A property owner typically hires a commercial leasing agent to rent out commercial spaces on the owner’s behalf. The agent and the owner typically sign a listing agreement in which the owner agrees to pay the agent if the agent finds a qualified tenant for the property within a certain timeframe. The majority of agents are paid a commission after the property owner and the tenant sign a lease agreement. Some charge an hourly rate for their services as well. Retail or shopping centers, office buildings, restaurant space, and industrial warehouses are just some of the commercial properties that agents can lease.
A commercial leasing agent’s primary responsibility is to find suitable and credit-worthy tenants. An agent may use marketing and advertising tactics to attract potential tenants, such as placing classified ads that detail their available properties and hosting open houses. When a tenant expresses an interest in seeing a property, the agent usually gives them a tour. The agent should be well-versed in the property and ready to answer any questions the tenant may have about it.
A commercial leasing agent is essentially a salesperson when it comes to finding new tenants. When a potential tenant expresses interest in renting the property, the agent is in charge of making sure all paperwork is completed correctly. For example, the agent will usually request a credit check as well as any necessary financial statements from the person or company leasing the space. In most cases, the agent also represents the landlord when negotiating the terms of the lease with the tenant.
A commercial leasing agent and a commercial real estate agent are not the same thing. A real estate agent is a person who helps people buy or sell commercial property. A commercial leasing agent, on the other hand, merely finds a tenant for the property and is not involved in the actual sale of the property.
In some cases, the property owner may hire a commercial leasing agent to provide ongoing property management services. In this role, the agent is usually in charge of the property’s upkeep. This entails assessing the property’s current physical condition and determining whether repairs are required to bring it up to market standards. The agent may also be in charge of management responsibilities, such as ensuring that the property is financially sound and renting space at reasonable rates.