Topic: Re:Leasing Agent Compensation

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

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.

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.

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.

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?

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

Thats good I am in Atlanta and I make 13.50 per hour plus $50 commmission on each apartment....... :)

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

What is the baseline for Leasing Agents in Houston, TX?

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!

I make 9.50 an hour, no bonuses. I am trying to get into a better job but am still relatively new to the industry so took this position to learn; however, this position is always a 9.50 an hour pay with bonuses after 1.5 years.

Any suggestions on increasing my job chances? I live in Houston by the way,

Sounds to me like your an employee of a large apartment complex, a leasing agent, possibly one of several employees working there.

My advice would be to dump that job and become a full charge manager of a smaller property. Why? Because since you are the one in charge, you are going to have the maintenance work, the painting, and the lawn, carpet cleaning and pest control and anything else you can get them to contract you for. You will make probably not even as much as you currently are on the "office", but you will find the lawn, painting and maintenance to far outdo the office. Now if this is subsidized or tax credit paperwork, you will have a problem, as this is highly time consuming. That paperwork would cut you away from the paint jobs and lawn work, and the other things that actually pay some kind of livable wage in the apartment business.
To be honest with you, getting the keys to a property all of your own is the only way your ever going to make up pay difference. Your property management company is going to write a lot of checks during a month on your property, and you want your name on as many of them as you can.
The reason you are making $9.50 an hour now, is so the owner, property management company, and managing agents can make $100,000 a year. Also insist that your getting the free apartment and utilities as an on site manager. I can smell $3,000 a month that way!!!!
Good Luck

Is a leasing agent required to compensate a maintenance man upon a lease signing?

Any agreement for compensation should be in writing to be binding. Check your documents!

Wow I get 13.25 an hour. We have 269 units some are public housing and some others are tax credit/market rate apartments. I get no commissions. I do interviews, process all my move ins, full recertiications, rent calculations, inspections, intermittent recertifications, answer phones, attend to walk ins, take work orders, check voicemails, take applications, run background checks, send out alarm installation system, purge and keep track of my waiting list, give tours, and so much more. I'm I getting enough money for all that I do? :dry:

Im 21, Just promoted from Porter/Maintenance/Punch within 7 months to Leasing agent 341 Unit community, 2 story buildings with stair case once you open your doors, mail keyosks at the front office instead of small building with little protection from rain.. $14/hour. commission $50 per lease bonus. $75 per renewal split between full time staff. also, Ive been marketing our business as well as others to receive meals in place for our staff to add food/renters insur./etc.. to leases for the new tenants to purchase from the restaurants/ buy their insurance/ and even branch out for Fitness/etc.. Do yall have any other ideas? Also, are there any tax credits for leasing certifications?
Yardi, Blue moon, First response, Fair housing, etc..?
Thank you,

Jesse H.

Hi Jesse,
I'm not sure what you are asking for. Are you asking for feedback on your salary rate, ways to market your community, or certifications for different types of property management education?

Can you clarify?

I lease in Asheville, NC and do not receive any commission/bonuses. My hourly rate is $14 (slightly above the local average of $12). I am what is sometimes referred to as a "leasing star" by our management, but just means that on a lease up i average 10+ leases per week, and on leased properties I maintain an average occupancy of over 97% through leases and renewals. I feel like I may be under compensated for my contributions and ability. What do you think? Am I just being greedy or should I be seeking more?

I'm in Chicago working as an independent Leasing Agent. It's 100% commission at 75% commission -$15 each deal for errors and omissions. the average rental is $1,000. I have access to thousands of apartments throughout the city and suburbs so I'm not confined to one location and type of client. I help everyone find something. Each deal on average I make $735

I work in Atlanta. I have 18 months of leasing experience I make $13/hour plus 1% of every lease. Our apartment homes market rent ranges$1,035-$1,520. During our slower months our apartments range from &850-1,420. I work 4 days out the week and made 38k this past year...

