What Does a Leasing Agent Do
What is a Leasing Agent?
Think about a leasing agent as you would a medical specialist. While a real estate agent is a knowledgeable general physician, a leasing agent is a specialist trained to leverage your property as a rental to obtain the maximum ROI. Real estate agents hold authority in buying and selling; however, to navigate the complex nature of the rental market, you will need a leasing agent who is a skilled professional. Check out this video below as an example from the top leasing agent in the San Francisco Bay Area.
What does a leasing agent do?
Leasing agents work with landlords looking to find the perfect tenant for their properties. However, real estate agents and relocation specialists also fall under the umbrella of who a leasing agent partners with. They can offer real estate agents advice and expertise about the rental market from an investment perspective for their clients who are considering purchasing an investment property while providing relocation specialists with opportunities for their clients moving to the area. A compass Leasing agent will also do the following:
- Meet with prospective renters and take them on tours of the units that interest them.
- Prepare and execute leases under our property standards and regulations.
- Conduct credit checks and other background tasks to qualify potential renters.
- Collect application fees, security depots, and rent payments.
- Coordinate property maintenance.
- Inform residents of any changes to the rental agreement or future problems with the property.
- Follow up with prospective renters.
- Establish rapport with tenants and provide personalized service.
How to become a leasing agent
A high school diploma is enough to get you started on your journey as a leasing agent. However, your one might also need to obtain specific real estate licenses. All these required licenses are achieved after you complete a certain amount of hours on your real estate coursework, which will differ state to state. Here are 4 crucial MUST DO’s if you are considering becoming a leasing agent.
- Must understand the local rules, regulations, and laws.
- Must understand the current rental market, trends, and shifts.
- Must know the current competition and have available comps.
- Must have the time to tour properties at times convenient for the prospective tenants, understand the screening process, approach the challenges creatively.
The end goal is to make suitable matches between tenants and landlords. The secret to becoming a great leasing agent is understanding that real estate is a long-term investment and that as a leasing agent, your job is to help your clients take the right steps from the beginning.
Leasing agent requirements
While there isn’t much education needed to become a leasing agent, it is vital to have specific skills if you want to be active and have people trust you with their real estate investment.
Independence: Leasing agents must manage their own time and schedules, making sure they are hustling to get the word out about properties and find the information their clients need.
Interpersonal Skills: Agents work with clients and customers face-to-face daily. Listening to their needs and communicating effectively and pleasantly is a needed skill.
Persuasion: Skilled leasing agents are good at convincing clients to buy and sell properties at the right price, and use persuasion to close deals.
Problem-Solving Skills: Leasing agents need to quickly find answers to questions their clients may have for them.
Compass is one of the best companies to work for if you are looking for a motivating environment of real estate and leasing agent.
Leasing Agent Job Description
Leasing agents help property owners with the process of leasing their properties to tenants. Some things a leasing agent would assist with include marketing properties, preparing lease documents; marketing properties; screening tenants & qualify them. And in some cases acting as a representative for property owners.
Leasing Agent Salary
In the United States, the average salary for a leasing agent is $31,615 as of January 31, 2019, but in thriving cities like San Francisco a leasing agent can make upwards $150,000.00 This range can is depended on many important factors, including certificates, education, additional skills, the number of years, as well as your location. For example, if you are a leasing agent in Houston, Texas, you will typically make less working the same hours as a San Francisco leasing agent.