The Advantages and Disadvantages of Being a Leasing Agent

Rental properties play a significant role in making the real estate industry thrive. The number of people who choose to rent rather than own a house is still on an upward trend. Since there’s a high demand for rental homes, job hunters looking for employment in this field have a good chance of getting hired. 

Becoming a leasing agent is a good start for those wanting to get a job in the real estate industry. The role of a leasing agent is to help folks look for homes to rent, handle leasing paperwork, and provide customer service. Learn more about the work of a leasing agent by reading this blog post. 

What’s the Work of a Leasing Agent?

Leasing agents typically work for corporate apartment complexes and property management companies. This occupation is a junior role with the potential to turn into a full-scale real estate career. 

Leasing agents assist potential tenants looking for a rental unit. Since leasing agents often talk with potential renters, they have to be friendly, responsive and organized. They should also be able to discern the character of prospective tenants. Leasing agents help ensure to lease out to quality tenants who can pay rent on time and reside in the property for the long term. 

Entry-level leasing agents take these responsibilities:

• Answering inquiries via email or phone
• Setting appointments to view available units
• Showing apartments to potential renters
• Collecting lease applications

Experienced leasing agents take on duties such as:

• Social media and marketing management
• Keeping relationships with brokers
• Running credit and background checks
• Processing lease applications
• Processing deposits and leasing documents
• Overseeing move-ins and move-outs

How Much Money Does a Leasing Agent Make?

Unlike real estate agents who receive their pay on a commission basis, leasing agents get salaries. Real estate agents earn approximately 5% to 6% commission per successful deal. Leasing agents are paid around $13 to $16 per hour, but they can get bonuses, depending on the property management company or corporate apartment complex they’re working for. 

Advantages of Being a Leasing Agent

There are various upsides to taking the role of a leasing agent. Here’s a list. 

• More Human Interactions, More Connections. Your daily task of responding to queries from potential tenants and communicating with fellow agents can help you build connections with people. This can improve your people skills and help you career-wise. 
• Guaranteed Pay. You can earn per hour plus commissions when you’re a leasing agent. In contrast, a real estate agent earns only from commissions. So, a leasing agent enjoys guaranteed compensation aside from bonuses. The more successful you’re in drawing in tenants, the more money you make. 
• Discounted Rent. Your employer may allow you to rent a unit at a discounted fee as included in your compensation package. You may also get incentives like free rent for a month if you successfully signed a number of tenants. Free or discounted rent can be a huge saving for you. 
• College Graduate is Not a Requirement. People applying to become a leasing agent can be accepted by an employer even if they don’t have a college education. Property management companies will consider more of your communication skills and ability to market the rental property. Having a positive attitude is also crucial to take on the responsibilities of a leasing agent. 
• You Can Work Part-Time. Another advantage of being a leasing agent is you can work part-time. For instance, you can work half-day or on weekends. If you’re a student, this flexibility of your time is very beneficial because you can juggle school and your job as a leasing agent. 

Disadvantages of Being a Leasing Agent

If there are upsides, you can also experience downsides in your role as a leasing agent. Take note of this list of cons of the job. 

• Dealing with People Can Stress You Out. If there’s an advantage to meeting people in your job, there’s also a bad side to it. Potential tenants can be demanding or mean to you. Dealing with such people can make you anxious and drain much of your energy. Thus, keeping yourself calm is the key when you're in such situations. 
• Low Base Pay. Your compensation per hour may not be enough for you, especially if you’re an entry-level leasing agent. 
• You May Be Working on Evenings or Weekends. The downside of being a leasing agent is you may be working outside your 9-5 schedule. Your employer may require you to work on evenings or weekends unless there’s a part-time agent to take this schedule for you. 

Final Thoughts

Becoming a leasing agent is a good career start in the real estate industry. The job has its pros and cons, but anyone with excellent communication and sales skills can take on the responsibilities required for the role. If you want to enter the domain of real estate, you can start by working for a property management company or a corporate apartment complex as a leasing agent.