Chi-Town Finest, I think you should clarify that you are a broker or "locator" rather than an on-staff leasing agent. This is not a concept that is familiar in many cities. Only larger cities have leasing agents that work independently like brokers who sell houses.

Asheville, you should find someplace that will pay you commissions. You are good as gold to perform that strongly with no commissions!

Thank you for your input Chuck!

I feel that there is definitely more opportunity for me by moving to a company that offers commission per lease. The only problem being that in our town, there are maybe 4 companies and no one is hiring. Makes it tough, but I keep looking and Leasing!

KP: I would about give my left arm for the structure you enjoy...I didn't even clear $30 last year (pre-tax)! And that's at 5 days a week...

How much of a discount is it to live on site?

We don't offer discounts for on-site housing, unfortunately.

Ann,

At $19 per hour I wouldn't necessarily need a discount, but it would still be appreciated since you are in San-Fran and it is more expensive to live there. I agree with what you said a long time ago, pay good people what there worth and you wont be looking for good people again (at least in the near future)!

Our company provides a 20% discount, though I know my property manager gets 80%.

Personally, I feel that with living on site, comes a lot more unrecorded hours spent speaking with residents about problem and issues, helping to contact maintenance after hours and dealing with knocking at the door at all hours as well. I think companies should consider the positive impact on the community that management presence has on residents and retention rates and offer a discount based on this. I cant tell you how many people have been swayed by my simply saying that I live on site and love it here.

Ive also tried to negotiate for an increased discount in lieu of the less than cost of living pay increase that my company provided this year...no dice.

How much is the percentage of an rental agent, from 2 apt. was 10, 200 00 this month. how much does the landlord suppose to give me?

That is a wonderful mindset! Very refreshing.

I'm assuming the survey has been completed but I still wanted to throw out my company's pay and structure since I didn't see anything similiar to it. I know most companies pay their leasing team based upon lease executions and renewals but my company took a different approach, paying a base pay (usually from $9/hr - $13/hr based on experience) and bonus structure. Keep in mind I'm in the Triad of NC and base pay for leasing consultants are lower. The real money comes from the bonus incentive program that the entire site-team has to work together to receive. It isn't based upon per lease execution alone which drives the entire onsite team.

The bonus is exclusively based upon the economic occupancy of the community. We have to close out the property with a minimum of 90% economic occupancy to receive the 1st teir bonus ($1.00 per unit). It increases from there...91% economic = $1.25/unit, 92% = $1.50/unit and so on. It caps at 96% economic = $2.50/unit X 210 units = $525.00 bonus. Each team member receives the same bonus...including the manager.

It's one thing to lease 10+ units for a $500 bonus but say for instance we lose 15 residents in one-month and only moved in 10...We incurred a loss for that month but still getting paid for it? Our company's bonus incentive really drives the entire staff (office AND maintenance) to keep the community occupied and maintain a low turn-over rate in order to get the bonus which each team member receives. It also challenges the team to consistently achieve a higher number each month to receive more bonus.

Asheville,

Go to networking events in the local multi-family industry. When you network, over time...people will think of you & call you rather than post a job blindly. Also, get your RE license and consider leasing for single-family operators. Single-family pays more than multi-family; however, you are more on your own (100% commission but usually equal to 1/2 mo up to 1 mo's rent).

200 unit property in raleigh,nc. Is 12.00 per hr and a split 1 percent of total lease amount bonus between office staff fair for a leasing consultant? (Property mananager, assistant manager, leasing consultant, and myself) Average of 26.00 per lease. The property is in the process of be converted from D property to a B property. So rehab is about 50 percent complete, almost a complete lease up is upcoming.

someone answer! If you have been leasing for a month and find a new job and quit do you still get those bonuses you've earned within that month or do they take them away if you quit?

That depends on what your company's policy is. For most companies, you would earn the commission on those leases that are signed, executed, fees/deposits all paid and the move in completed. It would be paid on your last paycheck.

