Finding a new place to live can become quite a hassle for the majority of people.
So much time is spent researching information online and finding the perfect neighborhood, the best school system or trendy restaurants.
However, with the help of an experienced Leasing Agent, apartment hunting can become an easier task.
A Leasing Agent works on behalf of a commercial or residential landlord and is responsible for finding new tenants that can occupy an empty business or apartment space.
Leasing Agents also need to have a keen sense on scouting potential tenants by securing applications from applicants who are financially qualified to lease a space.
Those who want to become a Leasing Agent must be savvy sales people that enjoy working with others and who are able to secure a deal after all their efforts.
People who are interested in this career may be able to find a similar position as a Real Estate Agent, Apartment Manager, Lease Administrator or Leasing Coordinator.
Education Requirements to Become a Leasing Agent
A Leasing Agent works in the Real Estate industry and plays a similar role to that of a Real Estate Agent only they are not selling places to live.
One helpful skill that is extremely useful in order to become a Leasing Agent is the ability to sell.
An interested individual should ask themselves whether selling is their cup of tea before taking the plunge to become a Leasing Agent.
Employers are also keen on hiring an accomplished salesperson who knows how to close a deal.
Leasing Agents must be licensed in order to find employment in this industry.
In order to secure licensure, all states require candidates to be at least 18 years old, have a high school diploma and pass a certification exam approved by the state they wish to work in.
Candidates should research licensure in their specific state in order to make the steps to become a Leasing Agent.
Because real estate business deals have become more complicated in recent times, a good chunk of employers have started seeking candidates who have a four year college degree.
Some educational institutions offer real estate programs and provide certification, Associate’s or Bachelor’s degrees in this specialty.
For schools that do not offer this type of program, majors such as Finance, Business Administration, Statistics or Economics should help candidates secure a Leasing Agent job.
Leasing Agent Job Description
Customer service is at the heart of this career.
Leasing Agents find their own clientele and research neighborhoods that fit their client’s requests.
A Leasing Agent may possibly show several apartments or spaces to a single client and must have the patience to deal with selective potential tenants.
Leasing Agents should know how to get around town, especially in bigger cities such as New York, Chicago or Los Angeles.
They speak with their clients in order to determine their living standards and needs and research locations to live based on those requirements.
Leasing Agents will set up appointments with rental companies or landlords in order to perform showings.
Leasing Agents can show several living spaces in a span of a few hours and must drive their clients around from one place to the next.
Leasing Agents can gain an understanding of what their clients need in case the perfect apartment isn’t found immediately.
Customer service skills are imperative in dealing with clients who can’t seem to find the perfect living space.
In addition, Leasing Agents have to work according to their clients schedules and it usually involves working evenings and weekends.
Leasing Agent Salary and Career Path
A Leasing Agent makes a living off of commission.
Someone just getting started in this industry will have a lot of competition from more established Agents and should expect to have fewer clients than them.
However, the Bureau of Labor Statistics reports a growth of 14% through the year 2018 for all professionals in real estate.
The job outlook for this industry depends on the state of the economy.
Some cities such as Chicago expect to have an influx of job opportunities in this sector because of improved job growth through 2012.
This can be attributed to the fact that people are unable to buy housing.
Frequently Asked Questions
What does a leasing agent do?
Leasing agents work with property owners.
Their main aim is to find tenants for the buildings of property owners; those can be apartments, family homes or even businesses.
Leasing agents find the right people and businesses, determine their wants for the future property, and their economic viability.
After that, it is the job of a leasing agent to act as a landlord for property owners and take care of lease signing.
The agents certainly should have profound knowledge about the current situation in the property market.
Professionals can work with photographers to be able to take great pictures of the property; leasing agents also use websites to describe the place and reach the potential tenants.
Typically, the agents work for base pay and commission.
How much do leasing agents make?
The average base pay of a leasing agent in the United States is around $32.000 per year.
In case you want to follow this career path, you can expect to earn anywhere between $24.000 and $41.000.
However, leasing agents can earn thousands of dollars more on commission.
The salary would certainly depend on the number of successful deals, as well as the experience of the leasing agent and the geographical area.
New York and the District of Columbia, for example, have the highest average salaries for leasing agents in the country.
How much does it cost to become a leasing agent?
You don’t need to have a degree, in order to become a leasing agent; however, some background in business management (or any other related sphere) can be extremely helpful.
The requirements would differ from state to state.
To work as a leasing agent, you would need to obtain a license; the application fee for a license in Illinois, for example, is $75.
To become a National Apartment Leasing Professional, you would need to complete a certification course; the online options will cost you $319-$419.
What is the demand for leasing agents?
Between 2016 and 2026, the leasing agent job market is expected to grow by 10% in the United States, which is close to the national average (according to the Bureau of Labor Statistics).
The industry certainly does depend on the overall economic situation in the country.
Bear in mind that it is a competitive field and those leasing agents who have plenty of experience and a big network of connections will always get the best job deals.
How long does it take to become a leasing agent?
In case you want to become a leasing agent, you would have to get licensed and certified.
However, the requirements would differ from state to state.
In some places, you would need to have a broker or a real estate license.
To obtain a leasing agent license, you would need to complete 15 hours of instruction and pass a state exam.
In order to become a National Apartment Leasing Professionals (get certified), you would need to have at least 6 months of on-site property management experience.