Salaries For Apartment Leasing Agent

The market value of real estate in the US is 173 billion USD, which makes it a very attractive option for a career. Apartment leasing agents are responsible for showing and renting apartments to potential clients, handling all the documentation, and networking according to the customer’s needs. let us know about that the Salaries For Apartment Leasing Agent.

The salaries are set according to their skills and networking abilities. On average, an apartment lease agent makes about 58,278 USD. This amount varies according to the states and their policies. The amount of total salary can begin from 21,780 USD to even 110,560 USD per year. This, of course, is reliant on the company and state they work in, along with the size of the apartment. The bonus on the average salary is normally 2,205 USD and which does not take more than a year to get. Moreover, the highest-paid agents for apartment leasing are based in Oregon, Idaho, Washington, New York, and New Jersey. 

The salaries of leasing agents per year on a spectrum (in terms of percentile) are as follows:

• The bottom 10^th percentile makes about 25,000 USD.
• Those in the 25^th percentile make about 27,000 USD.
• Those lying in the 75^th percentile make about 35,000 USD.
• The top 90^th percentile leasing agents make about 39,000 USD. 

Factors that have an impact on salaries

The paycheck of a leasing agent for apartments depends on several elements such as:

• Work experience
• State they are based in
• The company they work for 
• Sector/industry
• Size of the apartment 
• Location of the apartment 
• The number of deals closed and their cut. 

Salaries in different states

Yearly wages of lease agents total up to differing amounts when several states are compared. Below is the list of some of the states showing different salaries:

• 36,866 USD in New Jersey
• 38,320 USD in Oregon
• 40,212 USD in Idaho
• 39,436 USD in Washington
• 36,734 USD in New York

The above-mentioned states give out the highest salaries than other states. Some of the others on a lower scale are mentioned below.

• 32,987 USD in Wyoming
• 32,560 in Utah
• 32,466 USD in Michigan
• 33,332 USD in Florida
• 28,015 USD in Nevada
• 29,392 in Montana
• 28,985 in Oklahoma
• 25,692 in Texas

Salaries by Sector/Industry

With a growing population, apartment leasing has become a need. The skill set and network of the leasing agent differ to some extent in several sectors of the leasing industry. Which then determines their salaries. 

Some of the most renowned industries are as follows, along with the average pay scale:

• The retail sector with an average salary of 32,515 USD
• Real estate sector with an average salary of 32,494 USD
• Commercial leasing of buildings etc. has an average salary of 51,000 USD
• Equipment leasing sector with an average salary of 32,672 USD
• Financial leasing sector with an average salary of 35,626 USD

Job Duties

Lease agents for an apartment normally communicate everything with the tenants, from lease terms to assist them with everything they need, such as visitations, documentation, etc. The details of their duties are as follows:

• Make sure visitations to housing units are on time.
• Using their network to search for more clients.
• Handle all the background checks of clients, which include their credit scores, and checks for any illegal activities they may be into.
• Negotiating the conditions of the lease payments for the apartment.
• Bargaining if the terms are not met as per the agent’s expectations.
• Handling all the documentation for the agreements. 
• Assessing the overall environment and the society where the apartment is. 
• Thoroughly retain information about the size, number of rooms at the apartment, etc. 
• Establish a network and build professional relationships with clients.
• Make use of social media to market for the apartment.
• Responsible for the maintenance of the apartment before the lease. 

Skills Required

Leasing an apartment is all about negotiation and the convincing power of the agent, since the market for real estate is quite competitive, it all comes down to the skills of the agent to grab the deal. 

Some of the skills required are:

Soft skills

The softer skills, related to interpersonal skills are:

• Communicative abilities of the highest order.
• Networking and collaborative abilities.
• Friendly attitude and a soft-spoken tone.
• Convincing written expression. 
• Punctuality. 
• Conflict-resolving and fast-paced decision-making abilities. 

Hard skills

These are performance and execution-related skills such as:

• Ability to commute to different sites.
• Must have the stamina to climb stairs multiple times a day in case the apartment is up the building. 
• The ability to work on documentation for long hours.
• The individual must be willing to work on a Sunday since certain clients get free time over the weekends for house tours. 

Certifications for Lease Agents

One of the reasons why salary packages for lease agents differ is what certifications they hold. This can have a huge impact on bumping up their salary. 

They have access to the following certifications, that set them apart from others in the competitive industry:

• Certified Leasing Professional (CLP); which requires an exam and some work experience.
• National Apartment Leasing Professional (NALP); certifies the agent to conduct lease agreements nationally.
• Certified Apartment Manager (CAM); this certification can help the agent build a network in society.

Conclusion

Choosing to become a leasing agent is a good option for your career path, as it is set in market size of 173 billion USD and increases every day. However, having interpersonal skills is an integral part of becoming a successful lease agent, since the individual would be required to negotiate with multiple clients at a time. 

FAQs

1. Which city pays the highest amount to an apartment lease agent?

Washington, where the lease agents on average are paid 39,691 USD yearly. 

2. Who lies higher in the hierarchy of real estate than a leasing agent?

The apartment lease manager directs the leasing agent on the duties and listings.

3. What kind of work experience does one need if they are just starting as a leasing agent?

Any experience in the field of customer service and management.