cover letter for commercial real estate

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How To Craft a Winning Commercial Real Estate Cover Letter

If you’re trying to make a career move within commercial real estate or trying to land your first job in the industry, this can prove to be a pretty tricky task.

Commercial real estate hiring managers are often looking for what they refer to as “No Risk Hires”, essentially those people who have done the job they’re applying for in the past.

But even if you don’t have direct experience doing everything that would be required of you in this new role from day one, all is not lost, and you can still set yourself up for success in landing the commercial real estate job you’re looking for.

In this article, we’ll break down how your cover letter can make (or break) your chances of landing an interview at top commercial real estate firms , and three things to add to that cover letter to land more interviews (even in a competitive job market).

If video is more your thing, you can watch the video version of this article here .

Why Commercial Real Estate Cover Letters Matter

When you’re applying for roles in commercial real estate, it’s easy for your resume to go into a black hole, never to hear back from the job poster again.

And with the commercial real estate industry becoming more institutionalized each year, the initial resume screening process is more competitive than it’s been in the last decade, making it much, much easier to end up with your own resume in that black hole of silence.

However, one tool that can help you sidestep that black hole is something that’s often overlooked by commercial real estate job seekers firing off dozens of applications per week, and that is the cover letter .

While your resume can do a great job of highlighting your experience and skill sets, a cover letter allows you to clearly tell your story about why you’re the best fit for the role, and gives the hiring manager an opportunity to get to know you better on a personal and professional level (even before getting to the interview phase).

With that said, writing a cover letter definitely isn’t the easiest thing in the world, and it’s tough to narrow down exactly what you want to put into the three or four paragraphs that are tasked with telling your story.

So, to make this process a little easier, this article will walk through three essential elements of any commercial real estate cover letter , and how these things might apply to your own specific situation.

Commercial Real Estate Cover Letters Should Be Concise

Before we get into the first point on this list, as a blanket statement overall, I want to emphasize the point that a commercial real estate cover letter should be concise, brief, and to-the-point . Just a few paragraphs will be sufficient, and anything more than a page is usually a good indication that your cover letter might be a little bit too lengthy (and might lose the attention of the reader as a result).

Treat each word on your commercial real estate cover letter as if it costs $100, and delete anything that isn’t absolutely necessary to tell your story in the way you want to tell it.

If you can do this, you cover letter can be an extremely powerful tool to grab the attention of a hiring manager or recruiter, and can help you set yourself apart from other applicants in a competitive job environment.

Let’s get started.

Commercial Real Estate Cover Letters Should Clearly State Why You’re Interested in the Role

The first point on this list is to start your commercial real estate cover letter off with why the role interests you over other opportunities in the job market .

It is extremely time consuming for commercial real estate firms to interview job candidates, and it’s not uncommon for online job postings to see several hundred applications come through the door for a single open position.

This means that recruiters and hiring managers need to set up some base “filters” to screen candidates quickly, and to make sure they have the time and bandwidth available to review all resumes submitted for the role.

One of the most common filters employers use, especially for companies which spend significant time or money training new employees, is whether or not the candidate shows clear interest in the company itself, and where the role will take them .

This means that if you’re applying for an asset management role at a small, start-up company that acquires and manages office buildings, this is your opportunity to talk about your career interests in office asset management, and your desire to work for a growing, entrepreneurial firm.

And on your cover letter for this position, you might consider starting this off with something along the lines of:

“Thank you for the opportunity to apply for the Asset Management Associate role within your firm. My experience in office asset management working for large, institutional companies, coupled with my interest in contributing to the growth of a small, entrepreneurial real estate investment firm, makes this opportunity extremely exciting to me.”

Anything that can show that you’re serious about the role, and you’re not just firing off a bunch of generic resumes and cover letters to any firm that is even remotely related to a place you’d want to work, is going to help you a lot in passing through this initial screening process.

Intent Matters More Than You Think

While this might seem like a really trivial thing, I can promise you, this matters.

And despite how much this matters, a lot of people just don’t take this part of the process all too seriously.

I’ve reviewed multiple cover letters when hiring for positions where the candidate included another firm’s name when referring to our company , making it blatantly clear that they put zero time or thought into applying for the position.

I’ve also reviewed cover letters where candidates talked about their career interests in roles completely unrelated to our firm, or even unrelated to the real estate industry altogether.

Even though this seems extremely simple and basic, just adding one or two sentences solidifying that your career interests are aligned with the role can go a long, long way.

What If You’re Not Sure What You Want To Do Long-Term Yet?

A question you might be asking at this point is, “What if I’m not sure if this is really where I want to take my career long term?”

It makes sense that you might not have 100% certainty on where you want to be 30 years from now, especially if you’re just graduating from college or a few years out of school.

And with that said (especially for analyst and associate roles), you need to show a definite interest in the career path you’re currently looking to pursue within the firm, but not necessarily an in-depth explanation of how you plan to lock yourself into this specific career path forever.

Just make sure that you’re clear on paper about the job function you want to do right now , that you’re excited about the company you’ll be working with, and that you can see yourself growing within the firm in the future.

Even if that doesn’t materialize, if you’re able to convey this within your cover letter, this will make the cost in time and money to interview, hire, and train you much more “worth it” to that employer than if it came off as if you weren’t committed to the process and were flip-flopping on where you wanted to go over the next 3-5 years.

Commercial Real Estate Cover Letters Should Make It Clear Why You’re The Perfect Fit For The Role

Once you’ve talked about why the role interests you, the next paragraph in your commercial real estate cover letter is your opportunity to talk about the skill sets you have , the experiences you’ve had , and the things you’ve accomplished which have prepared you directly for the role you’re looking to take on .

I mentioned earlier in this article that employers are looking for “No Risk Hires”, and this is your opportunity to show the employer that you would fall into this category (even if you haven’t done the exact job before).

This section of your cover letter should explain 1-3 key skill sets, experiences, or things you’ve accomplished that are directly applicable to the responsibility bullet points contained in the job description .

This is your chance to show that you’ve done the job (or something similar) before, and could step in to the role successfully on day one with minimal training and oversight.

Again, even if your experience doesn’t perfectly align with everything you’ll be doing in the position, this is your opportunity to highlight that experience that does make you a clear fit for the role.

This could be a project you worked on, a responsibility you had, or any sort of adjacent skill set that would show your proficiency in the key tasks you’ll be responsible for on a day-to-day basis if you were hired at the firm.

What This Looks Like in Practice

For example, if you’re applying for an Acquisitions Analyst role at a multifamily investment firm, you might want to include any experience you have with underwriting multifamily properties, putting together offering memorandums and equity investor packages, managing the due diligence process, building pro forma models in Excel, or anything else that will be expected of you when you step into the role.

Again, if you’re feeling overwhelmed here or saying, “I don’t have all of the experience they’re looking for,” you don’t have to check every single one of these boxes for this to work .

For example, maybe you’re applying for that multifamily Acquisitions Analyst role, and you only have experience in corporate finance outside of real estate.

