Leasing agents are professionals who link between the people from whom they lease the property and the tenants. The main work of leasing agents is to help tenants get the property and they get the commission. Let us know about ‘Do Leasing Agents Get Free Rent?’.
Do leading agents get free rent?
It has been a query to many people. So the answer to this simple question is, that they do not get a rent-free property, but they are entitled to some kind of discount on rent. The rate of discount depends on the company they are working for.
To further know this in detail, stay connected to this article. The discussion will be focused on how much they get a discount how much commission they earn, what is the job role of leasing agents, etc.
Basic requirements to become a leasing agent:
The qualification required for being a leasing agent also depends on the rules and policies of the hiring manager or landlord. To become a leasing agent; there are some requirements:
- A person should be 18 years old,
- Should pass the real estate licensing exam,
- Must have a high school diploma,
- GED certification is must to have
In the US, to be a leasing agent one needs to complete fifteen hours of training/instructions and should pass the state exam. To be NALP certified, one needs to have completed at least 6 months of onsite training.
Earning the potential of a leasing agent
The salary of a leasing agent depends entirely on the location they are working. The salary ranges from $13,000-$113,400. In new york average annual salary of leasing agents is $33,400. In Houston Texas, the leasing agents make $15-$16 per hour or approximately $42,000 per year.
The different company offers different salaries there are a few companies whose salaries are given below, which will give an idea about the salary
- Salary Capreit Leasing Agent salaries $17/hr revenue
- Living Leasing Agent salaries $19/hr
- Capreit Leasing Agent salaries $18/hr
Apart from this they also get enough commission on each deal they make. In the US almost 99% of leasing agents have agreed that they receive a bonus each year that is 7% of their salary. The average leasing consultant makes around $31,000.
Job roles and responsibilities of a leasing agent
The job role and responsibility of a leasing agent is to help people in finding a home on a rental basis. They communicate with the potential renters, show them the apartments and tell them the details of the rent of the property. They must provide every possible detail related to properties, provide brochures to them, conduct background checks, ensure model apartments availability, assist the manager with record keeping, and many more related activities. The skills required are interpersonal, good communication, a friendly attitude, and good sales skills.
Certification of National Apartment Leasing Professional
The leasing agent that works in the multifamily property industry, needs to have National Apartment Leasing Professional (NALP) certification. This certification helps to lease agents in building good recognition in their career, helps in enhancing selling skills, and also it will help in gaining more knowledge about leasing.
Leasing consultants also called sales representatives are the ones who give advice and recommendation to potential renters about the properties. They work with tenants and provide prices, and terms to clients.
The main difference between leasing agents and leasing consultants is that the agents are business representatives and the consultant is the one who gives advice.
The leasing consultant needs a license from the state real estate department. Much like agent leasing consultants also get paid based on the location. In California, leasing consultants make around $35,00-$38,000.
Some of the ways one can ask the landlord for a price reduction
Some landlords are open to price discussion, so before you finalize the deal one should at least try once to get the price reduction. There are a few ways you can try out for a price reduction; at the very first step, you should ask the landlord directly whether the price is open for discussion if not then you can try another way like showing your strengths and positive points as a tenant, research the price of the property, directly asking for the price reduction. The same things apply to the short lease term. The short-term lease is for 3 months, 6 months, and 6 months.
Reduction in rent the leasing agent gets in their apartment
It entirely depends on the landlord or company one is working with. Some may give a 20%-30% reduction to leasing agents in their apartments. They don’t get entirely rent-free property. But they might get a reduction mentioned in their compensation package and may also get rent-free for a few months or a rent incentive. Additional benefits of being a leasing agent are: fuel discounts, insurance(Vision, dental, life, health, disability), paid time off, family leaves, and 401(K) matching.
Unlike other 9-5, this job requires onsite work and a lot of traveling. Also one should be very interactive because as a leasing agent, it is your job to meet people from all backgrounds, statuses, or places.
A leasing agent’s job is quite interesting and challenging at the same time. The pay is very good and the commissions are very attractive too. They can also get many benefits; a reduction in their apartment rent and incentive or sometimes free rent for one month. Overall it is a reputed job and a good fit for those who love interacting with new people.
Frequently Asked Questions(FAQs)
- Are leasing agents and leasing consultants working the same?
Ans No, agents sell the property, and consultant advice.
- Can you become a leasing agent without any prior experience?
Ans Yes, GED certification will give more advantages.