By: Paul Yorkis – 2020 President Realtors® Commercial Alliance of Massachusetts
With housing inventory continuing to fall behind the demand, I’ve spoken to many residential Realtors® who are anxious to learn about the ins and outs of venturing into commercial real estate. Similar to residential real estate, different areas of the Commonwealth have different commercial real estate practices.
Both the Boston and Worcester commercial markets are projected to have substantial activity in 2020, but each market is very different. In Boston, the market is being driven by its institutions of higher education, and bio/pharma industries. In Worcester, activity is being generated by the arrival of the Boston Red Sox’s Triple A team the Worcester “WOO SOX”. In addition to the building of Polar Park, the team is spurring significant downtown development.
Even my MetroWest community of Medway, is gearing up for its single largest economic development project in its history. The project, approved by Town Meeting in November 2019, will be a mixed-use development including a hotel, multi-family residential, and light manufacturing located on 60+ acres.
If you’re interested in commercial real estate in 2020, consider joining the Realtor® Commercial Alliance of Massachusetts (RCAMA). The RCAMA is what’s called an overlay board, and it provides Realtors® with the pathway to success in commercial real estate. We focus on learning how to better represent investors interested in apartment buildings, individuals interested in starting a small business, developers looking for land, or learning how to navigate the zoning bylaws in a community.
Another effort by RCAMA in 2020, is working with MLS Property Information Network (MLS PIN) to explore changes to their commercial listing application. The goal is to enhance its commercial platform so that it works more effectively for commercial practitioners, and would therefore provide better services to sellers. This will not be an overnight process, but an important step forward in enhancing the effectiveness of commercial Realtors®.
Upcoming Commercial Events:
On February 11, 2020, RCAMA will be offering a one-day hands-on workshop for members and non-member Realtors® focusing on the Realtor® Property Resource (RPR) Commercial applications. The workshop will be taught by Nathan Graham, RPR Director, Commercial Services. This program has been made possible by a grant from the National Association of Realtors®.
Participants will be required to bring their laptop with their RPR login account already established. The program will include breakfast and lunch and will take place in our Auburn, MA classroom located at 492 Washington Street. Participants will earn Massachusetts continuing education credits. The cost of the program is free for RCAMA members and $50 for non-members. For additional information or to register please email Colleen Pappas at firstname.lastname@example.org.
Please feel free to contact me or any of the other officers with any questions or suggestions at email@example.com or 508-509-7860.