Well, in that corporate finance role, you probably worked quite a bit in Excel, you may have created pro forma models and cash flow projections, and your experience has very likely provided you with a strong understanding of how to interpret a cash flow statement and basic accounting principles.

You’ll also have a unique perspective and training coming from a different industry, which is often welcomed by commercial real estate firms looking to uncover their own blind spots.

Your cover letter is also an excellent opportunity for you to highlight any “must-have” skill sets that you’re currently building, by highlighting any coursework you’re currently working on, or certifications or licenses that are currently in progress.

Overall, this paragraph is where you’re able to describe to the employer why you’re a clear fit for the role you’re applying for , and how the transition will make perfect sense based on where you’ve been, what you’re able to do, and where you’re looking to go in the future.

Commercial Real Estate Cover Letters Should Start and End With Gratitude

Finally, once you’ve made your interests clear and you’ve shown your ability to do the job successfully, the final thing on this list I’d recommend is to make sure to start and end your commercial real estate cover letter with humility and gratitude .

Yes, I know this sounds a little bit “out there” or woo woo, but stick with me here.

Hiring managers do not want someone to come in on day one and act like they know everything and their way is always the right way, and this is especially true at the analyst and associate level.

In most cases, if you’re applying for a job requiring anywhere up to about 5 years of experience, the expectation will actually be that you’ll learn the company’s processes and way of doing things, and they’ll want to make sure that you’re still relatively malleable as far as how you do your job.

Cover letters, like resumes, are a delicate balance of showing confidence, but also not appearing cocky or arrogant.

You want to be clear about the things you can do and the experiences you’ve had, but you also want to be careful not to overstate or embellish experiences or skill sets you have (which is often more apparent than you’d think to experienced hiring managers).

The best way to go about walking this fine line is to express your excitement about applying your existing skill set to add value to the team, but also to mention how attracted you are to the learning and growth opportunities within the organization, as well.

Companies want a team player that is always willing to improve, someone who can assess their own strengths and weaknesses, and a person who acknowledges that they aren’t perfect or right 100% of the time.

And the candidate who clearly states their abilities and skill sets (and does so with humility) shows much better than the person who tries to make it sound like they know everything about everything, and clearly exaggerates their experiences and what they can do.

Need More Help With Your Commercial Real Estate Cover Letter?

If you’re putting together cover letters and sending out your resume to commercial real estate firms, I hope you found this helpful in making some tweaks to your current process, and helps you spot some opportunities for improvement.

And if you want additional help with crafting your commercial real estate cover letters or your resume, make sure to check out our premium training platform, Break Into CRE Academy .

A  membership to the Academy  includes private, members-only, email-based career coaching, so you can ask questions and get feedback on your resume and cover letters before applying for commercial real estate jobs, and you’ll also get instant access to our complete library of video courses on real estate financial modeling and analysis, so you can build the technical skill sets you’ll need to ace Excel modeling interviews and land jobs at top real estate private equity, brokerage, and lending firms.

Thanks so much for reading – good luck with your applications!

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3 Real Estate Cover Letter Examples Built for 2024

• Real Estate Agent Cover Letter
• Real Estate Assistant Cover Letter
• Commercial Real Estate Cover Letter
• Write Your Real Estate Agent Cover Letter

Buying or selling a home always marks a significant turning point in someone’s life. You help clients make the right choices with detailed research of market conditions, property walkthroughs, and promotional efforts to generate sales quickly. 

Have you done the research to help create a cover letter to accompany your exceptional real estate resume ?

The real estate industry is competitive and results-driven, so showcasing the right skills and work experiences in your cover letter is crucial to success. We’ll help make that process easier with our real estate cover letter examples , proven effective in 2024, or use our free AI cover letter generator for an easy leg up.

Real Estate Agent Cover Letter Example

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Copy this text for your real estate agent cover letter!

123 Fictional Avenue New York, NY 10001 (123) 456-7890

July 20, 2023

Ethan Johnson Halstead Real Estate 123 Fictional Lane New York, NY 10001

Dear Mr. Johnson:

In alignment with the sentiment that real estate is the tangible manifestation of our universal aspiration for shelter and home, I extend my interest in contributing to Halstead Real Estate’s promise of utmost integrity and innovative property solutions.

My tenure as a real estate agent for Compass polished my understanding of innovation’s pivotal role within a property deal’s entire scope. I fostered stronger client relationships, marshaled marketing teams toward integrating consumer feedback, and successfully scaled up client satisfaction rates by 29 percent.

Immersed in a creative environment, I have consistently exemplified proficiency in the technical nuances of real estate management. Citi Habitats offered me an in-depth outlook into property procurement logistics, monitoring competitive bids, contract preparation, and negotiation for perpetual profitability. Leveraging data analytics tools to evaluate and enhance the success of new property listings increased daily engagement by 23 percent.

Thinking diligently, communicating proactively, and fostering trustful relationships that align with Halstead’s compelling vision excites me as a licensed New York Real Estate Salesperson. Having been a key participant in numerous pivotal property deals, I am eager to bring my experience and skills to the dynamic role of a real estate agent at Halstead.

I look forward to discussing how my expertise can add substance and solidity to your market presence and enhance your vision of being the leading real estate provider in New York. Thank you so much for your time.

Enclosures: Resume Application 2 letters of recommendation New York Real Estate Salesperson License

Why this cover letter works

• Go further to solidify your candidacy with real, quantified impacts in previous roles. Think about property deal sealed, client satisfaction, and other related wins.

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Real Estate Agent Assistant Cover Letter Example

Copy this text for your real estate agent assistant cover letter!

123 Fictional Avenue Chicago, IL 60007 (123) 456-7890

August 30, 2023

William Martinez Dream Town Realty 123 Fictional Lane Chicago, IL 60007

Dear Mr. Martinez,

When searching for the ideal workplace where I can combine my passion for real estate with cutting-edge technology and innovative approaches, Dream Town Realty emerges as the perfect fit. Your ethos—service, authenticity, innovation with an empathetic client touch— aligns with mine. As a potential addition to your vibrant team as a real estate assistant, I’m eager to imprint my professional experience onto your journey.

While at Citywide Real Estate, I managed a portfolio of 42 properties, optimizing listings with high-quality photographs and virtual tours, sparking a 23% increase in online engagement. I also developed a new system to streamline property listings, reducing time spent on administrative tasks by 31%.

Deep research into market trends and property competition was part of my daily mission at Windy City Realty. I predicted neighborhood trends, contributing to a 37% average increase in property value year-over-year for our clientele. At Estate Motion, I specialized in creating visually striking virtual tours and property walkthroughs and led to a 29% spike in property inquiries.

I am thrilled to offer my dedication, pioneering spirit, and skills to Dream Town Realty. I am ready to support your elite broker team and contribute to your people-first mission. Thank you for considering my application. I am excited to discuss how I can contribute to your ongoing growth.

• But again, your capacity to deliver desired results is under a microscopic view. This real estate agent assistant cover letter does an excellent job of including success metrics, such as a 37% increase in property value.

Commercial Real Estate Cover Letter Example

Copy this text for your commercial real estate cover letter!

