Leasing Specialist Job Description, Skills, and Salary
Are you searching for a leasing specialist job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a leasing specialist. Feel free to use our job description template to produce your own. We also provide you with information about the salary you can earn as a leasing specialist.
Who is a Leasing Specialist?
A leasing specialist is a real estate expert who manages properties on behalf of the owner or landlord. A leasing specialist collects rent, advertises rental properties, and provides customer service to tenants for landlords or property management firms. Furthermore, they ensure fair and competitive pricing based on the current market and competitor values, and they act as the property owner’s representative when speaking with prospective or current tenants.
Leasing specialists are often the first point of contact for both tenants and property owners in many locations. They are often in charge of finding the ideal tenants and ensuring that current tenants are satisfied with their accommodations.
They also manage all lease paperwork, security deposits, and background and credit checks to ensure that potential residents are qualified to move in. Furthermore, they work with current tenants, promptly attending to their needs, adhering to fair housing regulations, and securing yearly lease renewals.
Leasing Specialist Job Description
What is a leasing specialist job description? A leasing specialist job description is simply a list of duties and responsibilities of a leasing specialist in an organization. Below are the leasing specialist job description examples you can use to develop your resume or write a leasing specialist job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of leasing specialists include:
- Managing interactions with suppliers to guarantee that all equipment is in working order.
- Updating lease agreements to take into account any modifications made during the lease’s length.
- Assisting potential clients in creating budgets based on their needs and objectives.
- Verifying the accuracy and completeness of lease agreements.
- Preparing lease transaction records for accounting purposes.
- Evaluating applicants’ financial qualifications to determine whether they are qualified for a lease.
- Coordinating with insurers to make sure all leases are protected by the right policies.
- Contacting lawyers to discuss leasing-related legal issues.
- Creating awareness for properties that are vacant through various advertising techniques.
- Keeping abreast of the property market status.
- Ensuring proper maintenance and inspection of properties periodically.
- Evaluating clients’ requirements and financial prosperity to make personalized presentations.
- Defining the tenant’s expectations regarding security deposits, rent payment methods, and lease-required amenities.
- Providing accurate information on the different features of properties.
- Validating application information and references.
- Preparing background checks for prospective tenants, including letters of recommendation, rental history, income verification, and lease applications.
The following qualifications are required for a leasing specialist:
- Bachelor’s degree in business, real estate, or a related field.
- License for real estate.
- 2 years of leasing consulting experience.
- A track record of success handling leases for busy properties.
- Strong familiarity with and compliance with rental laws at the federal, state, and municipal levels.
- Expert understanding of rental contracts.
- A problem-solver with a strong focus on solutions.
- A knowledgeable person who demonstrates good judgment and attention to detail.
- Demonstrated aptitude for pursuing and achieving goals.
- Networking pro with strong interpersonal and communication abilities.
- Microsoft Office and property management software knowledge.
The following skills are necessary for leasing specialists to succeed:
- Interpersonal Skills:
Leasing specialists frequently speak one-on-one with clients, therefore being able to communicate clearly and establish rapport is an essential skill for them. To build and maintain relationships throughout the lease process, leasing specialists must have strong interpersonal skills. Moreso, leasing specialists should be able to listen to the needs of their clients and respond in a helpful and knowledgeable manner.
You should also interact with customers in a friendly and approachable manner. It can help to keep a level head and be patient when reviewing intricate financial details.
- Lease Negotiation Skills:
Leasing specialist uses their knowledge of lease negotiations to help clients choose the most cost-effective option. If a customer desires to buy an expensive car but only has enough money saved for a modest car, a leasing specialist can negotiate a lower price with the dealership.
- Capability to Maintain Residents’ Interest:
This is a skill that leasing specialists must have in order to build relationships with their clients and assist them in finding homes in which they can live comfortably. It also ensures that the leasing specialist receives commissions from those clients in the future.
- Customer Service Skill:
Leasing professionals frequently deal with a large number of clients, so they must be able to provide excellent customer service. If you have strong customer service skills, you can provide a positive experience for your customers. When dealing with clients, you should be friendly and approachable because this will make them feel more at ease doing business with you. It’s also a good idea to pay close attention to your customers so you can answer all of their questions. If you want to improve your customer service skills, consider working in retail or another industry that requires frequent client interaction.
- Capacity to Operate Alone:
Leasing specialists might not have a direct supervisor, depending on the circumstances. Therefore, you must be able to independently set priorities for your work and manage your time. Additionally, you need to know how to look up information online and conduct research. It may interest you to know that easing agents frequently visit properties alone and communicate with prospective tenants alone.
- Social Media Expertise:
Social media is an excellent tool for connecting with current and prospective customers. Leasing specialists should be active on social media in order to interact with others in their industry and share knowledge about the products and services their company provides. This allows them to gain the trust of potential clients while also increasing the visibility of their company.
- Communication Ability:
As a leasing specialist, you may be required to speak with customers about their debts, recurring payments, and other lease-related information. With the help of strong communication skills, you can ensure that your client understands what they’re signing by explaining complex subjects in an understandable manner.
