GRI 302: Expanding your Base
Industrial Real Estate
This module reviews the SIOR definition of industrial real estate, what type of users would use industrial real estate and how site selection criteria. Then we review the rent structure and terminology, net rents, what are operating expenses, rent per square foot terminology. The topic then changes to the construction and design of an industrial building both important for the listing broker and tenant broker. There is a comprehensive slide show of the construction of an industrial building from ground breaking to completed product.
Commercial Real Estate
This module introduces the broker to the lingo and terminology of office and retail real estate. NAR affiliates, designations and other trade associations are introduced that can serve as references and offer marketing sessions. We cover the definition of commercial real estate and site and building variables that a listing and tenant broker should be aware of including zoning, utilities, employee work base, town hall issues and highest and best use. Square footage methods are discussed in detail, the use of a letter of intent and how to develop a LOI, ground lease and sale/leaseback transactions.
International Real Estate
This module introduces the broker to factors that have led the economy to a globalized arena and how international buyers have entered the U.S. for commercial and residential properties. Various NAR and other trade organizations, designations and international broker conventions are reviewed. A section on cultural issues during negotiations and the “dos” and “don’ts” are covered with role playing. U.S. and international real estate laws are reviewed as well as brokerage services in other countries with a conclusion of pricing issues due to currency exchanges, tax laws, etc.
Marketing and Negotiating Industrial and Commercial RE Module
This module focuses on developing a marketing plan to list a commercial building and to find commercial tenants to lease the listing. Different marketing methods are separately into the indirect and direct approaches, effective marketing accountability and reporting, resources and references to find office, retail and industrial tenants including NAR commercial references and NAR affiliates. Broker is exposed to working with other REALTORS(R), developing a commission statement and the NAR professional standards on procuring cause, compensation v. cooperation and the NAR Professional Standards Procedure.
This session will provide information and guidance on the complicated transactions involving foreclosures, short sales, and bank owned (also known as real estate owned or REO), and give attendees useful ways to protect their commission while assisting buyers, sellers and mortgage companies through the process. The curriculum, will teach Realtors® how to deal with short sales on both the buying and listing side; how to best approach lenders; and what information they will be required to produce. This course also includes information on the human element of the process and the need for some consumers to relocate into more affordable housing.
Closing and Settlement
The “Closing and Settlement section of the GRI will cover the role of the Closing/Settlement in the Real Estate Cycle (Listing, Showing, Offer and Acceptance, Purchase & Sale Agreement, Financing, Title Search, Closing/Settlement). It will also cover the Sellers Closing Cost and Responsibilities and the Buyers Closing Costs and Responsibilities. Lastly Documents that will be needed at Closing along with Settlement Statement and Review Broker's role and impact on the closing process at the following
Class qualifies for 8 hours of continuing education credits.
2 hours Industrial (RE45C10)
2 hours Commercial (RE37C05)
2 hours Foreclosures (RE28RC07)
2 Hours Closing and Settlement (RE07RC01)
Tuition: $250 by July 10th, $275 after July 10th,$295 walk-ins (space permitting). Cancellation policy: $10 by July, 10th, $25 after July 10th, +$75 one day prior-no shows forfeit entire tuition. The GRI designation is available to only REALTOR members
GRI Alum’s can take a refresher class for half price, space permitted.
July 18, 2012 8:00am - 5:30pm
July 19, 2012 8:00am - 5:30pm
****Please note class location
The Higgins Group, REALTORS
271 Lincoln St.
Lexington MA 02421