July 30, 2026
Every month a commercial space sits vacant, an owner is paying the mortgage, taxes, insurance, and CAM costs on income that isn't coming in. Vacancy is quietly the biggest risk to a commercial property's return, and yet it's the piece of ownership most owners handle the least professionally, often listing the space themselves, pricing it off a gut feeling, and negotiating directly with whoever calls first.
Landlord representation exists to close that gap. Here's what it actually includes, and where it tends to pay for itself.
What Landlord Representation Includes
A landlord's agent works exclusively for the property owner, the mirror image of a tenant rep broker. The scope typically covers four things: pricing strategy based on real market data, marketing the space to the broker and tenant community, screening prospective tenants financially and operationally, and negotiating lease terms that protect the owner's long-term interest, not just the fastest signature.
Why Pricing Strategy Matters More Than Owners Think
Overpricing a space is the single most common mistake I see. An owner anchors to what they wish the market would pay, the space sits for six extra months, and the eventual lease ends up at or below where it could have signed on day one, minus six months of carrying costs. Underpricing has the opposite problem: the space leases quickly, but the owner has left real money on the table for the length of the lease term, sometimes five or ten years.
Getting the number right requires actual comps: recently signed leases for comparable space, current concessions being offered by competing landlords, and an honest read on how the space shows relative to alternatives. This is where a broker who's actively working both sides of the market, representing tenants as well as landlords, has a real advantage: I know what tenants are actually willing to pay right now, not what a rent roll said two years ago.
Marketing the Space
Signage and a listing on LoopNet or Crexi is the floor, not the strategy. Real marketing means getting the space in front of the network of tenant rep brokers who are actively representing businesses looking for that exact type of space, direct outreach to likely user categories, and keeping the listing active and responsive so inquiries don't go cold waiting on a callback.
Screening Tenants Properly
A signed lease is only as good as the tenant behind it. Before I bring an offer to an owner, I want to see financial statements or tax returns, understand the business plan if it's a new concept, and in most cases secure a personal guarantee, especially for newer businesses or single-tenant net lease structures. Skipping this step to close faster is how owners end up with a defaulted lease and a much longer vacancy than if they'd waited for the right tenant.
Lease Negotiation Points That Actually Matter
- Tenant improvement (TI) allowance. How much the landlord contributes toward build-out, and whether unused TI can be applied toward rent.
- Free rent and concessions. Common in a competitive market, but should be structured to protect the landlord if the tenant defaults early.
- Renewal options. Fixed-rate renewals can cap an owner's upside for a decade; market-rate renewals with a floor protect both sides.
- Assignment and subletting rights. Owners want approval rights here, not a blanket right for the tenant to hand the space to anyone.
- CAM caps and audit rights. Especially relevant in NNN structures; a poorly drafted CAM clause creates disputes for years.
Common Mistakes Owners Make Going It Alone
The most expensive mistake is accepting the first offer that comes in without testing the market, simply because the vacancy has been stressful. A close second is negotiating the lease without input from someone who reviews commercial leases regularly. Terms that sound reasonable in isolation, like an assignment clause or a CAM reconciliation method, can create real problems five years into a lease when circumstances change.
How I Help With Landlord Representation
My role is to treat your property the way I'd want mine treated: price it based on real, current data, get it in front of the tenants and brokers actually looking for that space, screen who comes through the door, and negotiate terms that protect your position for the life of the lease, not just the signing. Because I also work the tenant side of the market, I know what's actually moving right now, which makes for a faster, better-informed lease-up.
If you have a commercial space that's vacant, underperforming, or coming up for renewal, I'm happy to walk the property and talk through a leasing strategy. You can schedule a call here or reach me at sebastian@mullarkeycre.com.