Responsibilities of Broker and Landlord Sample Clauses

Responsibilities of Broker and Landlord. The agreement should specify who will be responsible for the preparation, distribution, and costs of marketing materials. In most cases, the broker, as the real estate professional, will take on responsibility for the preparation and distribution of the marketing materials, such as brochures, direct mailings, print media advertising, posting signs on the premises, and the like. Who pays for these activities is a matter to be negotiated between the parties. Landlords paying such costs should insist that the broker first prepare and obtain the landlord’s approval of a budget for such expenditures and that expenses not exceed the budget without the landlord’s prior written consent. The landlord should agree to reimburse only out-of-pocket expenses, i.e., the landlord should not compensate the broker for in-house personnel time spent on the marketing effort, since this is paid through the commission. It is not uncommon for agreements to be vague or even si- lent as to the specifics of the marketing program. One of the broker’s major functions is to give the landlord access to the broker’s knowledge of market conditions and to its contacts in the general brokerage community. Since the broker does not earn a commission unless the property is leased, the landlord can somewhat safely assume that the broker will effec- tively market the space without the necessity of spelling out the game plan. One detail of the broker’s performance that the landlord should insist be covered in the brokerage agreement is the bro- ker’s responsibility to periodically report on the results of its marketing activities. In particular, the landlord should require the broker to submit a written report at least monthly that lists the prospects who have responded to marketing materials or visited the property. These lists will be important in determining whether the broker is entitled to a commis- sion after termination of the listing agreement, as described below.
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