123 Fictional Avenue San Jose, CA 95111 (123) 456-7890

Emma Lewis SRS Real Estate Partners 123 Fictional Lane San Jose, CA 95111

Dear Ms. Lewis:

My interest in SRS Real Estate Partners goes back to when I observed your intriguing collection of premier retail property portfolios throughout San Jose. I instantly realized what a rare opportunity it would be to be a commercial real estate agent at your esteemed firm.

At Coldwell Banker, I evaluated over 87 properties for potential investment opportunities. My comprehensive market reconnaissance sealed the best terms on lease agreements. I pinpointed promising retail locations and provided spot-on property valuations, which propelled the average occupancy rate increase by 23%.

At Century 21 Real Estate, I was responsible for lease negotiations and steered over $12.1 million in lease transactions to fruition. Through strong communication and diligent research, I negotiated favorable terms for my clients, which saw rent growth by 21% and ultimately improving their long-term profitability. My most outstanding achievement, however, was implementing ValueLink that improved the accuracy and speed of our property valuations by 49%.

In the spirit of SRS Real Estate Partners’ mission—to unite as a formidable team that soars beyond clients’ visions—I am convinced that my outcomes-driven approach will perfectly sync with your unwavering commitment to achieve the best. Your deep-rooted knowledge of local markets and nationwide networks impress me, and I’m ready to dive headfirst into furthering this success trajectory.

Thank you for considering my application. I look forward to discussing how my skills can catalyze the continued success of your team.

Amina Okoro

• But it’s not just about your professional prowess—conveying real passion also goes a long way. Use a few sentences to highlight how you intend to contribute.

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How to Present the Right Skills in Your Real Estate Cover Letter

You know that presentation is key. When showing clients properties, you want to help them envision what their life will look like in each home. You should take a similar approach to your cover letter. 

Start by reviewing each real estate organization’s needs in the job description . Then, tailor your cover letter to the company’s mission and skills they’re looking for, like property evaluations and client relations that’ll show how you’ll fit in with their team culture. 

Capture attention with your real estate cover letter’s greeting and intro

When staging a home, the objective is to display it in a way that grabs someone’s attention the moment they walk through the front door. You can also use strategies to capture attention immediately with your real estate cover letter. 

The first step is finding a hiring manager to address your cover letter by reviewing the job description and company website. It’s similar to learning names when greeting buyers at an open house. It makes their experience feel more personal. 

Once you get into the opening paragraph, you’ll want to relate to the company’s mission and how your skills, like negotiation or market analysis, will fit their needs. 

You should avoid sounding like you could be applying to any real estate position, as in the example below. 

Try to get more specific than this! 

Hello, 

I’m eager to be applying for your real estate agent opening. I have five years of experience, and this looks like a great company for my skills. 

Instead, write an opener like the one below that immediately relates to Halstead Real Estate’s mission of integrity and innovative property solutions. 

A great opener relating to the company’s mission! 

Dear Mr. Johnson,

In alignment with the sentiment that real estate is the tangible manifestation of our universal aspiration for shelter and home, I extend my interest in contributing to Halstead Real Estate’s promise of utmost integrity and innovative property solutions.

Showcase the right skills in your real estate cover letter’s body

When you get to the body of your real estate cover letter, it’s time to provide more details about how your skills and experiences make you the right candidate for each company’s needs. 

Ideally, choose examples that align with the job description . For instance, a real estate firm looking to increase its online presence may appreciate agents who are well-versed in social media marketing and optimizing online property listings. 

You should also include some essential real estate metrics in your example, like listing-to-meeting ratios, homes sold, and average commission per sale.

A well-structured body paragraph full of essential metrics! 

Solidify your abilities with the closing and sign off of your real estate cover letter

The closing of your real estate cover letter is similar to how you’d end a property showing with a client. You’d want to wrap things up by reviewing key features that make a property special. You should do the same with your top skills and how you fit in with the company’s mission. 

It’s also good practice to say thank you and use a light call to action, like “I look forward to discussing this opportunity with you further.” It helps reinforce your interest, just like you would when meeting with a prospective client who is considering selling their home through your real estate firm. 

The example below is a good start but could use some work since the applicant doesn’t relate back to any specific needs or the mission of the real estate firm. 

Needs more details! 

I believe my skills fit in well with your firm’s needs, and I would be eager to join your team. I look forward to hearing from you soon to discuss this real estate agent position in more detail. 

John Ramos 

A better option is the closer below that shows exactly how the client fits in with Dream Town Realty’s broker team and people-first mission. 

A great closer that connects with the company’s mission! 

At times, you may review the job description , real estate firm’s website, and social media profiles like LinkedIn and still not find the name of a hiring manager. In those instances, you can simply lead with “Dear [name of company] hiring team.” Just be sure to follow with a highly specific opening paragraph that shows your passion for the company and how your skills, like prospecting and negotiation, fit in with their mission. 

When working with clients, you probably try to speak in a tone they’ll relate to well as you explain the specifics of each property. You can use the same strategy in your cover letter by reviewing the job description and trying to match each real estate firm’s tone as best as possible. 

You should keep your real estate cover letter on a single page. It’ll help provide a concise overview of your abilities, like lead generation and property staging, without overwhelming hiring managers with too many details when they quickly review applicants. 

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Commercial Real Estate Agent Cover Letter Example

Writing a cover letter for a commercial real estate agent position can be a time-consuming process. You need to communicate your skills and experience in a way that will stand out to potential employers. To simplify the task, this guide provides an overview of what to include in a cover letter, along with an example of a strong commercial real estate agent cover letter. With this information, you will be able to craft a cover letter that will help you land the job.

If you didn’t find what you were looking for, be sure to check out our complete library of cover letter examples .

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Commercial Real Estate Agent Cover Letter Sample

Dear [Hiring Manager’s Name],

I am writing to apply for the position of Commercial Real Estate Agent for [Company Name]. With an extensive background in real estate and a commitment to excellent customer service, I am confident that I can be a valuable asset to your team.

I have a proven track record of success as a Commercial Real Estate Agent. With more than [years] of experience in the industry, I have consistently exceeded my clients’ expectations and have become highly adept at understanding the complexities of the commercial real estate market. I have a deep knowledge of the local area and am familiar with the surrounding communities and their unique opportunities.

In addition to my extensive experience in the commercial real estate market, I am a highly organized professional with strong problem- solving and negotiation skills. I am a team player who is comfortable working with colleagues, as well as independently. I have excellent communication skills that allow me to easily communicate with clients and build lasting relationships.

I am confident that I have the skills and experience necessary to thrive in this position. I am eager to use my knowledge to benefit [Company Name] and to contribute to the success of the organization. I am available for an interview at your convenience and look forward to discussing this opportunity with you in more detail.

[Your Name]

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What should a Commercial Real Estate Agent cover letter include?

A commercial real estate agent cover letter should provide a brief introduction of the agent and their qualifications. It should also highlight their experience and skills that are specifically relevant to the position they are applying for. They should also explain why they are particularly interested in the position and why they believe they are the best candidate for the job.

