Landlord Representation: More than Meets the Eye
September 16, 15
When one thinks of landlord representatives, it's often in the context of filling vacant office space. Although they are also known as leasing agents or leasing brokers, the lease is the last step in a long and lengthy process that leads up to signing on the line next to the "x".
In order to effectively market a space, a landlord rep has to know how the particular property fits into the region's big picture. After a site walk-through and a property analysis, he/she will conduct a market position analysis (MPA). An MPA will help the landlord rep understand the property's features and benefits, as well as its strengths and weaknesses as compared to the other properties with which it will be competing for tenants. With this information in hand, the landlord rep can sit down with the landlord to discuss and assess their goals and expectations. Once they are in agreement, the landlord rep can go on to create an aggressive marketing plan and put it into action.
Although the objective of a marketing plan is all about making the office or retail space visible, if it isn't seen by the right people, it's a waste of time. The next step in the process should be researching the target audience and formulating a message that will properly convey that this property is a right fit for them. Once those prospective tenants respond, the landlord rep will make sure, not only that they are qualified, but that their expectations fit in with those of the landlord.
If the property owner is amenable to negotiations, the rep will serve as go-between until a deal is reached which satisfies both parties. However since this is all about landlord representation, the lease will always be viewed from the prospective of the landlord in order to ensure that it maximizes his revenue.
At LandPark Commercial we provide ourselves on our dedication and responsiveness to our clients' needs, and in being able to bring value to each and every assignment. Contact us to discuss how we can use our comprehensive goal-driven approach to satisfy your real estate needs.