Representing Landlords In Real Estate
December 03, 14
Building owners who want to fill their office buildings or commercial buildings with reliable, stable, long term lessees often find themselves too busy with their own businesses to devote time and energy needed. It often makes good economic sense to use an experienced full service real estate consultant to handle the tasks of advertising, screening, and the interaction with the legal community to negotiate satisfactory lease arrangements.
Here's what landlord representation is all about.
Selecting tenants for long term relationships is something like hiring employees. A strong tenant recruiting campaign is the first step. Candidates have to be culled, self-selected, and pre-qualified. The kind of advertising used is important. Personal contacts by agents with wide reach in the community is sometimes the best way of finding tenants with the correct pattern of needs. The search to recruit tenants may even extend beyond the Houston area or out of the state.
After the landlord has attracted candidates, the process of selecting those most likely to be reliable and constructive members of the building community takes priority. Objective criteria for the screening of tenants have to be used in compliance with Federal anti-discrimination laws. The development of valid selection criteria in a rental or lease application is essential. Reference checks and credit checks must be done.
Once tenants are selected, leasing documents must be written. These legal documents must be carefully drawn up to account for the particular needs of the tenant without leaving things out and neglecting any special conditions. In some cases, the landlord has to work with architects and contractors to make needed modifications in the structure of the facility. Contracts may need to be drafted. Cost sharing arrangements may need to be legalized. The building may have to be represented to municipal government. Working with the tenant's legal counsel may be part of final arrangements before the tenant moves in.
Finding appropriate tenants is a time consuming process. Poor selection of tenants can be costly. LandPark Commercial Real Estate has the specialized staff in commercial real estate, brokerage, leasing, property management, and finance to support your tenant search, legal requirements and building adaptations. Contact us to discuss your needs.