A commercial leasing agent is hired by landlords to find tenants for commercial spaces. They market the property, show it to potential tenants, complete paperwork, and negotiate lease terms. They may also perform ongoing property management services.
A commercial leasing agent is usually hired by the landlord to lease commercial space to tenants on the landlord’s behalf. Typically, the agent and landlord sign a listing agreement, in which the landlord agrees to pay the agent if the agent finds a qualified tenant for the property within a set period of time. Most agents receive a commission that is paid when the landlord and tenant sign a lease. Some also charge an hourly rate for their services. Agents can lease a variety of different types of commercial property, including shopping or retail centers, office buildings, restaurant space and industrial warehouses.
Finding suitable and credible tenants is one of the main tasks performed by a commercial leasing agent. To attract potential tenants, an agent may engage in marketing and advertising tactics such as running classified ads that detail their available properties and holding open houses. If a tenant is interested in viewing a property, the agent will usually take them on a tour of the property. The agent must have knowledge of the property and be prepared to answer any questions the tenant may have about the space.
When finding new tenants, a commercial leasing agent essentially serves as a salesperson. Once a prospective tenant has expressed an interest in renting the property, the agent is responsible for ensuring that all paperwork is properly completed. For example, the agent will typically obtain a credit check and any necessary financial statements from the person or company renting the space. Additionally, the agent typically acts as the landlord’s representative when negotiating the terms of the lease with the tenant.
A commercial leasing agent is distinct from a commercial real estate agent. A real estate agent assists someone in buying or selling commercial property. On the other hand, a commercial leasing agent simply finds a tenant for the property and is not involved in the actual sale of the property.
In some cases, a commercial leasing agent may be hired to perform ongoing property management services for the landlord. In this capacity, the agent is typically responsible for maintaining the property. This involves analyzing the current physical condition of the property and determining if repairs are needed to bring the property up to a solid market standard. The agent may also be responsible for management tasks such as ensuring the property is financially sound and leasing space at competitive rates.
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