While the focus of this space is on residential real estate, there are also numerous members of the Greater Chattanooga Association of Realtors who provide commercial real estate services, today we explore this specialty.
The Greater Chattanooga Association of Realtors have 2 multiple listing systems (MLSs), through which Realtor members share information and offer cooperation to other subscribers. With a combined total of 1967 subscribers, there are currently only 300 of those who subscribe to the commercial MLS. Of those 300, 238 also have a subscription to the residential MLS, so they practice both commercial and residential trades and the remaining 62 work exclusively with commercial properties.
The types of properties found in the commercial MLS include: office, retail-commercial, shopping center, industrial, multifamily/dwellings with 5 or units, hospitality, vacant land, farm/ranch and there is a category called “special purpose” as well. These properties may be listed for sale or for lease.
In order to subscribe to either system, a real estate licensee must be a member of the Greater Chattanooga Association of Realtors or another local Association. This membership requires that the agent adhere to the Code of Ethics and Standards of Practice of the National Association of Realtors. As was covered in this space in recent weeks, this code directs members how they must treat their clients, customers and each other. Just as in a residential real estate transaction, adherence to the code of ethics is an important question to ask before entering into commercial real estate representation.
As it relates to licensure from the Tennessee and Georgia Real Estate Commissions, both residential and commercial agents receive the same type of license, but the path each follows go in very different directions. Working with a buyer on a residential property for their family requires a different skill set and knowledge when compared to working with a potential tenant on a retail space. From items such as: who pays for the build out of the space, who pays for taxes, insurance and utilities, how many parking spaces are provided, and what maintenance items are the tenants responsibility vs. the landlord. As you can see these require different knowledge and expertise to represent a commercial client.
There are numerous specialized training classes that an agent wishing to specialize in commercial real estate can take to improve their knowledge. Some are offered locally and others may require travel to another city. Again, knowledge and professionalism should be the expectation.
When you need the expert skills of a Realtor on your next commercial transaction, start by going to www.GCAR.net and click on the link for “Commercial Property”. From here you can search over 1500 property listings and research the 300 agents who work in this field.
The Greater Chattanooga Association of REALTORS is The Voice of Real Estate in Greater Chattanooga. The Association is a regional organization with more than 1,700 members and is one of more than 1,400 local boards and associations of Realtors nationwide that comprise the National Association of Realtors.
GCAR services Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade and Walker counties in northwest Georgia. Go to www.GCAR.net for more information.