Leasing agents perform an important task of finding lessees for the landlords. But is that all they do? Here’s a detailed article on what a lease agent does.
Leasing Agent Job Profile
So while the principal task of the leasing agent remains ensuring that a homeowner or landlord’s piece of land does not lie unused, there’s more to the job. They usually operate as free agents, unattached to any company. They work on a commission basis and help bring a homeowner and a lessee together and strike a deal between the two. They provide a range of services to the lease giver, and charge commensurately for the services.
The leasing agent needs to be pretty well connected and have a good network. It is his job to offer his services to both parties, the lease giver on one hand and the lessee on the other. The leasing agent maintains a record of his clients, what are the exact dimensions of the land to be leased and on the other hand, what are the requirements of the lessee. By matching the two, the leasing agent ensures that the two parties meet and reach a mutually agreeable arrangement to lease the land.
Screening the Applicants
Often the landlords have a busy schedule, therefore they pay the leasing agent for screening the applicants. The agents may also offer the service of doing a background check on the applicants, making sure that their financial position is stable and there is no reason why the applicant, if given the lease to the land, will come up with any sort of trouble while making the periodical payments. They may also go so far as to do a check for any criminal records.
Drawing Up the Lease Papers
The leasing agent if qualified to do so, can also offer to draw up the papers for lease. The papers are basically the contract agreement, between the lease giver agreeing to lease the property for a period of time, and the lessee agreeing to pay the periodical amounts that the lease demands. Sometimes he is also required to be the custodian of these legal documents.
Since the leasing agent works as a proxy and interface for both the lease giver and the lessee, it is also part of their job to communicate any details from either party to the other.
Leasing Agent’s Salary
While discussing career opportunities it is pretty important to know the how much you’re going to get paid for it. A leasing agent works on a commission basis, and his remuneration is largely based on the number and size of the deal, and the amount of activities he chooses to undertake along with leasing.
One who provides a whole range of services will get paid a lot more than someone who simply ensures that the lease giver meets the lessee and ends his work there. By size of the deal, I mean that a leasing agent who trades prime property worth a higher amount will be paid more as the commission, which is largely calculated as a percentage of the deal finalized.
Having said that, the national average salary for leasing agent can be estimated to be around USD 47,051 annually. The job of a leasing agent can be highly remunerative, if you work in the right area for the right people, and strike the right deal at the right time.