TOPIC: Leasing Agent Compensation

Leasing Agent Compensation 7 years 8 months ago #13117

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!

Leasing Agent Compensation 7 years 7 months ago #13301

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...
  • Asheville Consultant
  • Asheville Consultant's Avatar

Re:Leasing Agent Compensation 7 years 7 months ago #13380

How much of a discount is it to live on site?
  • Brittany
  • Brittany's Avatar

Re:Leasing Agent Compensation 7 years 7 months ago #13382

We don't offer discounts for on-site housing, unfortunately.
  • Ann Stack
  • Ann Stack's Avatar Topic Author
  • Junior Member
  • Posts: 26
  • Thank you received: 4

Leasing Agent Compensation 7 years 7 months ago #13385

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.
  • Asheville Consultant
  • Asheville Consultant's Avatar

Leasing Agent Compensation 7 years 6 months ago #13504

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?
  • Anonymous
  • Anonymous's Avatar

Re:Leasing Agent Compensation 7 years 2 months ago #14244

That is a wonderful mindset! Very refreshing.
  • Shakena Robinson
  • Shakena Robinson's Avatar

Leasing Agent Compensation 7 years 2 months ago #14268

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.

Leasing Agent Compensation 7 years 3 weeks ago #14343

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).

Leasing Agent Compensation 6 years 11 months ago #14529

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.
  • Gene
  • Gene's Avatar

Multifamily Discussions

More Topics »