At the company I work for, only "employees in good standing," are eligible for bonuses. So if you leave, no bonus.

Our management company doesn't offer commission on leasing. We hire a leasing consultant to lease apartments, that is what their job is, and their hourly rate is to complete that job. There are times that bonuses are offered, if an LC goes above and beyond, but our expectation is that we hired you to fill apartments so that is what you are going to do.

The company I work for based in Southern Calif pay structure varies on the property. If it's strictly leasing in a 400+ unit hourly is $13-$19 hr and .08 commission However they won't receive lease renewal bonuses since all the LC strictly lease.
Smaller properties same hourly but $100 bonus for each rental + lease renewal bonus.

The unpaid commissions will probably go unpaid to you, or will be split among the remaining office staff. I have worked for properties where if you left on good terms, you still received your commissions; one where they were split up between the people still working on property; and one where they just disappeared into thin air...poof.

@Julia F: I have worked under both structures...I have to say, it really didn't make much of a difference to me whether I was being paid hourly or hourly plus commission (as long as salary was competitive). The difference between those structures is that the person who doesn't make commission should be receiving a higher hourly income. One great structure I worked under for a couple of years was fantastic and I recommend it to new lease-up properties.

I was paid $12 + a .08 commission per lease until the property reached 90% occupancy, then it changed to $13.50 + .04 commission. When the property Reached 98% I the commission was dropped and hourly went to $15. (raises were possible upon annual review and I did receive a raise before we hit 98% so I was earning $14.50 and was automatically bumped to $15.50 when that goal was reached.

This structure was great because commissions are only beneficial when you have units to fill...and the boost hourly as unit # dwindled allowed me to keep working and kept me from wanting to leave and chase another lease up.

Those structures were in Asheville, NC (I was Asheville Consultant and am now Jacksonville Consultant)

I am now the assistant manager at a smaller property with no commission and $12 per hour...Its like another world on this end of the state...cost of living is the same, but pay is barely livable because of the huge military base near by (their spouses don't require much more than min wage). We moved here for a job opportunity for my wife and to be near family after our daughter was born...Boy to I miss Asheville! If any of ya'll are seeking an experienced Assistant Manager or leasing consultant with over 6 years in student and multifamily housing let me know! My wife is open to relocation after learning about the financial struggles that come with living in this area.

Madison, WI
Cost of living = medium
1 bdrms = $750-850
2 bdrms = $840-970
Pay = starting 11.50/hr, $25 commission per move in.
Employee Discount = 20% housing discount

I honestly believe that the total compensation depends on the market and company. In Washington, DC, I have seen hourly rates go between $12-20 per hour and commissions anywhere between $25-500+ per lease.

At my prior management company, they were extremely generous and gave us 1% of the base rent, plus 100% of any parking or storage the resident elected. Given that a 1-bedroom averages at approximately $2,100, it would break down as follows:

Rent commission: 2100x12 = 25,200 x .01 = $252
Parking: $150
TOTAL Comp for 1 lease = $402

On top of that, the housing discount was between 25-50% based on the community and current occupancy. Keep in mind, the taxes will eat you alive if you don't plan accordingly as I personally experienced.

On the other hand, a friend of mine in the industry works for a MUCH LARGER company and gets paid peanuts for what they do. The hourly rate is $16 and commissions for leases are $50 each. Rent for these apartments also go anywhere between $1800-$4500 per month and the housing discount caps off at 20%. So, as you can see, these are two completely different scenarios.

"Our management company doesn't offer commission on leasing. We hire a leasing consultant to lease apartments, that is what their job is, and their hourly rate is to complete that job. There are times that bonuses are offered, if an LC goes above and beyond, but our expectation is that we hired you to fill apartments so that is what you are going to do."

And this is the type of company that will always have high employee turnover. Or, at least high turn over of any leasing agent worth the time of day.

