How to Be Leasing Agent - Job Description, Skills, and Interview Questions

The rise of ecommerce has had a major effect on the leasing industry, as more businesses are turning to online resources to rent office space and industrial equipment. This shift has resulted in a decrease in demand for traditional leasing agents, who must now focus on providing added value services such as customized leases, tailored advice and insights, and personalized customer service. In order to remain competitive in this new environment, leasing agents must continually update their skillset and offer innovative solutions that better meet the needs of their clients.

Steps How to Become

1. Obtain a high school diploma or equivalent degree. Although not required, having a college degree can be beneficial when competing for a leasing agent position.
2. Become familiar with real estate law and regulations. Leasing agents must understand the laws governing real estate in their jurisdiction.
3. Contact your state's real estate commission to find out the requirements for becoming a licensed leasing agent. Most states require licensing, which involves passing an exam and completing a certain number of hours of education.
4. Consider earning certification as a Certified Apartment Leasing Professional (CALP). This is a voluntary certification offered by the National Apartment Association (NAA) and requires passing an exam and completing 16 hours of coursework.
5. Obtain experience in the industry. Many companies prefer to hire leasing agents who have prior experience. Consider working as an assistant or intern for existing leasing agents or property management companies.
6. Network with other professionals in the real estate industry. Attend local real estate meetings and events to meet potential employers and stay up to date on industry trends.
7. Create a strong resume that highlights your education, certifications, and experience. Include any customer service or sales experience you may have.
8. Apply for leasing agent positions with property management companies or other organizations that offer rental properties. Be prepared to answer questions about your experience and knowledge of real estate law and regulations.

Leasing agents play an important role in the property management industry. Their efficiency and skill are essential to ensure a successful leasing process. The more knowledgeable and organized a leasing agent is, the better they can help tenants find a suitable property and navigate the paperwork involved in the process.

Furthermore, their expertise in negotiation and customer service can help to build a positive relationship with tenants and landlords, leading to a more successful leasing process. With increased efficiency, leasing agents can save time and money for both parties involved in the rental process, creating a better overall experience for everyone.

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Job Description

1. Meet with prospective tenants, introduce them to the property, answer their questions, and provide information about the rental unit.
2. Prepare and review the lease agreement with the tenant, ensuring that all terms and conditions are understood and accepted.
3. Collect security deposits, rent payments, and other fees as required.
4. Conduct regular inspections of the property to ensure that it is clean and well-maintained.
5. Manage tenant complaints and take appropriate action to resolve them.
6. Maintain accurate records of all tenant payments and rental agreements.
7. Prepare and submit monthly reports to the property manager or owner.
8. Ensure compliance with local and state laws and regulations.
9. Assist with marketing strategies to attract new tenants to the property.
10. Monitor market conditions and adjust rental rates as needed.

Skills and Competencies to Have

1. Knowledge of local rental laws and regulations.
2. Excellent customer service and communication skills.
3. Ability to listen carefully and understand tenant needs.
4. Ability to negotiate rental agreements and close deals.
5. Ability to work independently and manage time effectively.
6. Proficiency in using computer programs and software related to property management.
7. Knowledge of the local real estate market.
8. Ability to manage multiple tasks and prioritize effectively.
9. Knowledge of marketing and advertising techniques to attract tenants.
10. Ability to manage tenant relations and resolve disputes.

The most important skill for a Leasing Agent to have is the ability to effectively communicate with potential tenants and landlords. Good communication skills are essential when it comes to explaining rental terms, discussing rental rates and negotiating contracts. This skill is especially important when dealing with difficult tenants or landlords.

Without the ability to communicate clearly and effectively, a Leasing Agent may be unable to successfully close a lease agreement. Furthermore, strong communication skills help build trust and foster relationships with clients. This can lead to increased business and referrals for the leasing agent, resulting in higher revenue and a successful career.

