Commercial real estate agents serve as the Punxsutawney Phils for those Realtors that practice on the residential side. When commercial real estate enjoys more activity, residential is soon to follow.

The difference between the practice of commercial agents and residential agents is a great as the gap between dentists and podiatrists. Yet, there is a common element, and most veteran residential agents have developed relationships with those that participate in warehouses, office buildings, industrial space and other commercial development.

More recently, in the cases of the high-rise, mixed use condominiums, there is some crossover leading to residential/commercial partnerships.

After the crash in 2008, residential mortgage lending guidelines were rewritten with more stringent requirements, and loans became more difficult for borrowers to obtain. Yet, there was money available for those with cash on hand, good credit and employment stability. On the commercial side, there was no money. Banks simply weren’t lending.

Slowly over the next three years, lenders began to revert to the ways that earned them that title. They were given access to the vaults, and money began to trickle forth. During this time, cash was king in residential and commercial. Those with cash began to devour large and distressed – yet solid – properties. Now they are yielding great rewards as prices are on the upswing and funds are more available.

On the residential side, there are 15-year loans available with interest rates as low as 2.75 percent and 30-year loans going for 3.75 percent with no origination fees. In many cases, businesses that relocated to Nashville are expanding, and several that opened Nashville offices are transferring more employees to Nashville after the principals realize all the city has to offer.

The property tax base in Nashville is considerably lower than many cities, according to those relocating, especially Californians and Chicagoans. They also enjoy the fact that the city has four seasons.

Recently, a person from Southern California arrived on a rainy, drizzly, frigid day. When his Realtor apologized for the weather, he remarked that he was thrilled to see a cloudy day and was ecstatic to experience those conditions. Perhaps Albert Hammond was right in 1972 when he sang that It never rains in Southern California.

The business atmosphere is as diverse as the weather, and leaders and management from around the country are taking note. The pipeline of corporate relocation into the city is full of major corporations on the verge. As the economy improves nationally and companies expand, relocation becomes an acceptable, practical expense. Commercial agents are currently working with these firms and, once they move, pass the torch to the residential agents to assist the employees with their residential needs.

The commercial real estate industry is the beacon for those in residential. As Charles Dickens celebrates his 200th birthday, Nashville has a better understanding of his words “It was the best of times; it was the worst of times.”

Six years ago, there were over 40,000 residential property sales. Last year there were 20,000. However, while today is among the worst of times, it is so much better that it feels as if it is the best of times.

Richard Courtney is a residential real estate broker with Pilkerton Realtors and can be reached at [email protected].