TOPIC: Leasing Agent Compensation

Leasing Agent Compensation 4 years 5 months ago #3831

Can anyone share what their leasing agents make per year/hour, etc? Please include commissions or housing as well. I am doing a survey and have heard we underpay. We start at $19/hr with no commission and no housing. Keep in mind, we are in San Francisco where the cost of living is relatively high. Thanks, folks!


Editor Note: You might find our Salary Survey helpful: Salary Survey Results
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Re: Leasing Agent Compensation 4 years 4 months ago #3904

We are in South Florida:1 bedrooms range $869-$1059,2 bedrooms $1199-$1350.Leasing Consultants get $12 per hour and $50 commissions on move ins and renewals,and a 30% housing discount.

Re:Leasing Agent Compensation 4 years 4 months ago #3907

I have typically given a base salary of $28,000 to $34,000 with generous commissions on move-ins AND renewals, and a 25% or larger discount on rent. These folks are tasked with keeping my asset profitable. If they aren't financially invested in the outcome, why should they work hard? I have also used staggered rewards in paying commissions. If the unit is rented with no specials used for a 12 month or longer lease, the commission is as high as 1/2 a month. If they have to use a special, it is proportionately lower. If the lease is for only 6 months, they may forfeit a commission completely. This trains the staff to think about cash flow and longevity - it is not that hard to get a person who has already decided to lease to extend their term, but this makes a huge difference in our profitability. The long and the short of it, to me, is to pay good people what they are worth, keep good employees around and get them thinking like owners.

Re:Leasing Agent Compensation 4 years 4 months ago #3910

Thank you both for responding.

Kindle - how many move-ins per year do you estimate each leasing agent gets?

Christopher - You are absolutely right - pay good people what they are worth. I am trying to build my case a bit since there is, naturally, reluctance in increasing salaries. Half a month's rent is very generous and a great idea. All in, what would you guess the range is? $45k? More? I know it varies. Where are you located?

Our company deals primarily in affordable housing but my property is the only full market rate property. Marketing and wages are drastically different between affordable/market and it's tough trying to teach an old horse new tricks! I am not permitted to give commissions and I am periodically "creative" with bonuses but they don't always work too well. I'm hoping my survey and presentation of results will help.
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Re:Leasing Agent Compensation 4 years 4 months ago #3937

We typically start inthe 28K range and have monthly revenue bonus potential. I agree that compensation can be challenging between affordable and market. What have some others with tax credit portfolios been doing to make working at these communities more attractive?
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Re:Leasing Agent Compensation 4 years 4 months ago #3950

I've worked for different management companies, and it all depends.

At a new luxury property, during lease-up, we usually pay more, to attract the best talent. By more, I mean the starting hourly wage is about $14 - $19/hour depending on experience. Then there is the commission package - usually 10-15% of 1 month's rent. Keep in mind, this is for a high-end luxury property, during a lease-up.

Usually these types of positions go to corporate leasing specialists (corporate leasing agents that are sent in as the "expert" leasors) or leasing agents that are hired specifically for lease-ups.

On non-lease-ups with less pressure and leasing activity, I have seen starting wages anywhere from $10.00/hr - $15.00/hour, with a smaller commission - $25.00 - $75.00/lease - this is dependent on property.

Also keep in mind that the more compensation is on the line, the more pressure there is to perform - and I've seen non-performers immediately cut or moved to other properties.

Leasing comp is a very complicated formula - I always encourage my clients to consider what kind of talent and working in environment they want to attract and establish, and we work from there.

I also tell leasing agents that more money doesn't always mean a better job. The high pressure of the higher paying positions or companies sometimes is not worth the higher pay. Sometimes.

Hope that helps!
-Daisy

Re:Leasing Agent Compensation 3 years 2 months ago #6952

Thats good I am in Atlanta and I make 13.50 per hour plus $50 commmission on each apartment....... :)
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Re:Leasing Agent Compensation 3 years 2 months ago #6953

Thats good I am in Atlanta and I make 13.50 per hour plus $50 commmission on each apartment....... :) and last year my total at the end of year was 38k
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Re:Leasing Agent Compensation 3 years 2 months ago #6972

What is the baseline for Leasing Agents in Houston, TX?
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Re:Leasing Agent Compensation 3 years 2 months ago #7019

Compensation based on approximately 200 unit property, two person office, 3 person maintenance.
$13.50/hour with $50.00 bonus per lease. $75.00/renewal split between 5 total team members, or $15.00 per renewal.

# of Leases Annually for 1 Agent - 78
# of Renewals Annually - 95

I hope this helps!
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