Across the United States today, countless Americans have decided to invest in real estate, whether through purchasing a home or a commercial property to manage. Because of the distinct differences in how residential and commercial real estate properties are used, many people may think that they do not have many similarities. In recent years though, more professionals have started to see more similarities between them.
While the process of purchasing or developing a commercial property is typically more complicated because of its size and cost, residential real estate has seen increasingly complex cases as well. For example, Los Angeles, California has continued to see steady growth in their population in recent years, increasing the demand for residential real estate. In 2018 alone, the city of Los Angeles built 16,525 new housing units to accommodate the increase. As such, residential real estate professionals can also face challenges with finding properties or land.
Strong Interpersonal Skills
Both residential and commercial real estate professionals have strong interpersonal skills, and also have great networking skills. A person with strong interpersonal skills will be able to communicate socially, maintain a positive attitude, be a good listener, and have a general courtesy when handling others.
Additionally, residential and commercial real estate professionals interact with other professionals from a wide variety of industries, making their interpersonal skills even more important. From commercial developers to real estate and construction law professionals, there are endless opportunities for residential and commercial real estate professionals to network.
Marketing Savvy Mindset
As a result of the evolution of the internet and social media, today’s real estate professionals must be marketing and social media savvy. Real estate has utilized image-focused marketing as a large portion of their promotional efforts. In recent years, more focus has been shifting towards short, clear videos that act as a virtual tour for both residential and commercial real estate properties. Residential and commercial real estate professionals that understand social media and marketing are likely to see success.
While residential and commercial real estate may not overlap in several areas, there are several striking similarities that not only connect these industries but also allows the professionals to learn and grow together.
About The Author
Jack Nourafshan is a distinguished real estate development professional and entrepreneur in Los Angeles, California. He is the President of Reliable Properties, a real estate acquisition, development and management company in the Los Angeles area. Jack has over 30 years of professional experience that has made him known as a leader in the industry. Jack Nourafshan started a blog on entrepreneurship to share his insight and experiences for aspiring entrepreneurs.