NETAR CMLS - Cornerstone of the region's commercial real estate landscape
The difference between commercial and residential real estate is the difference between day and night.
Residential real estate is typically all about living space, and it's basically driven by purchase or selling price.
Commercial real estate is all about business and investments. It's fundamentally cash-flow and profit-driven and touches everything from a coffee shop to a shopping mall or industrial site.
Currently, there are a little more then 1,200 residential Realtors® who are members of the Northeast Tennessee Association of Realtors® (NETAR). And there are almost 80 who are commercial members of the NETAR Commercial Multiple Listing Service (CMLS).
But while all of them are Realtors®, that's where the similarity ends.
While there are exceptions the difference between commercial and residential real estate purchases is the amount of money involved. A typical local residential deal is in the median range of $200,000. But a typical local commercial deal isn't so easy to put a number on. It can range from the mid and upper six figures or easily move into the seven-digit category. A residential transaction can usually be accomplished in a matter of months while commercial transactions usually involve a longer period.
One way to look at the commercial real estate is to think about economic development. When you see a new business ribbon cutting or a groundbreaking ceremony the political and civic leaders are always at the forefront. But in almost all cases, a commercial Realtor® did the initial work and heavy lifting to set up the deal.
NETAR's CMLS is the cornerstone of the local commercial real estate market, and its members are constantly monitoring the local business and economic cycles to represent their clients.