Leasing Manager Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a leasing manager. Feel free to use our leasing manager job description template to produce your own. We also provide you with information about the salary you can earn as a leasing manager.
Who is a Leasing Manager?
A lease simply means a contractual agreement or concord between a lessee and a lessor for the use of an asset or property. In other words, a lease is a legal agreement by which the owner of a building, a piece of land, or a car allows someone else to use it for a while in return for money The lessor is usually the owner of the property; conversely, the lessee is the renter. Several assets can be leased such as buildings, properties, lands, industrial or business equipment, and vehicles. Leases are contractual agreements between two parties; while the lessor legally owns the asset, the lessor obtains the right to use the asset and pays rent regularly based on the terms of the contract. Additionally, the lessor gives certain conditions regarding the use of the asset, equipment, or property; the lessee must follow every condition to the last. For example, a person leasing a vehicle may agree to the condition that the car will only be used for personal errands or purposes. Both the lessor and the lessor face consequences and backlashes from mild to damaging if they fail to uphold the terms of the agreement.
Lease management or lease administration is an essential component of leasing and is controlled by specific professionals referred to as leasing managers. The process of managing leasing involves the daily execution of tasks and responsibilities allied to an organization’s lease portfolio. Lease management has no single or specified approach or technique; however, the leasing manager reports, documents, and coordinates between a myriad of administrative tasks and stakeholders. Since every contract and agreement has defined conditions, stipulations, and obligations that must be met, a leasing manager is needed to ensure the smooth execution of the contract or concord.
Therefore, a leasing manager can be defined as an individual or group of individuals that supervise a team of leasing consultants or specialists to ensure maximum occupancy of rental units at all times as well as a high renewal rate. The leasing manager is also tasked with overseeing the completion or conclusion of all essential paperwork whilst ensuring excellent customer service. Leasing managers also engage in promotional activities to broaden the pool of tenants. This can be done daily, weekly, or quarterly in tandem with members of the department or unit. They can be found in numerous industries including estate management and insurance.
Several functions are associated with the position of a leasing manager; apart from overseeing the leasing of multiple apartments, lands, or cars, the leasing manager makes sure each housing unit is leased out quickly and promptly. Relatively, they ensure that all leasing is conducted and filed appropriately while ensuring that the properties or assets meet set standards or recommendations. The leasing manager simultaneously oversees lower-level managers and assistants and reports to a higher-level member of staff like the chief operating officer for example. Since the job or duties of a leasing manager might frequently require traveling to meet with tenants and visit properties, they often work in and out of an office setting.
An important role played by leasing managers is that they list available rental properties and assets and coordinate routine maintenance efforts. Properties can be listed on the organization’s website, social media pages, and other platforms. Most leasing managers are well trained and possess the tact and ability to help property owners locate different tenants that can rent an available space or asset. Also, these professionals market and advertise vacancies on media channels to attract potential lessees or tenants. Although the leasing managers mostly perform administrative tasks, they execute other duties as well. This includes ensuring that properties remain attractive and appealing to prospective tenants to lease; also, they scout and identify tourists and newly relocated individuals to offer them properties to lease and invariably increase the client pool.
Most lessees prefer to view properties before renting or acquiring them; hence, the leasing manager can provide potential lessees a tour of the prospective home, property, or asset and ensure that they have a great time. While touring or viewing, leasing managers highlight the valuable facilities, features, and elements of the particular property to assuage and make it appealing to prospective tenants. Similarly, the leasing manager emphasizes the availability of top-notch amenities, proximity to schools and groceries, the serenity of the environment, peace in the neighborhood, and other relevant information or detail that may appeal to the clients or customers. Importantly, leasing managers run background checks on prospective lessees to determine their credit status, evaluate their criminal records, and ascertain if they meet the firm’s requirements or vice versa. Sometimes, facilities might get damaged during the tenancy; the leasing manager is in constant communication with the lessee to resolve such arising issues.
