Professional real estate companies are indispensable partners for businesses and investors navigating the complex commercial property market. Their expertise, networks and services streamline transactions and contribute to the health and dynamism of Canada’s commercial property industry.
Real estate includes land and any permanent structures attached to it, such as buildings and fences. It also refers to the rights vested in the land, such as the right to use or sell it.
Commercial Real Estate Brokers
Real estate brokers in Canada play a critical role in the buying and selling of commercial properties. They provide comprehensive property services and investment advisory solutions to help clients navigate the complexities of the commercial real estate industry. These professionals facilitate commercial property transactions, and contribute to the overall health and dynamism of the Canadian economy.
Commercial real estate brokers specialize in non-residential properties like office buildings, warehouses and industrial sites. They use their knowledge of land use regulations, local market trends and property values to perform detailed market analyses and property valuations. They also assist sellers with comprehensive marketing strategies to attract a wide pool of potential buyers. Their negotiating skills and professional networks also help them secure the best terms for their clients.
Brokers also provide rental brokerage services to help tenants find suitable office spaces. This involves conducting extensive background checks on tenant applicants, and negotiating leases that balance the landlord’s profitability with the market’s competitiveness. They also manage rental renewals to maintain occupancy rates.
Turner Drake & Partners is a Halifax-based commercial real estate firm that provides appraisal, property tax assessments and appeals, brokerage, investment advisory, and consulting services to a range of industries across Atlantic Canada. The company has been recognized for its in-depth local knowledge, innovative solutions, and commitment to client satisfaction.
Residential Real Estate Brokers
A residential real estate broker will be able to assist you in buying or selling your home. They may also be able to help you find commercial properties or investment properties. They can also provide information about local neighborhoods and school districts. In addition, they can answer questions about the real estate market and help you determine your budget.
When hiring real estate services, it is important to choose one with experience and qualifications. You can check their credentials by searching their name in your province’s real estate professional registry. You can also ask for referrals from family, friends or colleagues. When you talk to potential brokers, you can learn more about their years of experience, educational background and methods.
Most provincial governments require that real estate professionals complete courses and pass an exam before they can work in the industry. These courses are often offered through universities and colleges, and they can be taken online. Once a person has completed their course requirements, they can apply for a license to practice in their province.
In Alberta, all real estate professionals must be licensed with the Real Estate Council of Alberta (RECA). This agency is responsible for licensing and regulating all real estate and mortgage brokerage professionals in the province. Those who wish to upgrade their licence from salesperson to broker must have two years of experience and have successfully completed the Real Estate Broker Program.
Investment Real Estate Brokers
Real estate investors look for properties that will bring in income, such as homes, apartments or condos. They often work with investment real estate brokers who understand the property market from an investment perspective and can help you make sound decisions that will provide a high return on your money.
Brokers manage real estate transactions and may oversee a team of agents. They have advanced training and experience in complex transactions, legal nuances and negotiating deals. They are also responsible for ensuring that their clients’ interests are protected and that their transactions comply with local, state and federal regulations.
A reputable brokerage can provide valuable advice for investment real estate, including helping you find financing and identifying good opportunities. Many firms also offer value-added services, such as leasing, advisory and management services. Choosing the right professional can be challenging, but it is essential to find someone who is qualified to meet your needs and help you achieve your real estate goals.
There are over 160,000 Realtors (also known as real estate agents or salespeople) in Canada, and the majority belong to CREA, a member-owned association that believes in equity, inclusion and anti-racism. The CREA is one of the largest and most respected real estate organizations in the world. It is also known for its education, training and support for real estate professionals.
Property Management
Increasingly, landowners and investors recognize that professional property managers can help them increase tenant satisfaction, improve occupancy rates, reduce vacancies, and enhance their overall real estate value. Often, these professionals specialize in specific segments of the market, and can develop expertise that sets them apart from their peers.
Unlike brokers, who work with buyers and sellers of residential and commercial properties and are compensated by commission, property managers focus on managing and maintaining existing buildings. Managers handle the daily operations of a building, including collecting rent, arranging maintenance and addressing any issues that arise between tenants. They also conduct regular inspections, and prepare and distribute financial statements for owners.
Some property management firms offer different fee structures to cater to various landlord needs and property types. For example, companies that manage condominiums and other multi-unit buildings typically have higher management fees than those that deal with single-family homes or apartment buildings.
Property management is a fast-growing segment of the Canadian real estate industry. Many communities have a high concentration of rental units, and demand for skilled property managers is growing in many urban centers. As well, there is a growing need for managers to oversee specialized rental markets, such as vacation properties and short-term rentals. As such, it’s important for potential property managers to understand the market and industry trends to develop the right skills and knowledge.