Leasing Agent Description
Leasing agents are responsible for finding residents or clients to lease residential and commercial properties. Some people jokingly refer to leasing agents as the poor man's real estate broker, but fortunately for leasing agents, they have some of the pay perks of a real estate broker minus the headaches of closing a mortgage. Agents often work fewer hours than brokers because the leasing offices they work for typically close at 5 or 6 p.m.
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Description
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Guidance Broker's real estate dictionary defines a leasing agent as an individual specializing in the leasing of real estate, including but not limited to office, retail and industrial space. In addition to commercial real estate, leasing agents also lease residential properties such as apartments, condominiums and homes. Because burdensome mortgages, tricky closings and abbreviated escrow are not typically involved in leases, agents do not deal with many of the obstacles encountered by real estate brokers. Instead, they are simply responsible for finding clients, showing tours of properties to the clients and guiding them through the entire lease process including background or credit checks, collecting any necessary security deposits or rental payments upfront and signing of rental and leasing paperwork.
Education
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Many states require a real estate salesperson license to become a leasing agent, according to UpstartAgent.com. Since being licensed in many states requires college or other formal training, it's often necessary for prospective leasing agents to first enroll in agent training courses. Many of these courses are accredited and can be taken online. These schools train prospective lease agents on state rental laws, appraisal, brokering techniques and trade practices. The courses typically range from a couple of months to a year, depending on the state requirements and type of training.
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Compensation
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According to PayScale.com, leasing agents average between $23,000 and $36,000 a year nationally as of 2010. Leasing agents are often compensated between $10 and $13 an hour, with additional bonuses and commissions earned for performance. According to Entrepreneur.com, commercial leasing agents often earn as much as $100,000 a year.
Requirements
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Successful leasing agents do more than just rent property to clients. Leasing agents also are expected to be proficient in contract law, lessee and lessor rights as well as other laws in their state pertaining to rental obligations. Leasing agents need to be able to explain these laws to their clients when going through terms of a lease.
Clients
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Many agents also maintain strong relationships with their clients and residents they come into contact with during the course of a deal. Positive relationships often create future referrals within their careers--either as a leasing agent or within other real estate positions.
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References
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- Photo Credit lease image by Renato Francia from Fotolia.com
