Leasing agents work for property managers, owners, and landlords of office buildings or shopping centers to find tenants. They perform the tasks related to the maintenance and occupancy of real estate property as well as handle all aspects of lease and earn commission for finding tenants.
In this profession, they need to have excellent negotiating and convincing skills and the ability to recognize a qualified renter. Property owners expect these agents to rent their properties at fair price to quality tenants.
Leasing agent responsibilities are of wide range and basically involve efficiently filling the real estate properties with responsible renters. Performing this duty requires searching for the prospective tenants, taking out the required details from them, and ensuring that it fits the landlord's property.
These representatives usually meet the prospective renters to discuss the lease property terms such as the regulations/conditions and amount of rent.
Prospective leasing representatives should have marketing and sales experience in addition to excellent organizational skills. They may specialize in commercial properties such as offices, shopping centers or warehouse, while others may handle residential real estate for people who live in rent apartments and homes.
Real estate experience is beneficial to work in this sector along with the knowledge of each property up for lease. Most of these individuals receive salary as well as commission; however, this may depend on whether the position is casual, temporary, contract basis or part time as opposed to full time.
While making any deal, both the renter and leasing representative should be informed and sure about the decision. The lease is not legal binding unless it is signed by both the landlord and the renter.
Leasing agent supports the property or leasing manager to execute conventional leasing policies. He/she is the one who searches for the potential renters and finalizes leasing deals accordingly. This agent performs an array of tasks in their daily schedule and some of them are discussed below:
1. Sales and Marketing
They work in the sales capacity to show a property as well as explain the benefits and features of the property to the prospective renter. They answer the questions and explain the agreement terms; maintains up-to-date record of all available properties along with their complete description. These agents analyze the noting trends, local markets and ensure that rents are reasonable. They may also be responsible for using marketing strategies such as advertising to locate the clients and may advertise the leasing agency and its particular properties.
2. Interview the Tenants
He/she is responsible for interviewing the prospective renter to verify their requirements and pre-qualifies them to make certain that they will be responsible renters. In accordance to this, the representative may obtain credit reports and carry out background checks.
3. Application Process
Once the agent finds a suitable tenant to lease a property, he/she facilitates them with application process. He/she collects the required information of the applicant such as name, address of workplace, work history, current address and obtains authorization to complete credit checks and background. He/she may also revive the initial rent payment or the required deposit (if any).
4. Customer Service
He/she files a role of customer service for existing renters of a facility. He/she answers questions, arranges for maintenance work or respond to complaints from the clients or renters. He/she may also have to collect monthly rents from the clients; in case of client failure for rent payments, he/she can initiate eviction proceedings.
The leasing agents provide lease applications and completes them explaining all the regulations, terms and conditions of the lease. They collect the pet deposit, security deposit and first month's rent as per the discussion and then takes a follow up and answers the doubts of the renters they may have prior to movein.
6. Provide Move-in Details
All the terms and regulations are covered in the agreement and are explained to the renter before getting it signed. Once the tenant agrees with the contract and signs it, the next step is giving the possession at the right time. This agent performs administrative responsibilities related to the client moving into the property.
7. Showing the Property
This representative needs to be fully updated on all aspects of each property including amenities to physical dimensions and nearby services they have to give on rental. In some cases, he/she may provide particulars about the commercial and community facility and mention local regulations that the renter would need to know.
8. Inspection and Management
In order to stay updated, he/she inspects the property before leasing it and noting its condition before giving the possession to the tenant. Some of these agents may also have to manage the property by arranging for maintenance and collecting monthly rents. In some cases, he/she may be required to inspect a property to make sure that the tenant is performing routine maintenance or not making any damages. When the renter leaves the property, inspecting the place and making required repairs are also some of their responsibilities.
9. Legal Requirements
They should have proficient knowledge of all regulations (state, federal and local) that are applicable for the rentals. They should make sure that all the fair housing laws are also followed during any of their deals. They may work with or without possessing a real estate agent's license.
To perform this job efficiently, a candidate needs to have an Associate's degree or have completed an equivalent course of two years. A candidate with education and experience background in leasing or sales has a professional appearance and is able to perform essential tasks effectively.
Leasing agents responsibilities involve several aspects related to making a deal while taking a residential place or commercial place on lease.