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Frequent Interview Questions

• What experience do you have in the leasing industry?
• What strategies do you use to lease properties quickly?
• How do you handle difficult tenants and their requests?
• Describe a situation in which you successfully negotiated a lease agreement.
• How do you ensure compliance with local, state, and federal laws when leasing property?
• What is your experience with market analysis and pricing rental units?
• How do you go about running credit checks on prospective tenants?
• What steps do you take to maintain positive relationships with landlords?
• How do you handle tenant complaints and address their needs?
• What is your approach to marketing a property for rent?

Common Tools in Industry

1. Customer Relationship Management (CRM) Software. A software that helps to track customer interactions and store customer data. (eg: Salesforce)
2. Property Management Software. A software that helps to manage the operations of a property, including rent collection and tenant tracking. (eg: AppFolio)
3. Online Advertising Platforms. Platforms that are used to create and manage online advertising campaigns. (eg: Google Ads)
4. Showing Scheduling Software. Software that helps to schedule showings of rental properties. (eg: ShowMojo)
5. Social Media Management Software. Software that helps to manage social media accounts and monitor engagement. (eg: Hootsuite)
6. Online Leasing Platforms. Platforms that help to process rental applications and leases online. (eg: Rentlytics)
7. Lead Tracking Software. Software that helps to track leads from various sources, including social media and advertising campaigns. (eg: LeadSimple)
8. Tenant Screening Services. Services that help to screen potential tenants for creditworthiness, criminal background, and more. (eg: TenantCloud)

Professional Organizations to Know

1. National Apartment Association (NAA)
2. National Multi Housing Council (NMHC)
3. Institute of Real Estate Management (IREM)
4. Building Owners and Managers Association (BOMA)
5. American Society of Professional Leasing Agents (ASPLA)
6. National Association of Residential Property Managers (NARPM)
7. National Association of Realtors (NAR)
8. International Council of Shopping Centers (ICSC)
9. American Hotel & Lodging Association (AH&LA)
10. National Multi-Family Housing Council (NMFHC)

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Common Important Terms

1. Lease. A legal document that defines the terms and conditions of a tenant's rental of real estate from a landlord.
2. Tenant. An individual or company that has leased property from a landlord.
3. Landlord. An individual or company that owns the property that a tenant has leased.
4. Security Deposit. An amount of money given to the landlord by the tenant at the beginning of the lease agreement, which is held by the landlord as a form of security against damage caused to the property during the term of the lease.
5. Lease Agreement. A legal document outlining the terms and conditions of a lease, including the length of the agreement, rent amount, security deposit, and any other conditions agreed to by both parties.
6. Renters Insurance. Insurance purchased by tenants to cover loss or damage to personal property caused by events such as fire, theft, or other disasters.
7. Lease Renewal. An extension of the existing lease agreement between the landlord and tenant.
8. Eviction Notice. A legal document issued by a landlord informing a tenant that they have violated the terms of their lease and must vacate the property within a certain period of time.

Frequently Asked Questions

What is a leasing agent?

A leasing agent is a professional who is responsible for renting out residential, commercial, or industrial properties on behalf of a landlord or property owner. They are responsible for marketing the property, screening tenants, negotiating leases, collecting rent, and managing the day-to-day operations of the property.

What qualifications do I need to become a leasing agent?

To become a leasing agent, you should possess basic knowledge of real estate laws, excellent customer service skills, and familiarity with the local rental market. Depending on the state regulations, you may need to obtain a real estate license and/or complete a certification program.

How much does a leasing agent make?

The average salary of a leasing agent varies depending on location and experience level. Generally, leasing agents can expect to make anywhere between $30,000 to $50,000 annually.

What types of properties can a leasing agent manage?

Leasing agents can manage residential, commercial, or industrial properties. They may also work with vacation rentals, student housing, and other short-term rental properties.

What is the role of a leasing agent in the rental process?

The role of a leasing agent in the rental process is to help landlords find tenants for their properties. This includes marketing the property, screening tenants, negotiating leases, collecting rent, and managing the day-to-day operations of the property.

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Web Resources

• Leasing Agent – Student Engagement & Career Development career.arizona.edu
• Leasing Agent – Ecampus Career Hub | Oregon State University careers.ecampus.oregonstate.edu
• Leasing Agent – Ecampus Career Hub | Oregon State University careers.ecampus.oregonstate.edu