Leasing Manager Job Description
Below are the leasing manager job description examples you can use to develop your resume or write a leasing manager job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
Leasing managers perform a variety of vital tasks to make sure that buildings are occupied, properties are safe, and tenants are happy. They process applications and lease contracts to close deals. Additionally, leasing managers organize meetings during which limitations are discussed to identify solutions necessary for achieving set occupancy targets. The job description of a leasing manager varies depending on the employer and organization. However, there are general tasks that cut across all organizations and businesses; these duties form the basis of the profession and serve as the bedrock or trajectory to success. Thus, a leasing manager is expected to;
- Advertise vacant houses, buildings, and assets: Since a leasing manager will be expected to maintain a certain occupancy percentage, they will often need to help attract potential tenants to vacant assets or units. This can involve suggesting and implementing various methods and techniques of advertising such as seasonal discounts, local television, and radio commercials, flyers, signs, and social media posts. Usually, the leasing managers are held responsible for making sure that promotions and advertisements draw a minimum number of tenants and thus will often need to use aggressive marketing strategies. They must ensure that the marketing techniques and strategies meet the firm’s standards and are in line with the organization’s vision.
- Meet monetary requirements: Most leasing enterprises have specific monetary requirements that must be met; the leasing manager is responsible for ensuring that such monetary criteria and standards are achieved. Although it is critical and essential to make tenants pay their rent to the fullest when due, it is not the only process needed to ensure maximum profits. The process of maximizing profits encompasses re-evaluating expenditures and practices to decipher areas of financial waste, ensuring that budget limits are not exceeded, and recruiting reliable and cost-effective contractors. The leasing manager must complete the aforementioned tasks with consistency, doggedness, and dedication.
- Maintain properties, lands, cars, and other assets: Maintenance, repair, and recovery should be at the forefront of every leasing manager’s duties. The leasing manager must simply make sure that every asset or property is in top shape. Remember, the condition of a property is extremely crucial to the success of an estate management firm or property agency. No potential renter or tenant would be attracted by a haphazard or damaged property. For this reason, the leasing manager must coordinate regular property inspections and visit properties to verify and ascertain that they have been repaired and renovated properly. Maintaining properties also entails arranging urgent visits to properties to listen to lessees’ complaints and acting accordingly. Additionally, leasing managers must take the aesthetic features of a building or property into consideration during maintenance. This means that if there is any peeling paint, scuffed floors, or cracked windows, the leasing manager should promptly fix it.
- Process paperwork: An undeniable aspect of lease management is the sheer amount of paperwork it generates. After all, new tenants will have to fill out and sign the lease correctly to begin leasing a property or asset. The leasing manager must ensure that each tenant understands the terms of the agreement and that completed leases are filed and documented.
- Scout for prospective leases and direct tours of each rental.
- Craft snag lists in consultation with renters.
- Renew lease agreements where necessary and address rule violators.
- Identify and scout potential lessees and tenants looking to rent an asset.
- Run background checks on prospective lessees to evaluate their criminal records and credit status.
- Coordinate, process, and approve the potential tenant’s application and lease documents.
- Explain to clients the terms of the lease, period of payment, and rental rates.
- Supervise the hiring and training of entry-level leasing assistants to get them acquainted with the policies of the firm.
- Guide the operation and activities of the leasing team to achieve revenue goals.
- Survey the property market to discover trends and competing for leasing rate as the case may be.
- Designate leasing staff to the appropriate location and territories.
- Develop and implement policies necessary to improve the efficiency and profitability of the leasing unit.
- Draft proposals, lease offers, and documents on incoming and current tenancies.
Qualifications
To become a leasing manager, most employers require minimum qualifications to be met. This includes adequate or related education, experience, training, and certification. Therefore, individuals interested or thinking of getting a job as a leasing manager need to know what employers usually require. Below are the major requirements hiring managers usually expect candidates for the position of a leasing manager to meet to be considered;
- Education: A minimum of a bachelor’s degree in business administration, real estate, or finance is required. However, some employers can hire exceptional candidates with a high school diploma and excellent industry-based skills. The knowledge of Occupational Safety and Health Administration requirements is desirable.
