know what could go wrong and how to fix it.”
Cadillac believes commercial Realtors® require a high skillset and a better understanding of their own business. He aims to hold agents accountable, teach them to learn from mistakes and prepare them for success. His goal for his classes is to help Realtors® increase the nationwide real estate customer retention rate—a shocking 12%—and raise customer loyalty.
Although stepping into commercial real estate may feel like a daunting task with big responsibilities, Cadillac reminds agents that starting out in residential real estate is also overwhelming at first. With the right knowledge and skills, they can open the door to commercial business and find success in new opportunities.
His session will be held at Triple Play on Dec. 5 from 9 a.m. to 12 p.m. You can register online to attend Triple Play.