Real estate leasing manager

A real estate leasing manager

Description

Real estate leasing managers set up the lease or rental efforts of an apartment community and properties not in co-ownership and also manage the leasing staff. They produce, track, and manage file leasing deposits and documents. They also oversee the lease administration and prepare tenancy budgets on an annual and monthly basis. They also actively promote the vacancies available to get new residents, show properties to potential tenants, and are present to conclude contracts between landlords and tenants when dealing with private property.

The duties of a real estate leasing manager include, but are not limited to:

  • Negotiating lease terms with tenants to ensure that both parties are satisfied with the arrangement
  • Communicating with other members of the management team regarding building status, repairs needed, and other issues
  • Reviewing applications for new tenants to ensure that they meet all requirements
  • Communicating with suppliers to discuss pricing and availability of rental units
  • Providing training to new employees on office procedures, such as how to use equipment in an office setting
  • Maintaining contact with current tenants to ensure that they are satisfied with their living arrangements
  • Managing the financial aspects of leasing, such as collecting rent payments and handling maintenance requests
  • Evaluating the performance of leasing agents to ensure that they are meeting goals and upholding company standards
  • Setting up interviews with potential tenants to determine if they are a good fit for the property

Other titles

The following job titles also refer to real estate leasing manager:

commercial leasing manager
commercial real estate manager
leasing administration manager
lease operator
property leasing coordinator
leasing administrator
real estate rental and management manager
manager of leasing activities
commercial leasing administrator
leasing manager
property leasing manager

Working conditions

Real estate leasing managers work in various settings, including office buildings, shopping malls, and warehouses. They typically work regular business hours, although they may occasionally work evenings or weekends to attend meetings or open houses. Some real estate leasing managers travel to different properties to meet with potential tenants or to inspect vacant units.

Real estate leasing managers may work under a great deal of pressure to meet deadlines and quotas for renting units. They may also work long hours to complete paperwork and to show units to prospective tenants.

Minimum qualifications

Most employers require real estate leasing managers to have a minimum of a bachelor’s degree in real estate, finance, business, or a related field. Some real estate leasing managers choose to pursue a master’s degree in real estate or business administration to further their career opportunities and increase their earning potential.

Most real estate leasing managers have previous experience in leasing or real estate. They may have worked as a leasing agent or property manager. They may have worked in a related field, such as real estate or property management. On-the-job training for real estate leasing managers may include learning the company’s leasing software and procedures.

ISCO skill level

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

  • the nature of the work performed in an occupation in relation to the characteristic tasks and duties
  • the level of formal education required for competent performance of the tasks and duties involved and
  • the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Real estate leasing manager is a Skill level 3 occupation.

Real estate leasing manager career path

Similar occupations

These occupations, although different, require a lot of knowledge and skills similar to real estate leasing manager.

property acquisitions manager
real estate manager
housing manager
letting agent
real estate investor

Long term prospects

These occupations require some skills and knowledge of real estate leasing manager. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of real estate leasing manager with a significant experience and/or extensive training.

insurance claims manager
insurance product manager
bank treasurer
fundraising manager
investor relations manager

Essential knowledge and skills

Essential knowledge

This knowledge should be acquired through learning to fulfill the role of real estate leasing manager.

  • Financial statements: The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
  • Corporate social responsibility: The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
  • Real estate market: The trends concerning the buying, selling, or renting of property, including the land, buildings, and natural resources encompassed within the property; the categories of residential properties and properties for business purposes which such properties are traded in.
  • Financial analysis: The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
  • Advertising techniques: The communication strategies intended to persuade or encourage an audience, and the different media which are used to achieve this goal.
  • Property law: The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.

Essential skills and competences

These skills are necessary for the role of real estate leasing manager.

