1. A leasing agent maintains up-to-date listings of all available properties, with complete descriptions. They analyze the local market, noting trends and ensuring that proposed rents are competitive. To advertise the leasing agency and its specific properties. The Leasing Agent is to provide marketing material, signage as required as per their listing agreement and per regulations noting brokerage, sales person(s) names contact # etc. as per RECO and the ACTS. To advise the landlord on marketing plans and ideas. If using the MLS system or dealing with other Brokerages the listing agent must treat them fairly and inform them as per regulations. To undertake the marketing plan MLS, Flyers, Cold Calls, Signage, email blasts, advertising etc, as per regulations.
2. The agent interviews prospective tenants to determine their needs and pre-qualifies them to ensure that they will be good tenants and fit the tenant mix that is best suited for the project. Related to that, the agent may perform background checks and obtain credit reports as allowed by regulations and FINTRAC.
Showing the Property/arrange the showing (tour)
3. The leasing agent needs to be fully knowledgeable on all aspects of each property they have available, from physical dimensions to amenities and nearby services. If applicable, the agent may supply specifics on the community or commercial facility and note any local regulations the tenant would need to know. The leasing agent should be knowledge of all aspects of the property including zoning, use restrictions, power, life safety, etc. The leasing agent should conduct tours of the property as required. As per the regulations, the leasing agent should be the one showing the property and space.
4. The leasing agent supplies offers to lease; lease forms and completes them, explaining all terms of the Offer to lease. They collect any security deposit, and first and last month’s rent, as applicable based on the Offer to lease. Ensures any deposits are treated as per regulations and if required deposited immediately into the Real Estate Broker’s trust accounts. The agent then follows through; answering any questions the tenant may have prior to move-in. Also deals with the landlord who he owes a duty to, must also declare if a dual agency exists and the duty of care to both parties. The leasing agent may recommend space designers, lawyers, leasehold contractors etc, but must not accept payment and should recommend several as per regulations. Also on any aborted transactions provides the proper documentation to all parties i.e. mutual releases… as required per regulations.
Inspections and/or Management/ take ownership of the transaction process
5. The leasing agent inspects the property prior to leasing and notes its condition prior to the tenants moving in. The leasing agent will make suggestions to the property owner as to how to market the property such as build out finish space or pricing recommendations based upon sound market knowledge of the property. The leasing agent (brokerage) invoices as per the completed transaction, releases monies (if any) from the trust accounts and disburses the funds as required and maintains records as required. Should ensure a successful turnover of the space and both parties are informed in a timely manner if there is a problem.