The best leasing and management team
provides building owners/landlords an
efficiently run asset with higher occupancies. Senior leasing agents act as the
face of the operation and direct the work of
a group of experienced professionals. As
the head of a real estate asset management
team, the building owner/landlord must
ensure that people with the right skills are
chosen to assist potential new tenants or
service the needs of existing tenants.
“The landlord’s team is only as strong as
its weakest link,” says Leigh Bower, vice
president with CB Richard Ellis in Atlanta.
“There’s a lot of work that happens behind
the scenes to gain a new tenant or take
care of an existing one.”
Smart Business learned from Bower the
importance of all of the professionals who
contribute to a landlord’s team.
How do landlords view the process of winning a new tenant?
Commercial real estate is a very competitive industry that requires a skilled leasing
representative assisted by a team of professionals to effectively position an asset
within a submarket. The team’s leader, the
senior leasing agent, is in the ‘front lines,’
marketing the asset to the brokerage community and tenants. This person acts as the
eyes and ears in all aspects of the process,
communicates with the landlord on the
status of the surrounding competitive
properties, keeps an eye on the submarket’s overall economy and monitors the
asset’s position within the submarket. A
commercial real estate asset must look its
best and be well managed at all times to
stay competitive.
What people make up the landlord’s team,
and what tasks do they perform?
Senior leasing agents work with a diverse
mix of people who maintain the facilities
and design and construct new spaces for
tenants. Depending on tenants’ needs, they
may receive services from some or all of
the following professionals:
- Senior and junior leasing agents:
- Property manager: This person assumes responsibility for the day-to-day
management of the property and grounds,
including the preparation of the budget
needed to effectively manage the property. - Building engineer: This expert maintains and monitors the building’s HVAC
equipment and control systems to ensure
they function safely and efficiently and
meet the tenants’ requirements. - Landlord’s attorney: This legal professional prepares all tenant lease documentation and any additional legal documents that are required to complete the
lease transaction. A local attorney will
preferably provide this service. - Architects: These design teams create
tenant interior floor plans and also guide
the group through all aspects of evaluating
the building’s interior architectural structure to ensure compliance with local governmental codes. Landlords will preferably
have two architects on their team. A more
skilled, creative architect can handle projects with tenants that have more difficult,
time-intensive requirements. A typical tenant requiring less creative design can be
handled by a ‘space planner’ who is more
adept at designing ‘vanilla boxes’ for smaller, less demanding tenants. - On-site security guards: These individuals monitor the area to preserve the
safety of tenants, the property and the surrounding grounds. - Construction manager: This person
steers the contractors on all new construction projects and tracks their performance
to facilitate quality work and on-time completion of projects. - Contractors: These skilled craftsmen
construct the interior projects for tenants
and address other property-related construction issues.
These individuals perform all aspects of
attracting new tenants to a property and
renewing current tenants. The senior leasing agent acts as an overall team leader
who ensures all of the different professionals interact as a team on projects.
Why is every participant in the process an
essential part of a successful deal?
Each team member provides an area of
expertise that is crucial to the proper maintenance of an asset and to the process of
effectively attracting and servicing new
and existing tenants. Before new tenants
even step foot into the building or onto the
grounds, a highly skilled team of professionals has put in hours of work to anticipate and address their needs. Throughout
the tenancy, a host of skilled individuals
can assist commercial tenants 24 hours a
day, seven days a week.
What should a tenant look for in a landlord?
Choosing an experienced team to lease
and manage a real estate asset is crucial to
its success. As the front-line team leader,
the leasing representative must present a
positive image to external contacts and
effectively manage and guide the team
from project start to finish. This leasing
representative must possess many positive
traits to handle the varied responsibilities
of the position. These qualities include:
- Knowledge of all aspects of the commercial real estate industry
- Leadership skills
- Positive ‘can-do’ attitude
- Ability to interact with numerous types
of personalities - Forward thinker/planner
- Skilled negotiator
- Solid time management skills
- Ability to multitask
LEIGH BOWER is vice president with CB Richard Ellis in
Atlanta. Reach her at (404) 504-7890 or [email protected].