I have been a door to door sales person, selling cable packages to complete strangers and stealing customers from one cable companies, and firmly placing them in the hand of another within 15 minutes from the time I knocked on their door or less. I made a living doing that at less then $100/sale. There is a good chance that you would buy the shoes off of my feet if I knocked on your door and sold them to you.

I have been through the ranks of property management, and am currently a property manager.

I have a skill set that I bring to the table, and I work WITH my company, not FOR my company. There is a business relationship that I agree to as a part of my agreement to work WITH my company, and if it involves sales, and the hourly/salary pay is minimal, then I expect bonus's. Otherwise, I'll go to your competitor, and work for them, and take leases from your property.

I worked with one property management company, and interviewed at another just out of curiosity. The new company offered me $2/hr less then what I was currently making, even after I'd told them what I was currently making, and they further went on to say that their leasing agents have to "stay after hours to practice their leasing skills" if they failed to meet their "quota" every month. I got up and walked out. Ever since, I warn people not to even rent an apartment at any property that they manage. They have likely lost dozens of leases just because of that interview.

Any employee worth their weight in salt will realize that they have a particular skill set that they bring to the table, and they know what they are worth. If you insult their worth, and treat them as less then what they are, then they will move on down the road and likely end up working for a competitor. They will eat your lunch, and the lunch of your lesser sales people that you managed to snag from the bottom of the barrel, and while you are busy "punishing" or limiting your sales people, decreasing their employee moral, the person you interviewed who walked out on you will be getting incentives and rewards to further promote and increase the profitability of the company they work WITH. And they will be doing it with a smile.

Likewise, you may hire those who are inexperienced, but once they gain experience and see that they are not being rewarded for increasing in skill, they will eventually (Typically sooner, rather then later) move on to your competitor. Your competitors then benefit directly from you in that you spent all of the money, time, and effort hiring, and training the individual, but did not have enough sense to retain them financially.

The wise managers and company owners can see these people, and have a structured bonus plan to provide incentive and to act as a part of their quality employee retention plan.

I started as a leasing consultant with years of previous sales experience, including door to door sales (I know, I'm crazy!). I started off at $14/hr, and within 6 months was increased to $14.25/hr at a 220 unit community.

Commissions ranged from $50 - $100 per lease depending on 6, 12, or 18 month leases, but we also received monthly and quarterly bonus's if the property hit certain targets such as occupancy percentages, target market rents, and NOI. We received the bonus every single month, and every single quarter which was another $2k - $3k per year.

I moved to another company in Houston, TX and started off at $13.75/hr (I also got a 20% discount off a newly renovated unit - It was NICE!) at a 720 unit community, plus the same commission and bonus structure. It was also a renovation lease up.

I was promoted to "Resident Services Coordinator" and pay increased to $14/hr + Commissions/Bonus's.

I now work as a property manager, and make less money then I did as a leasing agent... 100x's more responsibility, less pay... Go figure =)

My manager wants me to splite my commission with her. Can she do this? This is a private owe commany.

Whether or not she can do it is one thing, but doing it is another! In my opinion, it's pretty tacky. Managers make more than Leasing Agents, and for her to want to split the commission doesn't seem right. With that being said, different properties/companies have different rules. Perhaps she's putting it in a "pot" and at the end of the month it's divided amongst staff? Have you had a calm, professional discussion with her to understand why? I'd start there. However, if she's not rational and gets upset with you, you can always go to HR. I've seen a few managers bully their staff, unfortunately.

Commission structure should be outlined separately for Leasing agents and managers. Our rule is "whoever is responsible" for obtaining the lease or renewal is entitled to the commission. As the manager, that's usually me. But sometimes it's my assistant or even my maintenance tech.

$15 plus $30 per lease
and $150 off an apartment rental
we are in Hampton roads

Leasing Agents in the Houston, TX market can make anywhere from $8.00 - $15.00 hr plus commissions ranging from $25.00 - $100.00 per lease and renewal. It all depends on the company and the type property, with high end communities paying more. Those high end communities usually will require experience and verifiable closing ratio.

