TOPIC: Re: Leasing Agent Compensation

Re: Leasing Agent Compensation 6 years 9 months ago #14630

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?
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Re: Leasing Agent Compensation 6 years 9 months ago #14636

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.
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Leasing Agent Compensation 6 years 9 months ago #14654

At the company I work for, only "employees in good standing," are eligible for bonuses. So if you leave, no bonus.
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Leasing Agent Compensation 6 years 9 months ago #14658

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.
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Leasing Agent Compensation 6 years 9 months ago #14666

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.
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Leasing Agent Compensation 6 years 7 months ago #14837

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.
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Leasing Agent Compensation 6 years 7 months ago #14857

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

Leasing Agent Compensation 6 years 7 months ago #14873

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.
  • John Lehman
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Leasing Agent Compensation 6 years 7 months ago #14893

"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.
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Leasing Agent Compensation 6 years 7 months ago #14894

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 =)
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