The cover letter should also provide an overview of the agent’s experience in the commercial real estate field, including any relevant certifications or credentials. They should outline any successes or accomplishments they have achieved in previous roles. They should also provide examples of projects or initiatives they have led that demonstrate their ability to deliver successful results.

Most importantly, the agent should explain how their skills, experience, and passion make them the ideal candidate for the role. They should demonstrate why they are the right person to help the company grow and meet its financial goals. The cover letter should be succinct, but provide enough detail to make a lasting impression on the hiring manager.

Commercial Real Estate Agent Cover Letter Writing Tips

Writing a successful commercial real estate agent cover letter can help set you apart from other applicants and give you a competitive edge. It’s important to create a compelling and professional cover letter that clearly communicates your skills and experience. Here are some tips to help you write a great cover letter:

• Start with a compelling introduction. Introduce yourself and tell the hiring manager why you’re the best candidate for the job.
• Focus on your skills and experience. Describe your qualifications, including any industry certifications or specialized training you may have.
• Highlight your accomplishments. Talk about any awards or recognition you’ve received for your work in commercial real estate.
• Demonstrate your knowledge. Show that you understand the ins and outs of the commercial real estate market by mentioning current trends and developments.
• Explain why you’re passionate about the industry. Talk about why you’re excited to work in commercial real estate and why you believe you can add value to the company.
• Make sure to address the hiring manager’s needs. Demonstrate that you’ve read the job description carefully by addressing the specific qualifications listed in the posting.
• End with a call to action. Ask the hiring manager to contact you for an interview and include your contact information.

By following these tips, you can create an outstanding commercial real estate agent cover letter that will help you stand out from the competition. Good luck!

Common mistakes to avoid when writing Commercial Real Estate Agent Cover letter

Writing a cover letter for a commercial real estate agent position requires you to pay attention to detail and speak to the job requirements. As such, it’s important to know what mistakes to avoid when crafting this important document. Here are some common mistakes to avoid when writing a commercial real estate agent cover letter:

• Not Personalizing the Letter: Generic cover letters are quickly discarded by hiring managers. Your letter should be tailored to the job you’re applying for, the company you’re applying to and the qualifications they’re looking for.
• Not Showing Enthusiasm: Make sure you convey your enthusiasm for the job in your cover letter. Talk about the specific aspects of the job that attracted you to it and the experiences or skills you can bring to the table.
• Not Showcasing Your Skills: Use your cover letter to paint a picture of the type of agent you are and the skills you can bring to the job. Highlight your knowledge of regulations, market trends, and negotiation tactics, and any other skills you may have that make you a standout candidate.
• Not Proofreading: Always proofread your cover letter for errors and typos before submitting it. Typos can give the impression that you’re careless, unprofessional, and don’t pay attention to detail.

By avoiding the above mistakes, you’ll create a compelling and effective cover letter that will help you stand out to prospective employers.

Key takeaways

Writing a great cover letter is the key to making a lasting impression on potential employers. As a commercial real estate agent, you must put extra effort into crafting a compelling cover letter that will stand out from the competition and highlight your unique qualifications. Here are some key takeaways for writing a standout cover letter:

• Start off with a professional introduction that includes your name, contact information, and current position.
• Demonstrate your knowledge and appreciation for the commercial real estate industry by discussing current trends and challenges.
• Highlight your most relevant, transferable skills that are tailored to the position and company.
• Make sure to address the specific job requirements and explain how you are the right fit for the role.
• Showcase your ability to effectively manage multiple responsibilities while working in a fast- paced environment.
• Include a few words about your core values and why you are passionate about the commercial real estate industry.
• Conclude your cover letter with a call- to- action that encourages the recruiter to contact you for an interview.

By following these tips, you can create an impressive cover letter that will make you stand out among the competition. With a great cover letter, you can be one step closer to launching your career in commercial real estate.

Frequently Asked Questions

1. how do i write a cover letter for an commercial real estate agent job with no experience.

When applying for a Commercial Real Estate Agent position with no experience, it is important to show the hiring manager you have the knowledge and determination necessary to excel in this field. To make the strongest impression, start your cover letter by emphasizing the skills, knowledge and accomplishments that are most relevant to the job.

Highlight any volunteer or extracurricular activities that demonstrate your ability to take initiative and work in a team. Make sure to explain why you are excited about the opportunity and how you can contribute to the role. Finally, close your letter by expressing your enthusiasm and thanking the hiring manager for their time and consideration.

2. How do I write a cover letter for an Commercial Real Estate Agent job experience?

When applying for a Commercial Real Estate Agent role with previous experience, the focus of your cover letter should be on showcasing your industry knowledge and the value you can bring to the position. Start by outlining your years of experience in the real estate industry and any relevant certifications such as a real estate license.

Include any specialized training or qualifications that you possess that make you uniquely qualified for the job. Demonstrate your communication and interpersonal skills as well as your experience with analytics and decision- making. Finally, explain why you are passionate about working in the commercial real estate industry and how you hope to contribute to the team.

3. How can I highlight my accomplishments in Commercial Real Estate Agent cover letter?

When applying for a Commercial Real Estate Agent role, it is important to highlight your past accomplishments to show the hiring manager your skills and experience. Include any major deals you have closed or any awards you have won for exceptional customer service.

Be sure to provide specific examples, such as the percentage of increase in sales you achieved in a certain time period or the number of homes you sold in a year. This can show the hiring manager that you are capable of meeting and surpassing goals. Finally, explain why you are the best candidate for the position and how you can help the company reach its objectives.

4. What is a good cover letter for an Commercial Real Estate Agent?

A good cover letter for an Commercial Real Estate Agent should demonstrate your knowledge of the industry and the specific skills you possess that make you a great fit for the role. Begin by thanking the hiring manager for their time and expressing your enthusiasm for the opportunity.

Highlight any relevant certifications or licenses you possess, such as a real estate license, and explain how you can use your expertise to contribute to the team. Outline any successes you have achieved in previous positions, such as closed deals or customer service awards. Finally, explain why you are passionate about the industry and how you can help the company reach its goals.

In addition to this, be sure to check out our cover letter templates , cover letter formats ,  cover letter examples ,  job description , and  career advice  pages for more helpful tips and advice.

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21 Professional Real Estate Agent Cover Letter Examples for 2024

In your real estate agent cover letter, you must demonstrate your understanding of the local property market. Highlight specific experiences where you successfully matched clients with their ideal homes. It's crucial to showcase your communication and negotiation skills. These talents are essential in ensuring clients trust you to navigate their real estate transactions effectively.

All cover letter examples in this guide

Real Estate Intern

Real Estate Broker

Asset Manager

Assistant Property Manager

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Cover letter guide.

Real Estate Agent Cover Letter Sample

Cover Letter Format

Cover Letter Salutation

Cover Letter Introduction

Cover Letter Body

Cover Letter Closing

No Experience Real Estate Agent Cover Letter

Key Takeaways

By Experience

Crafting a compelling real estate agent cover letter can often be a stumbling block, even after you've geared up for job applications. It's crucial to thread the needle between formal tone and fresh prose, sharing your proudest career moment without echoing your resume. Brevity is your ally; your cover letter should engage, not exhaust, with a one-page limit. So, let's uncover how to encapsulate your professional story and make every word count toward landing your dream job.

