What Is a Leasing Agent? Explore Responsibilities and Importance

Property owners want their properties to always be filled with good tenants who pay their rent on time. This can happen only when they are successful in maintaining clean and safe buildings or apartments. Property managers need to build their reputation among the tenant community so that people can find their properties worthy of living in. 

If you are an experienced property manager, you probably know that you can't do it all alone. You require the support of somebody. That significant member is the "leasing agent". What is a leasing agent? and what are the responsibilities and duties of a leasing agent– we will look into the answers to such questions in detail in this article. Without any further ado, let's get started.

What is a Leasing Agent?

Leasing agent is the one who helps the renters to find the suitable place and fill the tenant vacancies at open properties. Commercial leasing agents help in facilitating the vacancies and transactions for stores, office buildings, restaurants, warehouses and so on and so forth. Thus, leasing agents acts as a bridge between tenants and the individuals from whom they lease properties. 

What Does a Leasing Agent Do?

The duties of a leasing agent include – 

• Finding new tenants for rental properties. 

• Providing apt customer services to the existing tenants.

• Handle the signing of leases 

• Follow up with their prospective tenants. 

• Conducting background checks to qualify potential tenants. 

• Confirm whether the information provided by the potential tenants is true or not. 

• Negotiating lease renewals. 

• Informing residents of any changes to the rental agreement or upcoming issues related to the property. 

Responsibilities of Commercial Leasing agent

What responsibilities do a commercial leasing agent have to fulfill? Here are some of them – 

Perform the Need Analysis

The right leasing agent listens to your needs carefully before starting to work towards them. He/she must know what you want before showing you the eligible or available properties. A leasing agent should ask you the right set of questions related to your business plans. In which location do you deliver your services the most?

Will the customers visit you, or is it strictly an office space? The answers to all these questions help you choose the location of the property. Your financial needs are also included in the need analysis. For instance, how much can you spend or invest in the property? A leasing agent will help you arrive at the right property, fulfilling your needs. 

Streamline the Leasing Process

Once an individual or potential renter accepts any deal, the process doesn't come to an end. It continues. You need to be involved in building inspections, negotiations, and even re-negotiations. If you have time to manage and handle all these, good for you.

But if not, a commercial leasing agent can help you in such cases. In between the hassle of completing the paperwork, a leasing agent can help you complete all the mentioned processes in a faster manner. 

Access to Tenants 

Leasing agents have a vast number of connections. They know what is trending in the market and which properties are available. They also have good connections with the tenants. So, they are well-versed with the people who are looking for the properties or who would jump at the chance to lease a specific property. 

The professional relationships of your commercial leasing agent will help you determine whether you should consider investing money in a property or leasing it. Also, why to spend your time looking for the tenants yourself, when professional leasing agent can do that for you?

Work Flexible Hours 

Working as a leasing agent is not a part-time job but a full-time one. Sometimes, the agent even need to put in extra hours. It is done to meet the needs of the current as well as potential tenants or residents. Because many a times, potential tenants can view new properties only on weekends or on the days when they have off from work. 

Tour Available Properties 

Leasing consultants should be well familiar with the properties because they need to show the properties frequently to the people. Knowing the ins and outs of the vacant apartments of the residential places of potential renters forms the key elements of this job.

Importance of a leasing agent in the commercial Real Estate

Deciding between leasing and buying a property is a tough decision that requires in-depth analysis. This is where the importance of a leasing agent comes in. Commercial real estate agent helps make informed decisions on the basis of solid facts and not emotions. 

Being an individual, we can get easily caught up in the emotions and make quick decisions by looking at the attractive property. But sometimes such choices can lead to financial burden. Let a professional commercial leasing agent make it easy to form decisions.

All properties are likely to have a rental history unless they are brand new. And it is your right to know the building's reputation so that you don't come across any unpleasant surprise in future. A leasing agent helps you know the reality behind the building.

To Make a Long Story Short 

A leasing agent conveniently breaks down the rental processes for property managers. The right commercial leasing agent takes everything into account and then represents you. Getting in touch with Michael Reyes commercial leasing agent make all the difference to your business. So, let the leasing agent prove to be a light for your rental business and deliver you the desired results.

FAQs

How do commercial real estate agents get paid on leases?

Commercial real estate agents typically get paid on leases through commission fees, which are usually calculated as a percentage of the total lease value or as a fixed fee per square foot leased.

How much do commercial leasing agents charge?

The amount charged by commercial leasing agents can vary depending on factors such as the local market, the complexity of the lease transaction, and the specific services provided, but it typically ranges from 3% to 6% of the total lease value.

What is a commercial leasing agent?

A commercial leasing agent is a professional who specializes in facilitating lease transactions for commercial properties, such as office buildings, retail spaces, industrial facilities, and warehouses. They assist both landlords and tenants in finding suitable properties, negotiating lease terms, and finalizing lease agreements.

Do I need an agent to lease a commercial space?

While it's not mandatory to use a commercial leasing agent to lease a commercial space, their expertise and knowledge of the local market can be highly valuable. They can help tenants navigate the leasing process, negotiate favorable lease terms, and find properties that meet their specific needs and budget.

What is the difference between renting and leasing?

The key difference between renting and leasing lies in the duration of the agreement. Renting typically refers to shorter-term arrangements, often month-to-month or for a fixed term of less than a year, while leasing usually involves longer-term commitments, typically one year or more, with a formal lease agreement outlining the terms and conditions of occupancy.