Commercial real estate transactions are among the biggest decisions you will make in your lifetime, so you should have an expert by your side as you negotiate a lease or sale contract. When evaluating potential advisors, look for those with commercial real estate designations. These credentials signify that they have the knowledge and experience to bring your deal to a successful close.
In this article, we will outline the top designations to look out for and how these credentials benefit you.
The top commercial real estate designations to look out for are the Certified Commercial Investment Member (CCIM) and the Society of Office and Industrial Realtors (SIOR) designations.
The CCIM Institute is one of the largest global commercial real estate organizations dedicated to professional achievement. To qualify for the CCIM designation, commercial real estate professionals must complete 200 hours of coursework, pass a rigorous exam and demonstrate a strong transactional history.
SIOR is an international commercial real estate organization with an exclusive network. Designees must have worked in the industry for at least five years and meet a certain level of production. They are also required to complete coursework and receive endorsements from current members of the society.
When you work with a credentialed advisor, you work with someone with extensive market knowledge. To receive their designations, advisors must take classes on topics such as financial, market and investment analysis. The organizations that provide these designations also host regular events to ensure designees are up-to-date with current market trends. Furthermore, advisors’ membership provides them with access to tools, technology and a network of experts that other brokers may not have, which make them more knowledgable and efficient.
Advisors with industry designations have top-notch negotiation skills, so you can have confidence in their ability to secure favorable terms for you. Professional organizations prioritize negotiation coursework and require applicants to demonstrate their ability to close deals. According to the CCIM website, CCIMs close an average of 42 percent more transactions each year than other advisors.
Credentialed advisors conduct themselves with integrity and always put your needs first. Industry organizations offer coursework on ethics and require their members to abide by codes of conduct. Applicants must also receive letters of recommendation from other industry professionals, so any unethical conduct will be brought to light.
By working with a professional with industry designations, you can minimize risk and maximize your return on investment.
Looking for an SIOR or a CCIM? Menlo Group has a higher percentage of advisors with these designations than any other brokerage in the Phoenix area. Contact our team to discuss your commercial real estate needs today!