- Ability to Sell:
Leasing specialists should have strong sales skills because they can help close deals and earn commissions. It may be necessary to persuade customers to lease a vehicle, so being persuasive and knowledgeable about the benefits of leasing is advantageous. Because of your sales skills, you can also represent your employer in supplier negotiations. You could also consider working in sales to gain more experience with negotiation and closing.
- Real Estate Tours:
Because property tours are a common part of the leasing process, it is critical to be able to conduct them effectively. While giving property tours, you could discuss the advantages and characteristics of each room or area of a building. You should use this opportunity to address any concerns your clients may have about the property.
- Basic Mathematical Understanding:
Leasing specialists must be able to perform simple calculations such as calculating the monthly rent of a property based on its annual rate and square footage. You may also need to figure out how much commission you’ll get if a client signs a lease with your company. People with strong math skills may be able to make quick decisions when interacting with clients.
- Prospecting Skills:
Leasing specialists use prospecting skills when trying to find new clients for a business. Prospecting can also help your clientele grow, which may lead to more job openings in the future.
- Marketing Skills:
Leasing specialists require marketing knowledge because they can use it to promote their products and services. If a company provides a variety of vehicle types for lease, a leasing specialist may be able to persuade customers to choose one model over another by emphasizing its unique features or benefits.
- Microsoft package knowledge:
Using Microsoft Office software, leasing professionals create and edit documents, spreadsheets, and presentations. These abilities are required when creating lease agreements, calculating monthly payments, and performing other leasing-related tasks. To complete your tasks successfully, you must be familiar with the core functions of each program.
- Organization Skills:
The ability to organize is the ability to keep track of multiple duties and obligations. As a leasing specialist, you may be required to manage multiple files at the same time, such as customer records, financial records, and other paperwork. Strong organizational skills allow you to stay on top of your work and ensure that all necessary information is available when needed.
How to Become a Lease Specialist
Follow the steps below to become a leasing specialist:
- Step 1: Earn a High school Diploma or its equivalent
The minimum educational requirement for this position is a high school diploma or its equivalent. Having taken some college courses may be preferred by some employers, but a degree is not required to work as a leasing consultant. An associate’s degree can help you become eligible for entry-level positions with more demanding educational requirements if you want to continue your education and work in real estate after graduation.
- Step 2: Consider Completing a Postsecondary Program in Business, Real Estate, or a Related Field
A high school diploma or its equivalent is required for this position, but many employers prefer leasing consultants to have some postsecondary education. Enroll in real estate programs offered by some community colleges and vocational schools to learn about property management and leasing. Real estate courses are available at vocational schools and can teach you about leasing and property management. You might want to consider a career in consulting after earning an associate’s degree in business administration, which can teach you more about standard business practices.
- Step 3: Obtain your License for Leasing
Leasing specialists must obtain a leasing license in many states in order to legally practice their profession. Check your state’s requirements before applying for a job to see if you need a license. Even if your state does not require one, you should consider getting one. Some businesses may require a license. Even if it is not required, including this license on your resume can help you stand out from the crowd. Depending on your state, different leasing license requirements may apply.
To obtain a leasing license, participants must complete a course that can usually be completed in a few days. Some programs require you to pass an exam, which they frequently assist you with by providing study materials. Local real estate laws, real estate finance, business law, human resources, and business economics may be covered in the course and exam.
- Step 4: Gain on-the-job Training
Once you have been granted legal practice in your state, you can work as a leasing specialist at commercial, industrial, or residential properties. You could spend your first few days on the job shadowing a leasing agent to gain a better understanding of the business and industry. Make sure to ask lots of questions about the property and its surroundings in order to be able to help tenants individually when they need it.
- Step 5: Acquire certification
After a few years of working as a full-time leasing specialist, consider obtaining certification to advance your credentials. The Building Owners and Management Association (BOMA) certification and the National Apartment Leasing Professional (NALP) certification are both impressive credentials to have. The requirements for each of these certifications may differ.
Both of these certifications require you to complete a certain number of coursework hours, and they may also include an exam where you can demonstrate your newly acquired leasing knowledge. While the BOMA certification typically requires three to five years of relevant experience, the NALP certification typically requires at least six months of leasing experience.
- Step 6: Learn about the Federal and State Fair Housing Laws
According to the Fair Housing Act, no one may be discriminated against because of their race, color, religion, sex, gender, disability, familial status, or country of origin. A family’s family status refers to whether or not it has children under the age of 18. Furthermore, it is illegal to discriminate against tenants who have already been evicted or who have declared bankruptcy.
Landlords are required by the Americans with Disabilities Act to make reasonable accommodations for tenants with disabilities. For example, if a renter requests it, the landlord is required to provide an accessible entrance ramp.
Where to work as a Leasing Specialist
Leasing specialists frequently work in warehouses, shopping malls, and office buildings. They usually operate during regular business hours, but they may show properties to potential tenants on weekends or after hours. They may also work for a single landlord who owns a building or several buildings that offer a variety of rental units to tenants.
Leasing Specialist Salary Scale
The average salary for a leasing specialist in the United States is $32,565, but the salary range typically falls between $29,475 and $36,179. Salary ranges for leasing specialists can vary significantly depending on a variety of critical factors, such as education, credentials, additional skills, and length of time in a given field.