Landlords need to review their options - meaning qualified commercial leasing practitioners - in choosing the best brokerage to market their space. Beyond having a strong background in your market, their services should include much of the following.
Services Check List:
1) A solid analysis of current market conditions and trends
2) Supporting data regarding base/additional rental rate comparisons
3) A specific marketing plan for targeting the space (incl. target markets/users)
4) Promotional plans including – website marketing, signage, flyers
5) Market based expectations on incentives (ie.rent-free, TI.allowances)
6) Strategies for negotiation on the landlord’s behalf
7) Working arrangement with the local broker community & co-operating plan
8) Ability to service premises tours/viewings
9) Documentation expertise and preparation abilities
10) References that can be reviewed and called upon
Beyond the services, a discussion of brokerage fees involved is certainly appropriate and timely at this point. This could involve a % fee structure based on the rental due over a fixed lease term, or based on $ amount per ft. applied against the premises area being leased. This will vary from broker to broker, and based on your specific market. However, it is most important to understand how the fee is based, when it’s to be paid, and any future fees which may apply to extensions/options at later stages.
Although not necessarily a complete list of services required, the above gives you a sound basis to interview candidates. At the end of the day, a Landlord must be confident in the ability of the broker to ‘GET THE JOB DONE'.
Again, seek out experienced commercial leasing brokers within your market, to best represent your interests in marketing your premises. To learn more about our experience and background, click here.
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