Landlord Representation Definition: What Does A Landlord Rep Do?
Before we get into the nitty-gritty, let’s cover the definition of landlord representation. To put it quite simply, landlord representation is a service commercial real estate brokers will provide to property owners and investors to help develop in-depth understanding of their assets, attract and maintain the right renters, and, ultimately, enhance the investment value. So, what do commercial landlord representation services actually look like, then?
The responsibilities of a landlord representative vary, but they tend to fall into a few key categories.
As any smart investor knows, knowledge is power. Understanding both your property and the comparable properties nearby is essential to strategically marketing your space to your ideal tenants. Moreover, you’ll also want to collect data on your target audience so you can ensure the strategy you employ to lease your space aligns with the wants and needs of your ideal tenant. An expert in commercial landlord representation services will take on the considerable research necessary to understand your positioning and make your property as profitable as possible.
Armed with the knowledge from a comprehensive market analysis, your landlord representative will then develop a leasing strategy that appeals to your ideal tenant. We don’t have to tell you that an industrial space in a more remote area is going to appeal to a vastly different audience than a corporate office space that’s right off the highway. However, just because your property has the hallmarks of what a credit-worthy lessee might be looking for, if your landlord representative fails to get the space in front of those decision makers, you won’t be able to close the deal. Commercial landlord representation services take this labor intensive process off your plate and ensure your property is easily accessible by the right clientele.
Last, but certainly not least in the ongoing landlord representation role, is the development of a strategy for retention before you ever lease to a tenant. Maintaining credit-worthy tenants directly correlates to the value of your property. A landlord representative who is looking out for your best interests understands that relationship and prioritizes the factors that play into it. From staying informed on the latest market and economic trends to working directly with your tenants to ensure complete satisfaction, you can trust that the right commercial landlord representation services will help you manage this element of property ownership on a daily basis.
Market analysis, marketing, and tenant retention are all part of the ongoing commercial landlord representation services a broker will provide. As time goes on and your wants and needs change, you may find yourself in a position where you have to make some big decisions about your property. A landlord representative who has experience with various types of transactions, including 1031 exchanges, will be highly valuable should the time come when you want to relinquish a property or change the dynamics of your portfolio.
Commercial Landlord Representation Services From Fountainhead Commercial
Lowrey Burnett, owner of Fountainhead Commercial and CCIM-designated broker, has extensive experience as a landlord representative for owners of office and industrial space. He’s dedicated to helping property owners make informed decisions and position their properties strategically in the market.
If you’re a property owner looking for commercial landlord representation services, look no further. Contact Fountainhead Commercial today to schedule a meeting with our landlord representative.