Career Development

What Does a Leasing Specialist Do?

Find out what a leasing specialist does, how to get this job, and what it takes to succeed as a leasing specialist.

Leasing specialists are responsible for finding new tenants and ensuring that current tenants are happy with their living situation. They may also be involved in marketing the property to potential renters, scheduling tours, negotiating lease terms, and other related duties.

Leasing specialists typically work on behalf of landlords or property management companies. Their job is to find new tenants who will pay rent on time and take care of the property they’re renting.

Leasing Specialist Job Duties

A leasing specialist typically has a wide range of responsibilities, which can include:

  • Managing relationships with vendors to ensure that all equipment is operating properly
  • Updating lease contracts to reflect any changes made during the term of the lease
  • Negotiating new lease agreements with landlords and property managers
  • Helping to prepare budgets for potential clients based on their needs and goals
  • Reviewing lease agreements to ensure they are complete and accurate
  • Preparing reports regarding lease transactions for accounting purposes
  • Reviewing applications to determine if applicants meet financial qualifications to lease property
  • Coordinating with insurance providers to ensure that all leases are covered by the appropriate policies
  • Communicating with attorneys regarding legal issues related to leasing

Leasing Specialist Salary & Outlook

Leasing specialists’ salaries vary depending on their level of education and experience, the company size and geographic location. They may also earn additional compensation in the form of commissions and bonuses.

  • Median Annual Salary: $49,500 ($23.8/hour)
  • Top 10% Annual Salary: $60,500 ($29.09/hour)

The employment of leasing specialists is expected to grow slower than average over the next decade.

Demand for leasing services depends on the overall health of the economy. As demand for new equipment and facilities increases, so does demand for leasing specialists. However, as companies seek to reduce costs, they may lease less equipment and facilities.

Leasing Specialist Job Requirements

A leasing specialist typically needs to have the following qualifications:

Education: Leasing specialists need at least a high school diploma or GED certificate. Some leasing specialists choose to pursue a college degree in real estate, property management or business administration. Relevant coursework includes leasing, sales, finance, accounting and property management.

Training & Experience: Most leasing specialists will receive on-the-job training when they start working for a company. This training will help the leasing specialist learn the company’s policies and procedures. It will also help the leasing specialist learn the software and technology they will need to use for their job.

Certifications & Licenses: Certifications allow you to prove your skills and qualifications to current and potential employers. Some states require leasing specialists to get licensed or certified. Leasing specialists can also earn certifications to gain additional knowledge about their responsibilities and further their career advancement opportunities.

Leasing Specialist Skills

Leasing specialists need the following skills in order to be successful:

Customer service: Customer service skills can help you develop a positive relationship with clients and help them understand the benefits of leasing. You can use your customer service skills to explain the leasing process, answer questions and provide information about the company’s products.

Communication: Communication is the act of conveying information to others. As a leasing specialist, you may be responsible for communicating with clients, property managers and other staff members. Strong communication skills can help you convey information clearly and answer questions effectively.

Organization: Keeping track of paperwork, contracts and other documents is an important part of the job for leasing specialists. They should be able to sort and file paperwork and other documents in an organized way so they can find them when needed. They should also be able to keep track of client information and other data so they can contact clients when needed.

Attention to detail: Leasing specialists must be able to pay close attention to the details of the contracts they create. They must be able to read and understand the terms of the contract and ensure that the client understands them as well. Attention to detail is also important when calculating the monthly payments and ensuring that the client understands the terms of the contract.

Financial knowledge: Leasing specialists need to have a basic understanding of financial concepts, such as interest rates, monthly payments and other financial data. This knowledge can help them explain leasing options to customers and help them make informed decisions about their leasing options.

Leasing Specialist Work Environment

Leasing specialists work in a variety of settings, including office buildings, shopping malls, and warehouses. They typically work regular business hours, although they may occasionally work evenings or weekends to show properties to prospective tenants. Some leasing specialists travel to different locations to show properties to potential tenants. Leasing specialists who work for large companies may be required to relocate to other cities or states.

