I recently completed an office lease with an office building owner, that I have completed numerous transactions with over my 20 year career of representing tenants in office leasing transactions. This building owner is always a pleasure to do business with as they make the process as smooth as possible even with a difficult negotiation or tough requirement to satisfy.
This is the type of Landlord you want to do business with and their office buildings almost always make the tour list and if you happen to complete a transaction, everyone walks away after the deal feeling good about the process.
What are the traits of the Landlord’s that always seem to standout?
- They are creative deal-makers.
- They have a knowledgeable, professional and honest leasing team who you enjoy doing business with even in difficult negotiations.
- They provide high quality marketing materials, floor plans and CAD drawings.
- They utilize a reasonable lease document which omits all the language you are going to allow the tenant to strike anyway.
- They either sign your commission agreement or provide a fair commission agreement for both parties and you don’t have to hound them for the agreement.
- They pay commissions timely or even better immediately after the lease is fully executed.
- They get to know the tenant representation brokers on a personal basis.
- They respect the tenant / broker business relationship and do not circumvent the tenant’s broker during negotiations.
- They treat the smaller space requirements with the same responsiveness as the larger deals.
- They are consistent in how they deal with the brokerage community no matter what market conditions (tenant vs. landlord market).
Typically if this how they operate with their leasing function the same can be said for how they operate their buildings making for a positive tenant / landlord relationship. As a result the tenant representative is comfortable making the recommendation to go forward with a quality landlord provided the space meets the tenant’s occupancy and economic requirements.
This Landlord’s recognize the tenant representation specialists are vital to leasing space and keeping their building’s well occupied. They understand maintaining strong relationships and quality reputations with the brokerage community benefits their goals in the long term.