1/

I spent most of my career as a retail leasing and tenant rep broker. This past summer and fall I did a few residential deals for friends. There are a number of things residential agents are doing right that the commercial world is totally missing he mark on....

2/

The MLS System!

Costar is just okay for office and industrial and terrible for retail. Commercial agents often have to contact listing brokers to confirm information that is incorrectly advertised online.

3/

I did this for my first few resi deals and agents thought I was insane...they all responded: “all of the information is posted on the MLS, why are you bothering me?”

Me: “Sorry just confirming it’s still accurate”

Them:”if it wasn’t, I’d update the MLS”

Me:

4/
Getting access to the property is 1000x easier.

Commercial listing agents always want to be present or they don’t even have access or the key is missing from the lockbox.

Residential agents use 3rd party software that schedules the showing. 95% of properties are on lockbox

5/
Oh and most lock boxes are unlocked using an app on your phone with Bluetooth!

6/
On a commercial deal I have to fight to negotiate a unique commission structure and agreement, and then on lease chase down LL to pay

On RESI deals the commission is advertised on MLS and we sign a promulgated commission agreement

7/
Speaking of promulgated forms, most transactions use all promulgated forms and are signed electronically via DocuSign or similar service!

8/
Lots of great aspects of residential real estate could be applied to commercial if we could just get everyone on the same page!