Residential Or Commercial Real Estate - Tips for Windsor Ontario Agents

You have decided that real estate training is the choice for you when it comes to studies in Canada, but you have not yet decided which niche you want to concentrate on. There are several different areas in which a real estate agent can make money, and sometimes lots of it, during a career. One of the big choices you may have to make is whether to focus on residential or commercial property. By far, most Windsor Ontario real estate agents choose to work in residential real estate.

There are several reasons for that. First of all, residential representation is easier than commercial representation. It is what the majority of the course work you complete in order to be licensed revolves around. If you ask most Milton real estate agents, they will tell you that about 80% of their course load focused on residential real estate. There are also a lot more residential real estate transactions than there are commercial, which makes sense. There are more people looking for real estate and changing real estate with greater frequency than businesses.

In addition, commercial real estate often involves a bit more training than residential. There are many more laws for both buyers and sellers, not to mention landlords and renters, when the property in question is intended for commercial purposes. This includes transactions where the real estate in Toronto is residential in nature, but which is being sold for commercial purposes. You can see where things sort of start to run together, and it's not an easy job keeping everything separate as you show properties to business owners.

So we have established that selling commercial real estate is more involved than selling residential, but is it actually harder to do? One Brampton Ontario real estate agent, at least, thinks so. Now a very successful commercial real estate representative, she told us that for the first year or so in business, she actually made no money. That's right, not a single dollar. The first year was instead spent finding a client base and creating solid business connections with them in the event that they needed to find new property. Remember, again, that we are talking about dealing with business clients here. They simply don't move around like residents do. Moreover, they are going to be a lot more picky when it comes to who they use for their real estate transaction; they won't just call up someone's name on a sign!

Now for the real question, though: can you make more money as an Ontario commercial real estate agent than you would as a residential agent? In cases where successful agents are compared, that answer is yes. Commercial agents who have sacrificed the time and patience in order to build a good client list and to do the job right often make a higher wage per year than their residential counterparts.

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Tuesday, June 25, 2024