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#244987 - 08/17/08 09:37 PM landlord and tenants
babmukja Offline
Member

Registered: 09/24/07
Posts: 24
Loc: california, U.S.
Hello,out there!
I am representing this landlord to lease the vacant spaces in his property and the existing tenants are complaining about the rent. Some tenants have already left because the landlord wouldn't compromise the rent rate.
Now, how do I, as a listing agent, make both sides come out as a win-win situation?
another words, how do I make both the landlord and the tenants happy?

thank you

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#245036 - 08/18/08 11:04 AM Re: landlord and tenants [Re: babmukja]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 5336
Loc: georgia
This comes with experience.

Are we talking regular residential,multifamily,retail strip center? They are all a different animal and take different approaches to leasing and negotiation.

Good luck you might check out www.irem.com for some property management tips.

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#245037 - 08/18/08 11:06 AM Re: landlord and tenants [Re: super realtor]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 5336
Loc: georgia
Sorry it's www.irem.org

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#245428 - 08/20/08 02:59 PM Re: landlord and tenants [Re: super realtor]
Dallas Broker Offline
Member

Registered: 08/15/08
Posts: 32
Loc: Texas, United States
if existing tenants are upset because you are marketing vacant spaces at lower rent rate, try and negotiate some type of renewal between landlord and existing tenants. Ex. 2-4 year extended lease at reduced $/sq. ft equal to current market rate offered to new tenants.

If existing tenants are unhappy with standard market rate increase on their lease, find new tenants that are willing to sign lease and offer them some type of short term incentive to sign on (with incentive based on term of lease)

Of course, as mentioned above, all depends on type of property commercial...residential

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#245498 - 08/21/08 01:16 AM Re: landlord and tenants [Re: Dallas Broker]
babmukja Offline
Member

Registered: 09/24/07
Posts: 24
Loc: california, U.S.
Hey, Dallas Broker!
First of all, this is a commercial property I'm talking about (strip center). Now, I've seen a lot of tenants moved out because the landlord wouldn't budge on rent rate and, on a flip side, I've dealt with landlords couldn't keep up with all the demands and complains from the tenants that he ended up neglecting the property. I just want to know, as a listing agent, what would be the best way to deal with this type of problem?

thanks

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#248529 - 09/08/08 09:18 AM Re: landlord and tenants [Re: babmukja]
El Luchador Offline
Member

Registered: 05/01/07
Posts: 59
it depends on the tenant. If you have a highly valued tenant that the LL wants to keep, it may make sense for the LL to be willing to retrade their lease terms. For low-value tenants - tough.

this wont help the current situation, but for the future, have you thought of not publishing what the rental rates are? in my area, it's very common for retail rental rates to be listed simply as "negotiable." that way, the rate isn't out there for public consumption, and is only available when a prospect calls. This is not to say a current tenant wont ever call as a "prospect", but it gives you a little more control.

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