• Some inspiration from other professionals' job-winning cover letters;
• The best structure and format for your real estate agent cover letter;
• Insights on how to write about your best achievement to stand out;
• A creative twist on your real estate agent cover letter intro.

Upload your real estate agent resume to Enhancv's AI, which will quickly scan and prepare a job-winning cover letter for you.

If the real estate agent isn't exactly the one you're looking for we have a plethora of cover letter examples for jobs like this one:

• Real Estate Agent resume guide and example
• Estate Agent cover letter example
• Real Estate Manager cover letter example
• Real Estate Broker cover letter example
• Realtor cover letter example
• Real Estate Professional cover letter example
• House Manager cover letter example
• Real Estate Sales Manager cover letter example
• Senior Property Manager cover letter example
• Real Estate Developer cover letter example
• Commercial Real Estate Agent cover letter example

Real Estate Agent cover letter example

Leah Torres

Fort Worth, Texas

+1-(234)-555-1234

[email protected]

• Reference to past successes: The letter mentions leading a sales campaign and spearheading a digital marketing initiative, which demonstrates a history of achieving tangible results that are relevant to the prospective employer’s goals.
• Quantifiable achievements: By citing specific figures, such as increasing online leads by 60% and sales by 25%, the candidate showcases their ability to drive growth, an essential skill for a sales-oriented position in real estate.
• Alignment with company objectives: The candidate aligns their experience with the company’s commitment to client satisfaction and innovative practices, making the candidate’s expertise directly relevant to the prospective employer’s needs.
• Offer of innovation: Mentioning the development of an innovative referral program that boosted the client base demonstrates the candidate's initiative and creativity, both important in staying competitive in the real estate industry.

The must-have sections and format of your real estate agent cover letter

When writing your real estate agent cover letter, keep in mind that it'll only be read by the recruiters and not the Applicant Tracker System (or software used to assess your profile). That's why you should structure your content with a/an:

• Header (apart from your contact information, include your name, the role you're applying for, and the date);
• Personalized salutation;
• Opening paragraph to win the recruiters over;
• Middle paragraph with key details;
• Closing that starts from clichés;
• Sign off (that's not mandatory).

Industry standards dictate your paragraphs to be single-spaced and to wrap your content in a one-inch margin. Designing your real estate agent cover letter, refer to one of our templates , which automatically takes care of the spacing and margins.

Choose the same font for your real estate agent cover letter as you did for your resume : the likes of Lato and Bitter would help you to stand out in a sea of cover letters in Arial or Times New Roman.

Export your whole real estate agent cover letter from our builder in PDF to keep the same formatting and image quality.

The top sections on a real estate agent cover letter

Header: This should include the applicant's name, contact information, and the date, establishing a professional layout and making it easy for the recruiter to reach out.

Greeting: Address the letter to a specific person if possible, which shows attention to detail and a personalized approach, crucial in the real estate industry.

Opening Paragraph: Highlight your enthusiasm for the role and any notable real estate experiences or achievements, signalling immediate value to the recruiting firm.

Body (Industry Experience and Skill Set): Elucidate on relevant real estate experience, sales success, negotiation skills, and local market knowledge, demonstrating your capability to handle the responsibilities of a real estate agent.

Closing Paragraph: Reaffirm your interest in the position, invite further discussion, and thank the recruiter for considering your application, leaving a polite and professional final impression.

Key qualities recruiters search for in a candidate’s cover letter

• Local Market Knowledge: Understanding of local real estate markets, including pricing trends, neighborhood dynamics, and school districts, is crucial for advising clients effectively.
• Strong Negotiation Skills: Ability to negotiate deals that benefit all parties involved, ensuring clients get the best possible terms.
• Excellent Communication and Interpersonal Skills: Being able to convey complex information clearly and build trust with clients, as well as networking with other real estate professionals.
• Sales Experience: A proven track record of successful sales, showing the ability to close deals and generate income.
• Attention to Detail: Managing complex paperwork and transaction details meticulously to ensure legal compliance and safeguard client interests.
• Technological Proficiency: Being adept with real estate software, virtual tour technology, and online listing platforms to effectively market properties and manage client interactions.

What greeting should you use in your real estate agent cover letter salutation

A simple "Hello" or "Hey" just won't work.

With your real estate agent cover letter salutation , you set the tone of the whole communication.

You should thus address the hiring managers by using their first (or last name) in your greeting.

But how do you find out who's recruiting for the role?

The easiest way is to look up the role on LinkedIn or the corporate website.

Alternatively, you could also contact the organization via social media or email, for more information.

Unable to still obtain the recruiter's name?

Don't go down the "To whom it may concern path". Instead, start your cover letter with a "Dear HR team".

List of salutations you can use

• Dear [Hiring Manager's Name],
• Dear [Mr./Ms./Dr.] [Last Name],
• Dear [Hiring Manager's Title],
• Dear [Company Name] Team,
• Dear Hiring Committee,
• Dear [Department Name] Team,

The real estate agent cover letter intro: aligning your interest with the company culture

You only have one chance at making a memorable first impression on recruiters with your real estate agent cover letter.

Structure your introduction to be precise and to include no more than two sentences.

Here are some ideas on how to write a job-winning real estate agent cover letter introduction:

• get creative - show off your personality from the get-go (if this aligns with the company culture);
• focus on your motivation - be specific when you say what gets you excited about this opportunity.

Structuring your real estate agent cover letter body to add more value

You've hinted at your value as a professional (this may be your passion for the job or interest in the company) in your introduction.

Next, it's time to pan out the body or middle of your real estate agent cover letter .

When creating your resume, you've probably gone over the advert a million times to select the most relevant skills.

Well, it's time to repeat this activity. Or just copy and paste your previous list of job-crucial requirements.

Then, select one of your past accomplishments, which is relevant and would impress hiring managers.

Write between three and six paragraphs to focus on the value your professional achievement would bring to your potential, new organization.

Tell a story around your success that ultimately shows off your real value as a professional.

Two ideas on how to end the final paragraph of your real estate agent cover letter

Closing your real estate agent cover letter , you want to leave a memorable impression on recruiters, that you're a responsible professional.

End your cover letter with how you envision your growth, as part of the company. Make realistic promises on what you plan to achieve, potentially, in the next six months to a year.

Before your signature, you could also signal hiring managers that you're available for the next steps. Or, a follow-up call, during which you could further clarify your experience or professional value.

Addressing limited to no experience in the real estate agent cover letter

There's nothing to worry about if you lack professional experience .

Your real estate agent cover letter could bridge the gaps in your professional history by focusing on what matters most to recruiters, that's either:

• skills - focusing on transferable ones you've gained, thanks to your life experience (e.g. volunteering, certificates, etc.);
• achievements - select the most relevant and noteworthy one from your history (e.g. education, projects, etc.);
• motivation - describe how you envision your professional growth in the next up to five years, thanks to this opportunity.

