If you are interested in a lucrative career, check out the opportunities in commercial real estate management. Commercial real estate management can get very involved, depending on the size of the buildings that you are managing and the number of tenants.
Most commercial real estate management deals with tenants, although office condominiums are becoming more common, especially in the Midwest. Commercial real estate management, in those cases, takes the place of a condominium association. About 90 percent of commercial real estate management, however, deals with tenants.
Strip malls, large shopping malls, office buildings and complexes all have property management. Depending upon the size of the building or buildings will determine the number of people employed as the commercial real estate management team. In the case of a strip mall, one person may act as a property manager. In the case of a large complex, there may be a whole team of people who are employed to assist in the commercial real estate management.
The duties of the commercial real estate management team is pretty much the same in any capacity. They collect the rent from the tenants as well as the common area maintenance fees. This can get very involved as each tenant pays a percentage of the fee in accordance with their square footage. They have to pay the utilities for the building and figure out how much will be paid by each tenant on the CAM summary. They also have to negotiate leases between tenant and landlord.
In most cases, a person employed in the duties of a commercial real estate manager will have a vast knowledge of both commercial real estate and real estate law. They may be an attorney or a paralegal. In some states, there are classes you can take to begin a career in commercial real estate management. These classes are similar to those that real estate agents take to get their license and include real estate law.
Negotiating leases is often left up to the attorney for the landlord, however, in smaller settings commercial real estate management may handle this, depending upon the complexity of the lease. Anyone who is seeking a career in commercial real estate management should be familiar with a commercial lease as well as other documents, such as easement agreements. They should also have a knowledge of the landlord tenant law in the state in which the property is located and know the proper procedure for evicting a tenant that has defied the lease.
Classes in commercial real estate management are usually found at local colleges. While some states may require a license for a commercial real estate manager, others will not. For the most part, this is a job that is open to anyone who has sufficient knowledge of the commercial real estate industry and the laws governing real estate in the state in which the property is located.
Commercial real estate management is a blossoming field and one with a secure future. Despite the fluctuation in the residential real estate market, the commercial real estate market usually remains stable.
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