- Experience: Highly experienced candidates or individuals are desired for this position. Typically, an individual requires a minimum of 3-5 years of experience in the related area as an individual contributor to be considered for the role of a leasing manager. Preferably, the ideal candidate should have demonstrable experience as a leasing manager in a property management or estate management firm. However, candidates that have held positions as leasing agents, leasing assistants and have worked in a leasing team are also at an advantage. Relatively, proven experience working in sales or marketing can suffice as well as sound knowledge of property management technology.
- Training, licensing, and certifications: Training and licensing are desirable by most employers for applicants vying to become leasing managers. In addition to a formal degree and work experience, you can earn a professional leasing certification which provides training for multifamily, residential, and sales leasing managers. Also, a valid lease license and a pertinent real estate certificate are added advantages.
- Software and tools: Leasing managers use several tools in their daily activities. These include recent versions of Microsoft Office Suites, fax machines, telecommunication equipment, business calculators, and digital property management systems such as Yardi and Yieldstar. The preferred candidate must show proficiency on the above.
Essential Skills
When preparing for a leasing manager role, certain skills must be harnessed and developed to fit in and stand out. These skills show recruiters and employers that you have the ability and guile to effectively perform the job description that will be given to you. Furthermore, it buttresses your readiness and inclination to handle and resolve any challenges that can ascend on the job. In addition to the general skills and characteristics associated with every profession, organizations are looking for leasing managers with the following skills;
- Significant forward-thinking, multitasking, and team-leading.
- Distinctive conceptualization and problem-solving skills.
- Excellent interpersonal skills.
- Unique organization skills and professional demeanor
- Remarkable motivational and cooperation skills.
- Good sense of advertising and marketing strategies.
- Exceptional customer service skills.
- Good verbal and written communication skills.
- Ability to work under pressure and cross-culturally.
- Proficient negotiation and closing skills.
- Strong understanding of property management concepts and issues.
- Robust knowledge of property management software.
- Good record-keeping and documentation skills.
- Conflict management skills.
How to Become a Leasing Manager
Follow the steps below to start a career as a leasing manager;
Earn a bachelor’s degree: Many hiring managers seeking leasing managers require applicants with a bachelor’s degree. Hence, enroll for and complete a degree in business administration, real estate, or finance.
Acquire relevant work experience: Next, get or acquire relevant work experience in the field or sector. You can enter the workforce as leasing consultants or representatives to work your way up to managerial roles. This experience will be necessary when you seek professional certification. Experience can also be obtained in entry-level positions.
Obtain a license: As an aspiring leasing manager, check your location for specific requirements on licensure. This may involve completing required education, training, and passing an examination. License is essential in this field.
Consider certification for career advancement: Certifications for leasing managers are available through various associations such as the institute of real estate management which offers Certified Property Manager designation. Earning certification shows the hiring managers that you have attained certain levels of experience and expertise in the field and may provide career advancement opportunities.
Where to Work
The employers of leasing managers include;
Full-service real estate companies: The leasing manager provides a full range of professional real estate services.
Property management firms: These are firms with specialties in providing real estate services to individuals and other owners of properties for a fee or rent payment.
Commercial banks: Banks have moved beyond their traditional services of proving mortgages to clients. Nowadays, banks hire leasing managers to manage their portfolios of investment and properties held in trust by the bank.
Real estate development companies: These organizations recruit leasing managers to handle properties that are developed and owned by them.
Real estate investment trusts: These trusts secure investment properties for a pool of investors; the leasing manager can be hired to manage the individual properties.
Government agencies: Some ministries or agencies of the government employ leasing managers to control and lease assets, buildings, lands, and other properties to renters on behalf of the government.
Mortgage brokerage firms: They provide real estate management services in connection with financial lenders. They recruit leasing managers to market properties to potential tenants.
Other employers of leasing managers include religious and charitable organizations, insurance companies, and cooperative societies.
Leasing Manager Salary Scale
An individual working as a leasing manager in Nigeria recoup an average salary of 372,000NGN per month. The highest and lowest salary ranges are 562,000NGN and 201,000NGN respectively. The salary includes transport, health, and other benefits.
Leasing managers in Australia earn between 70,000AUD and 110,000AUD per year, while the average salary for a leasing manager is 17.51USD per hour in the United States of America.