Leasing Specialist Trends

Here are three trends influencing how leasing specialists work. Leasing specialists will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Growth of the Self-Driving Car

The self-driving car is quickly becoming a reality, with companies such as Tesla and Uber already testing out their own versions. This means that leasing specialists will need to be prepared to deal with a new set of challenges, such as how to lease cars without a driver.

As the self-driving car becomes more popular, leasing specialists will need to learn how to market these vehicles to customers and handle the paperwork involved in leasing them. They will also need to be familiar with the legal implications of leasing a self-driving car, as well as the insurance requirements that come along with it.

More Focus on Fleet Management

As businesses become more focused on fleet management, leasing specialists will need to develop skills in areas such as vehicle maintenance and repair.

This trend is being driven by the increasing cost of fuel, which is making it harder for businesses to justify the expense of owning and maintaining their own fleets. As a result, leasing specialists who can provide value-added services such as maintenance and repair will be in high demand.

Greater Use of Technology in Leasing

Leasing professionals are increasingly using technology to streamline the leasing process. This includes the use of online portals and mobile apps, which allow customers to submit applications and payments from anywhere.

Leasing specialists who are able to utilize technology in this way will be better equipped to serve customers and close deals faster. In addition, they will be able to provide a better customer experience by providing information and updates in real time.

How to Become a Leasing Specialist

A career as a leasing specialist can be rewarding in many ways. It offers the opportunity to work with people, businesses, and organizations that are looking for solutions to their equipment needs. You’ll also have the chance to learn about new technologies and products that are available on the market.

To become a leasing specialist, you’ll need to have a strong understanding of business finance and accounting. You should also be able to effectively communicate with customers and understand their needs.

Related: How to Write a Leasing Specialist Resume

Advancement Prospects

Leasing specialists can advance to positions with more responsibility, such as assistant manager or manager. Some may become real estate brokers or sales agents. Some leasing specialists open their own businesses.

Leasing Specialist Job Description Example

At [CompanyX], we’re looking for a customer service-oriented professional to join our team as a leasing specialist. In this role, you will be responsible for greeting potential tenants, showing properties, and processing applications. The ideal candidate will have excellent people skills, a strong work ethic, and the ability to close a deal. He or she will be organized and detail-oriented, with the ability to keep track of multiple applications and deadlines. If you are a people person with a passion for real estate, we want to hear from you!

Duties & Responsibilities

  • Maintain a high level of customer service by promptly responding to all inquiries, requests, and concerns
  • Effectively communicate with customers, co-workers, and supervisors in order to resolve issues and maintain positive relationships
  • Adhere to all company policies and procedures
  • Assist in the preparation of apartments for new residents, including but not limited to painting, cleaning, and making minor repairs
  • Conduct apartment and community tours for prospective residents
  • Negotiate lease terms with potential residents and close on the sale
  • Accurately process all paperwork in a timely manner
  • Collect rent payments and post to resident accounts
  • Prepare move-in/move-out packets for new and departing residents
  • Regularly inspect vacant units and common areas, reporting any necessary repairs or maintenance to the Property Manager
  • Respond to after-hours emergencies in a prompt and professional manner
  • Other duties as assigned

Required Skills and Qualifications

  • Proven customer service experience in a sales or leasing environment
  • Excellent written and verbal communication skills
  • Strong negotiation and presentation skills
  • Ability to work independently as well as part of a team
  • Proficient in Microsoft Office, with aptitude to learn new software and systems
  • High school diploma or equivalent

Preferred Skills and Qualifications

  • College degree
  • Previous success in a leasing or sales role
  • Experience working with CRM software
  • Familiarity with real estate law
  • Bilingual

Similar Jobs

Previous

What Does a Food Service Aide Do?

Back to Career Development
Next

What Does a Learning Coordinator Do?