Commercial Real Estate Jobs

We’re currently in the process of leasing a commercial property in Baltimore, Maryland and I got to thinking about the various roles that are played throughout even a fairly simple transaction. We own a commercial building in a very nice area of downtown Baltimore and we’ve listed it with a leading broker in the area. That involves meeting with the commercial real estate agent and walking through the property so that he can get a feel for what type of space it is. After we’ve met, he then has his real estate assistant produce the documentation that I’ll need to sign to establish an agency relationship - a listing agreement and other documents explaining what services the broker will provide, etc.

Then the property is listed for lease in commercial real estate databases such as Costar and perhaps others. After that has happened, other agents representing clients in need of commercial office space will search the database and hopefully find our listing to be worth checking out. Then calls are made to our agent’s office to set up viewings, again through an assistant or an agent on duty in the office. Assuming the prospective tenants like the space, they will submit an acceptance of the stated lease terms (or attempt to negotiate them in their favor) and a formal lease is prepared.

Normally, it would be advisable to have a real estate attorney oversee the process of creating a lease, but we’ve already leased this space in the past, so we don’t have to go through that hell in this particular instance. Assuming the lease terms can be agreed upon, it’s just a matter of preparing the space for occupancy.

That normally includes a thorough cleaning and the addressing of any (hopefully minor) issues left behind by the previous tenants. That usually means a cleaning service and a reliable contractor to tighten everything up. Once that has been squared away, turn over the keys and keep your fingers crossed. Oh, and of course you should pay your commercial real estate agent for their services. That’s important.

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