Key takeaways

Turning your real estate agent cover letter into a success is all about staying authentic to yourself and relevant to the job:

• Be creative with your real estate agent cover letter introduction by stating something you enjoy about the company (that is genuine) or about your skill set (to get the recruiters' interested);
• Use single spacing and have a one-inch margin wrapping all around the content of your real estate agent cover letter;
• Select just one past achievement from your career or life to tell a story of how you've obtained job-crucial skills and how they'd be beneficial to the role;
• The finishing paragraph of your real estate agent cover letter doesn't necessarily have to be a signature but could be a promise of what you plan to achieve in the role;
• Instead of focusing on your lack of experience, spotlight your transferable skills, one relevant achievement, and career dreams.

Real Estate Agent cover letter examples

Explore additional real estate agent cover letter samples and guides and see what works for your level of experience or role.

Cover letter examples by industry

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Commercial Real Estate Appraiser Cover Letter Examples

A great commercial real estate appraiser cover letter can help you stand out from the competition when applying for a job. Be sure to tailor your letter to the specific requirements listed in the job description, and highlight your most relevant or exceptional qualifications. The following commercial real estate appraiser cover letter example can give you some ideas on how to write your own letter.

or download as PDF

Cover Letter Example (Text)

October Engelhard

(177) 748-3974

[email protected]

Dear Lanora Rottiers,

I am writing to express my keen interest in the Commercial Real Estate Appraiser position at CBRE Group, Inc. With a solid foundation of five years of experience at JLL and a strong commitment to excellence in property valuation, I am excited about the opportunity to contribute to your team and support CBRE's commitment to providing unparalleled expertise in real estate services.

At JLL, I honed my skills in analyzing and appraising a wide variety of commercial properties, from office buildings and retail spaces to industrial complexes and multi-unit residential blocks. My role required a meticulous approach to research, a thorough understanding of local and regional markets, and the ability to synthesize complex data into clear and actionable insights. I am proud to have contributed to successful transactions and strategic decision-making by providing accurate and timely appraisals that consistently met the needs of our clients.

My approach to commercial real estate appraisal is rooted in a deep understanding of the factors that drive property values. I have developed a proficiency in utilizing advanced appraisal software and methodologies, which has enabled me to efficiently assess properties and forecast trends. My commitment to staying abreast of market developments and continuing education has been instrumental in my ability to provide appraisals that reflect the most current market conditions.

Moreover, my experience has equipped me with the skills necessary to collaborate effectively with a range of stakeholders, including property owners, investors, and financial institutions. I have a proven track record of delivering presentations and reports that are both informative and persuasive, ensuring that all parties are fully apprised of the valuation process and outcomes.

Joining CBRE Group, Inc. represents an exciting opportunity to leverage my expertise in a new setting, and I am enthusiastic about the prospect of working with a company that is renowned for its leadership in the commercial real estate industry. I am confident that my background in property appraisal and my dedication to providing exceptional service will make a valuable addition to your team.

Thank you for considering my application. I look forward to the possibility of discussing how my experience and skills align with the needs of CBRE Group, Inc. and how I can contribute to the ongoing success of your esteemed company.

Warm regards,

Related Cover Letter Examples

• Commercial Real Estate Broker
• Real Estate Appraiser
• Real Estate Sales Agent
• Real Estate Manager
• Real Estate Accountant
• Real Estate Agent

Real Estate Intern Cover Letter Examples & Writing Tips

Use these Real Estate Intern cover letter examples and writing tips to help you write a powerful cover letter that will separate you from the competition.

Table Of Contents

• Real Estate Intern Example 1
• Real Estate Intern Example 2
• Real Estate Intern Example 3
• Cover Letter Writing Tips

Real estate interns work with real estate agents to help them with their day-to-day tasks. This may include conducting market research, preparing marketing materials, and helping with client communications.

To get a job as a real estate intern, you need to write a cover letter that shows you’re the right person for the job. Check out the examples and tips below to learn how to write a cover letter that stands out.

Real Estate Intern Cover Letter Example 1

I am excited to be applying for the Real Estate Internship at ABC Realty. I am passionate about real estate and excited to learn more about the industry. I believe that my education and experience have prepared me well for this opportunity.

I have a degree in Business Administration from XYZ University. During my time in school, I focused on courses related to real estate, such as property management, real estate law, and real estate investment. I also have experience working in customer service, which has taught me how to be patient and helpful when working with clients.

I am excited to learn more about the real estate industry and to contribute my skills and knowledge to ABC Realty. I look forward to hearing from you soon about the internship position. Thank you for your time and consideration.

Real Estate Intern Cover Letter Example 2

I am writing in regards to the open Real Estate Internship position at your company. I am confident that I have the skills, experience, and qualifications that would make me the perfect candidate for the job.

I have been working in the real estate industry for the past three years and have gained a great deal of experience and knowledge in the field. I have worked in a variety of roles, including sales, leasing, and property management. I am extremely knowledgeable about the industry and the market. I am also familiar with the latest trends and technologies in the industry.

I am a hard-working and motivated individual who always strives to achieve the best results. I have a proven track record of success in the real estate industry. I am confident that I can be a valuable asset to your company and that I can help you achieve your goals and objectives.

I would like to thank you for your time and consideration, and I look forward to hearing from you soon.

Real Estate Intern Cover Letter Example 3

I am writing to express my interest in the real estate intern position that you have available. I believe that this position would be a great fit for me, and I would be an asset to your company.

I am currently a senior at the University of Michigan, where I am majoring in Real Estate and minoring in Business Administration. My academic background has provided me with the knowledge necessary to succeed in this field. Additionally, I have gained valuable experience through my internship at ABC Realty, which has allowed me to develop my skills and gain confidence in my abilities.

My strengths include my ability to work well independently as well as part of a team, my strong communication skills, and my willingness to learn new things quickly. I am confident that these qualities will allow me to contribute positively to your organization.

I would appreciate the opportunity to meet with you to discuss how my skills and experience can benefit your company. Thank you for your time and consideration.

Real Estate Intern Cover Letter Writing Tips

1. show your passion for real estate.

When writing a cover letter for a real estate internship, it’s important to show your passion for the industry. This can be done by discussing your previous experiences in the real estate industry, as well as your future goals.

If you don’t have any previous experience, you can still discuss your passion for real estate by highlighting your interest in the field and how you plan to use the internship to learn more about the industry.

2. Customize your cover letter

Since you’re applying for an internship, it’s important to customize your cover letter by highlighting your skills and experiences that are relevant to the position. You can do this by mentioning any previous internships or jobs you’ve had in the real estate industry, as well as any courses or training you’ve taken that are related to the field.

3. Show that you’re motivated to learn

An important trait that hiring managers look for in interns is motivation to learn. You can demonstrate this by explaining why you’re interested in the internship, as well as what you hope to learn from the experience.

4. Proofread your cover letter

Just like with any other position, it’s important to proofread your cover letter for mistakes. This will help ensure that your application is free of errors and looks professional.