  • Communicate with customers: Respond to and communicate with customers in the most efficient and appropriate manner to enable them to access the desired products or services, or any other help they may require.
  • Enforce financial policies: Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.
  • Strive for company growth: Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else’s. Strive with actions to increase revenues and positive cash flows.
  • Inform on renting agreements: Inform landlords or tenants of a property on the duties and rights of the landlord and tenant, such as the landlord’s responsibility for the upkeep of the property and the eviction rights in the event of a breach of contract, and the tenant’s responsibility to pay rent in a timely manner and avoid negligence.
  • Prospect new customers: Initiate activities in order to attract new and interesting customers. Ask for recommendations and references, find places where potential customers can be located.
  • Handle lease agreement administration: Draw up and handle the contract between a lessor and lessee that allows the lessee rights to the use of a property owned or managed by the lessor for a period of time.
  • Collect rental fees: Receive and process payments from tenants of properties, such as residential or commercial properties, ensuring that the paid rent is in accordance with the contract and that rental fees are paid in a timely manner.
  • Analyse financial performance of a company: Based on accounts, records, financial statements and external information of the market, analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit.
  • Provide information on properties: Provide information on the positive and negative aspects of a property and the practicalities concerning any financial transactions or insurance procedures; such as location, composition of the property, renovation or repair needs, the cost of the property and the costs related to insurance.
  • Supervise staff: Oversee the selection, training, performance and motivation of staff.
  • Compare property values: Obtain information on the value of properties comparable to a property which is in need of valuation in order to make more accurate appraisals and assessments, or to set or negotiate the price at which the property can be sold or leased.
  • Plan health and safety procedures: Set up procedures for maintaining and improving health and safety in the workplace.
  • Create insurance policies: Write a contract that includes all the necessary data, such as the insured product, the payment to be made, how often the payment is needed, the personal details of the insured and on what conditions the insurance is valid or invalid.
  • Perform project management: Manage and plan various resources, such as human resources, budget, deadline, results, and quality necessary for a specific project, and monitor the project’s progress in order to achieve a specific goal within a set time and budget.
  • Analyse insurance risk: Analyse the probability and size of the risk that is to be insured, and estimate the value of movable or immovable property of the client.
  • Liaise with managers: Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
  • Follow company standards: Lead and manage according to the organisation’s code of conduct.
  • Communicate with tenants: Communicate in a positive and cooperative manner with the tenants of a property or part of a property, such as apartments and sections of commercial buildings, in order to facilitate efficient procedures in terms of rent and other contractual agreements as well as to ensure their satisfaction.

Optional knowledge and skills

Optional knowledge

This knowledge is sometimes, but not always, required for the role of real estate leasing manager. However, mastering this knowledge allows you to have more opportunities for career development.

  • Financial management: The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.
  • Building codes: The set of guidelines that determine the minimum standards for buildings and other constructions in order to protect public health and safety.
  • Building construction principles: The component elements and principles of building construction such as types of wall construction and foundations, defects in walls and roofs and ways to address such defects.
  • Concurrent estate: The concept in property law which stipulates the rights and duties of two parties co-owning a property, and the various ways in which co-tenancy is possible.
  • Accounting: The documentation and processing of data regarding financial activities.

Optional skills and competences

These skills and competences are sometimes, but not always, required for the role of real estate leasing manager. However, mastering these skills and competences allows you to have more opportunities for career development.

  • Assess construction compliance: Determine whether a construction complies with laws and regulations.
  • Perform risk analysis: Identify and assess factors that may jeopardise the success of a project or threaten the organisation’s functioning. Implement procedures to avoid or minimise their impact.
  • Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
  • Advise on property value: Provide advise to those that own a property, professionals in real estate, or prospective clients in real estate on the current monetary value of a property, the potential of development in order to increase the value, and other relevant information concerning the value of the in the future developments of the real estate market.
  • Attend trade fairs: Attend exhibitions organised to enable companies in a specific sector to demonstrate their latest products and services, study the activities of their competitors, and observe recent market trends.
  • Create a financial plan: Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
  • Advise on investment: Assess the customer’s economic goals and advise on the possible financial investments or capital investments to promote wealth creation or safeguarding.
  • Maintain records of financial transactions: Collate all the financial transactions done in the daily operations of a business and record them in their respective accounts.
  • Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
  • Supervise property development projects: Supervise the operations of new projects relating to property development, such as renovation, re-leasing, purchasing of land, building projects, and sale of improved properties. Ensure that the operations are profitable, occur in a timely manner, and are compliant with regulations.
  • Advise on financial matters: Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
  • Prepare inventory of properties: List all the items present in a property building which is leased or rented, in order to have a contractual agreement between the owner and the tenant.
  • Manage contracts: Negotiate the terms, conditions, costs and other specifications of a contract while making sure they comply with legal requirements and are legally enforceable. Oversee the execution of the contract, agree on and document any changes.
  • Examine the conditions of buildings: Monitor and assess the conditions of buildings in order to detect faults, structural problems, and damages. Assess general building cleanliness for grounds maintenance and real estate purposes.
  • Analyse the credit history of potential customers: Analyse the payment capacity and credit history of potential customers or business partners.
  • Develop professional network: Reach out to and meet up with people in a professional context. Find common ground and use your contacts for mutual benefit. Keep track of the people in your personal professional network and stay up to date on their activities.
  • Plan buildings maintenance work: Schedule maintenance activities of property, systems and services to be deployed in public or private buildings, according to the priorities and needs of the client.
  • Organise property viewing: Organise events in which prospective buyers or tenants of a property can visit the property in order to assess whether it is suitable to their needs and to obtain information, and organise plans to liaise with the prospective customers in order to secure a contract.
  • Handle financial transactions: Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
  • Organise a damage assessment: Organise a damage assessment by indicating an expert to identify and examine the damage, give information and instructions to experts and follow up on the experts, and write a damage report.

ISCO group and title

3334 – Real estate agents and property managers


References
  1. Real estate leasing manager – ESCO
  2. Leasing Manager Job Description: Salary, Duties, & More – Climb the Ladder
  3. Featured image: Photo by Emmy E from Pexels
Last updated on February 5, 2023

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