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Reinsw Commercial Agency Agreement

Cunningham described commercial real estate agents as “the most qualified in the country,” with a trade deal usually being a prerequisite for working for a large commercial company. In addition to technical knowledge, an experienced sales representative will have in-depth knowledge of the local market, according to Cunningham. “A lot of things that can go wrong when you`re dealing with an inexperienced, unqualified agent,” Cunningham said, citing the extreme case of a residential agent undervaluing a commercial property in Sydney`s eastern suburbs by $3.5 million. Other specialized knowledge that most RV real estate agents are unlikely to possess include the impact of GST and property taxes on business transactions, as well as an understanding of disclosure returns, the Retail Tenancies Act, and recent legislative changes. For the residential agent who has no business knowledge but wants to better serve a client, he will often work with a commercial specialist, according to Patrick Kelleher, a 15-year-old commercial specialist and director of the Northern Beaches Pine Property commercial agency. “Commercial agents are usually very happy to work with residential agents or other commercial agents. Residential real estate agents usually work exclusively and this can influence their approach to commercial real estate. “It combines the existing relationship with the expertise of the sales representative, who can provide independent analysis and help manage the campaign, condition and educate buyers and tenants, and ultimately help achieve the highest possible prices per square meter or selling price.” “If you don`t have that business knowledge, you`re doing your customer a disservice,” Kelleher said. Speaking to Pine Property, Cunningham said many real estate agents aren`t qualified enough to manage residential properties, let alone commercial properties, which he describes as “very technical and much more complex.” The industry heavyweight and founder of Cunninghams Real Estate Agency is a leader in stricter training and national accreditation requirements for residential and commercial real estate licenses. In addition to a trade-specific database and local knowledge of gross and net sales and rental values, a business specialist will know who is interested in buying, selling or leasing and has contacts with lawyers, condo managers and business development operators, Cunningham said.

“When dealing with commercial real estate, there are a lot of considerations that a residential real estate agent doesn`t even address. This requires a lot of highly technical and financial knowledge. “That`s why the commercial industry has taken the path of demanding higher qualifications,” Cunningham said. Most residential estate agents are not experienced or competent enough to handle the sale and leasing of commercial real estate, according to Real Estate Institute of NSW (REINSW) President John Cunningham. Cunningham cited knowledge of health and safety requirements, property taxes, bylaws, zoning, shifts, height restrictions and rental incentives such as rent-free periods and equipment contributions as essential to commercial real estate. “For the inexperienced, this has the potential to be costly for customers.” “The professional has everything under lock and key – both technical knowledge and market knowledge. The qualifications to obtain a [real estate agent] license do not take this into account. “It really became a bit of a joke from our point of view. You can become a real estate agent in less than a day of training and get your license from a shady RTO in a few weeks without any experience. “This is where the local experience comes in. This requires exposure to many transactions and continuous learning. “But with Cunningham`s quest to increase the certification requirements for real estate agents under a nationally recognized license, that`s going to change.

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