Junior Programmer Cover Letter Examples & Writing Tips

Game writer cover letter examples & writing tips, you may also be interested in..., senior architect cover letter examples, life enrichment director cover letter examples & writing tips, sales operations manager cover letter examples, test lead cover letter examples.

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Commercial real estate loans, also referred to as commercial mortgages, are small-business loans that are used to acquire commercial properties like office buildings, restaurants, storefronts or warehouses. They are available through traditional lenders like banks or credit unions, online lenders, SBA lenders and community development financial institutions (CDFIs).

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Once we uncover your personalized matches, our team will consult you on the process moving forward.

What is a commercial real estate loan?

A commercial real estate loan is a type of commercial loan used to purchase, refinance or renovate a property that’s used for business purposes, such as office buildings, storefronts, restaurants or warehouses. They can also be used to finance investment properties like apartment buildings or commercial spaces to be leased out, or the construction of commercial properties.

How do commercial real estate loans work?

Commercial real estate loans work similarly to personal mortgages. They are structured as term loans to be repaid over a set period of time, with interest, and are usually secured by the property being financed.

Balloon mortgages are real estate loans where the amortization term, the period of time it would take to fully pay off the loan amount plus interest, is longer than the repayment term. They are more commonly found in commercial real estate loans than consumer mortgages. Balloon loans essentially limit the amount of cash you need upfront to purchase a property, and lower your monthly payments; however, at the end of the loan term, the remaining balance of the loan, or the “balloon” payment, is due.

Loan-to-value ratio

Loan-to-value (LTV) ratio, is a ratio used by lenders to compare the amount of the loan with the total value of the asset being purchased. It also reflects the amount of equity you have in the property, or indicates the amount of money a lender is expecting you to put down.

LTV is calculated by dividing the loan amount by the value of the commercial property. For example, say you have a commercial office space valued at $500,000 and a lender offers a $350,000 loan for you to buy the property. The loan amount is 70% of the property value and the lender is using a 70% LTV ratio ($350,000 / $500,000 = 0.7, or 70%). The remaining 30% would be your down payment.

Depending on your lender, the type of commercial property you’re financing and your business qualifications, LTVs can range between 65% and 85%. The lower the LTV — and therefore, the higher the down payment — the more likely you are to qualify for a commercial real estate loan, and get the best interest rates.

Commercial real estate loan rates

Interest rates on commercial loans can range between 5% and 30% depending on the type of commercial mortgage, the lender, the loan term and your business’s qualifications. The current average rates for bank loans for commercial real estate are just under 7% for a five-year term.

Types of commercial real estate loans

Owner-occupied commercial real estate loans.

Owner-occupied commercial real estate simply refers to commercial space that’s occupied and used by the owner of the property, as opposed to being leased to other tenants. Some lenders have different loan products for owner-occupied real estate and investment properties, and some may only lend to you if you plan to occupy at least a percentage of the property, typically at least 51%, although some lenders may go as low as 30% owner occupied. Owner-occupied commercial real estate is considered to be less risky than investment real estate because the space has a guaranteed tenant, and because business owners may be more invested in properties that they own and use.

Investment property commercial real estate loans

Commercial real estate loans for investment properties are loans specifically designed for businesses that don’t intend to occupy the property they are purchasing. Instead, the property will be leased to commercial or residential clients to provide rental income to the business.

Investment properties are considered a bit riskier to finance than owner-occupied properties, and as a result, commercial investment loans may be more difficult to qualify for, and more expensive.

Commercial construction loans

Commercial construction loans are commercial real estate loans that are specifically designed for new construction or renovations to existing properties. These loans can finance construction for owner use, or for companies that are contracted to build properties for other companies. They are usually structured under a draw schedule, where instead of receiving the full loan amount upfront, you receive disbursements as certain milestones of the project are completed.

Speculative construction loans

Speculative construction loans are a type of commercial construction loan that involve financing new construction, such as homes or commercial spaces, without having upfront buyers or tenants. Speculative construction can provide good investment opportunities if you are able to buy land at a low price, and sell or rent at a high price; however, the lack of guaranteed tenants or purchasers makes speculative construction overall riskier, and many lenders won’t fund those projects.

Where to get a commercial real estate loan

Banks and credit unions. Banks and credit unions, like Bank of America, PNC and U.S. Bank, offer commercial real estate loans for both owner-occupied real estate and investment properties. Depending on the bank and your specific qualifications, banks and credit unions typically offer the most competitive interest rates and terms; however, they also have some of the most stringent qualification requirements. Typically, you’ll need multiple years in business, strong personal credit and strong business financials. 

SBA lenders. Both SBA 7(a) and SBA 504 loans can be used to finance commercial real estate, with maximum loan amounts up to $5.5 million, terms up to 25 years, competitive interest rates and down payment requirements as low as 10%. To qualify for an SBA real estate loan , however, you’ll need strong personal credit and business finances, as well as at least two years in business. 

Online lenders. Online business lenders usually have less stringent qualification requirements and offer high loan amounts, streamlined applications and faster funding than traditional lenders; however, they also typically come with higher rates and fees. They are a good option if you can’t qualify for a commercial real estate loan with a traditional lender. 

Community development financial institutions (CDFIs). CDFIs are bank or nonbank lenders that are missioned to provide capital access and other resources to underserved communities. Some provide commercial real estate loans and may help borrowers who don’t qualify for traditional financing. Clearinghouse CDFI, for example, is a California-based CDFI that offers commercial real estate and construction loans up to $15 million with a maximum LTV of 80%.

How to get a commercial real estate loan

Specific requirements for commercial real estate loans will vary based on your business’s specific needs, the type of lender you choose and your business’s qualifications, but you can generally expect to follow these steps:

Review your personal finances. Most commercial real estate lenders will take your personal finances into consideration, and some require a personal guarantee . Personal finances include personal assets, personal income and credit score. The better your personal finances, the more likely you are to qualify for the best rates and terms, though it’s possible to get a commercial mortgage from CDFIs and some online lenders with less-than-stellar personal finances.

Assess your available cash for a down payment. A commercial real estate lender will likely require a down payment, though the amount you are required to put down will vary based on the lender and your eligibility. Down payments reduce the amount you need to borrow, and they show that you have skin in the game, which both demonstrate a higher likelihood of repayment to a lender. 

Research and compare lenders. Consider your specific financing need — new purchase, construction or refinance — and assess your business’s basic qualifications to help determine which type of lender is best for your business. You may use your business bank as a starting point for your research. 

Gather documents and apply. Each lender will have its own list of required documents, but generally, you can expect to submit items such as business and personal tax returns and bank statements, business legal documents, insurance information and other information about the property, including a property appraisal. 

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Commercial real estate loan terms typically range between five and 25 years.

Commercial real estate loans typically have shorter repayment periods than personal mortgages, and may require higher down payments. The minimum down payment required for a residential mortgage can range from 0% to 3%, for example, whereas commercial lenders usually want at least 20% down.