That is odd. I have never heard of that happening. If it were me, I would have to speak up. Just doesn't sound kosher in my book.

My company as well as my previous employers always paid commissions to the one who actually did the work. Meaning, if you just showed the unit but didn't actually do the paperwork, you didn't get the commission.

If the Manager is asking you to split the commission, I would ask the Manager why he/she feels deserving of a commission. Usually, management would not participate in commission based sales and certainly should not, in my opinion. However, with that being said, is your Office small, just the two of you, with BOTH of you doing leasing tours, completing lease signings, and inputting information into the computer, working as leasing consultants on weekends? Sometimes in these situations, neither employee is earning a salary, are being paid hourly, and this could be an argument for earning commissions as a manager. You need to discuss this openly with the Manager.

Same here i work in the alpharetta area in Ga close to atlanta and i get paid the same amount

I work at a luxury apartment about 15 minutes north of downtown Dallas. I earn $15 an hour plus 10% of the first month of rent, no matter the lease term. Most of the apartments range from 950-1600. I recently did a 3 month lease on our largest most upgraded unit at 3100 a month, and received $310 in commission accordingly. I average about 7 move-ins a month. Last month I had 14 and made about 1500 in commission, but that doesn't happen often, usually about half that. Also, every renewal throws $50 into a pot and at end of the month it is split among all staff except our manager (maintenance included).

I am a leasing agent in Illinois, the group of people that we mainly cater to is college students because it is in a college town. However, we only get paid $9.00 an hour, no housing discount, no commission. We do get a leasing bonus after our apartments are completely leased out. The only perk we get is a free parking pass which is normally $40. The pay is not worth the hard work and stress from tenants and management.

What's the name of this property, I live in south Orange county California

What city do you live in? That's great!

I would hate to work for you guys because that's not a mentality to have towards the people that's doing the leg work and making the property profitable.

I need some advice please.

I have a 200 unit 2 person office. Manager & leasing only.

I hired a leasing person completely new to the industry that started with me 7 months ago. The offer was $12.50 and $50 per lease and share in the renewal pool that averages 45-65 monthly. Also, they are eligible for a shop bonus monthly of $50 if they make a 80% or better. The work schedule is Tuesday - Saturday, all this was agreed upon during the hiring process.

This person does a good for someone who has never done this work before. However, this person has spoken to some other people in the industry and has decided that we are not paying them enough money hourly. They requested $2 - $3 dollar increase, a promotion to assistant manager and to change the work schedule to have some Saturdays off.
This person has also never score an 80% or above on a shopping report.

Our company only does annual reviews for pay increases, and requires that a person has at least 1 years experience to be eligible for a promotion to an assistant manager. Which by the way there are no openings at this time for that position.

I explained all this to this person and now they have become bitter and confrontational. When I asked if they were going to be ok and be able to continue to work professionally together the response I got back was " Only if my needs get met". They are now wanting to go over my head and speak to my direct supervisor. Whom by the way, I have consulted and they are in no way going to entertain such an request, they look at facts, and the fact they have never scored above 80% on shops says a lot.
.
I would appreciate any advice or direction you have to offer.

I would suggest meeting with the agent and having the district manager on conference if you need to be sure there is another set of ears in the room. I would explain to them again the requirements for both a salary increase as well as a promotion and if they again 'demand' that their 'needs be met' I would say I'm sorry we can not do that and if they choose to leave, there are plenty of people willing and capable to take his/her position. I would highly doubt they would be hired at another company for more pay when the new position calls to inquire about an employment reference and you tell them they have not scored over an 80% on a market survey after 7 months.

Is the $50 paid on your salary or is it separate and tax free

That sounds so awful. I hope you dont work there anymore lol

They are robbing you. My hourly salary is 16 plus $80 for each move In and 80 for each renewal and getting ready to hit Star Sales and then commission will increase to 100 each move in.

Is there such a thing as a apartment community not paying commssion, only on renewals?