Interest rates on commercial real estate loans can be fixed or variable depending on the type of commercial mortgage and your lender.

On a similar note...

What are commercial real estate or CRE loans?

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Key takeaways

• Commercial real estate loans are used to purchase, construct, rehabilitate or refinance commercial properties, as opposed to residential ones.
• However, they might also be used to buy and develop land for residential homes to be built and sold.
• With a CRE loan, the borrower's credit and income are less important than in residential loans — the property's potential income is the main factor.

Whether you’re a developer embarking on a new subdivision project or an office building owner looking to refinance, chances are you’ll need a commercial real estate loan. Unlike residential real estate, commercial real estate refers to property that’s used for business, such as a hotel, office park or shopping center. The typical commercial real estate loan borrower might be a business owner (including small business owners), developer or investor. Commercial real estate loans work differently than residential mortgages in terms of underwriting, structure, interest rates and fees, and there are several types to choose from.

What are CRE loans?

Commercial real estate loans, often called CRE loans for short, are typically used to purchase, construct, rehabilitate or refinance commercial, industrial and other non-owner-occupied property. That can include office buildings, multi-unit rental buildings, medical facilities, warehouses, hotels or vacant land on which one or more of these types of properties will be built. They can also be used to buy and develop land on which homes will be constructed and sold.

Unlike buying a home with a residential mortgage, the underlying asset for a commercial loan is not a primary residence. Instead, the commercial lender underwrites based on the income — such as rent from tenants — and expenses that the property will generate.

“Ideal candidates to pursue a commercial real estate loan include borrowers who either own the property and are seeking to lower their interest rate by refinancing or seek to obtain capital through a cash-out refinance,” says Chris Moreno, CEO of GoKapital in Miami. “Business owners who rent a location and qualify for a commercial real estate loan may be better off obtaining financing to purchase their business property.”

Commercial real estate loan types

CRE loans come in many different varieties. Here’s a rundown of common commercial real estate loan types to pick from.

Commercial real estate loans are also classified by asset classes. These include apartment buildings, office spaces, medical facilities and industrial properties, as well as multi-unit versus single-tenant assets.

“All of these are evaluated differently by the lender,” says Barry Saywitz, president of the Saywitz Company, a commercial real estate brokerage based in Newport Beach, California. “The value of the asset will be determined by the appraisal required, and the appraisal will be determined based on the quality of the tenant, their credit, payment history and rental rate, and the condition of the building and expenses involved.”

CRE loans for investment properties

Commercial real estate loans can be ideal for financing many different kinds of investment properties. But it’s important to understand the rules.

“The investment property must be capable of generating income, and the strength of the sponsor/owner will likely be relied upon for evaluating the loan,” says Rohit Mathur, CEO of commercial lending company Bridge in New York City and Charlotte.

Like all loans, the lender will broadly evaluate the confidence that the loan for an investment property will be repaid, according to Adam Kenney, chief product officer for Numerated, a Boston-based commercial lending platform.

“What’s unique about a CRE loan is that the property will get evaluated as much or potentially more than the business holding the loan,” Kenney says. “The property’s ability to reliably produce positive cash flow is almost always going to be the biggest determining factor in the ability to repay the loan.”

Commercial loan rates fluctuate depending on the property type and the anticipated income it will generate. Commercial buyers may need to provide a larger down payment than regular homebuyers, as commercial lenders typically require lower loan-to-value ratios. Just like with residential loans, commercial loan interest rates are influenced by various factors and adjust frequently based on market conditions.

Commercial loan vs. residential loan

Commercial loan.

• Used for development and business properties
• Underwriting relies on the business financial plan
• Typically shorter payoff periods

Residential loan

• Used for personal residences
• Underwriting relies on the personal finances of the borrower
• Typically longer payoff periods

Like a residential mortgage, a commercial mortgage can be used to purchase or refinance a property. Commercial real estate loans, however, typically come with a shorter term than a residential mortgage loan. A commercial loan could have fixed rate for five years and a 15-year term, amortized over 20 years, for example, says James Sandagato, senior vice president at Cornerstone Bank in Southbridge, Massachusetts.

“The interest rate would adjust every five years, and the balance would be due at the end of the 15-year term, which is referred to as a balloon note,” Sandagato says. “The balance could then be repaid at the end of the term, or the loan can be renewed on rates, terms and conditions to be determined at that time.”

Commercial loan lenders also look to the property, not the borrower, as the source of debt repayment. “With a residential loan, the lender underwrites the repayment capacity of the borrower by analyzing his or her income and creditworthiness,” says Suzanne Hollander, a real estate attorney and professor at Florida International University in Miami. “A commercial loan lender looks at the debt service coverage ratio from the income the property will generate.”

Riley Manke, a director at Walker & Dunlop in Calabasas, California, notes that residential loans “rely heavily on a borrower’s credit score and their debt-to-income ratio, while CRE underwriting relies on a borrower’s net worth, liquidity and experience with the product type they are seeking financing on.”

In addition, the fees and closing costs involved with a commercial real estate loan are commonly much higher than those for a residential mortgage, along with the down payment. Count on making a down payment of at least 20 percent, although up to 45 percent could be required.

The appraisal process is different, as well, Saywitz says. A commercial real estate appraiser will review the property’s potential rental income, comparable sales and prospective replacement costs. This generally takes longer than a residential appraisal that often merely examines comparable sales in the area .

Additionally, when it comes to interest rates, expect to pay more for a commercial mortgage if you’re obtaining it through a private lender, says Moreno. “If you’re looking to close on a transaction quickly or have less-than-perfect credit, you’ll probably have to work with a private lender,” he says.

How to get a commercial real estate loan

The process of seeking and applying for financing for a commercial property involves several key steps.

• Assess the commercial property’s financials carefully. “Lenders will not only review your personal credit history and financials, but they will also evaluate the underlying asset thoroughly,” Moreno says.
• Determine the type of commercial loan you need and shop around. If you have a strong credit profile and your financials are in good shape, you should be able to work with a bank. “Typically, the main avenue borrowers use is to source lenders directly, such as by going to individual banks and soliciting options,” says Mathur.
• Complete a commercial real estate loan application. You’ll need to provide documentation, such as personal and business tax returns, a personal financial statement, personal balance sheet and historical income and expenses for the property. “[This] can also include the property seller’s Schedule E from their federal tax return or a financial statement prepared by the seller,” Sandagato says. Also, be ready to furnish a current listing of each tenant, the space they occupy, tenancy commencement dates, lease details and lease agreements.
• Await the loan processing and underwriting. The lender will use the information you provide to substantiate the property’s ability to repay the debt. “In general, lenders are looking for the property to be able to support a debt service coverage ratio of 1.2 to 1,” Sandagato says. “What that means is, for every $1 in mortgage debt on an annual basis, there is $1.20 in cash flow to support it.”
• Close on the loan. Closing a commercial loan can often take longer than it would for a residential mortgage. “Remember that the lender views a loan to purchase commercial property as more risky than residential, so they need to do their due diligence,” Hollander says.

Are CRE loans impacted by rising rates and inflation?

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