Apartment Leasing Agent Training and Education Program Information
An apartment leasing agent is hired by owners of residential rental properties to find proper tenants. Training requirements may include a short course leading to professional certification or a longer program that prepares graduates for licensing as real estate agents. Read on for information on courses, licensing requirements and salary potential.
There are no common education standards for apartment leasing agents. The apartment owners set their own requirements, although state regulations must also be followed. These can range from only a high school education to a real estate license. Some states offer a specialized leasing agent license with pre-licensing requirements that include a short training course in leasing.
Prospective leasing agents can earn professional certification by completing an online training program in apartment leasing. This program covers topics such as legal obligations regarding leasing, showing the property and interviewing prospective tenants. A certificate program in real estate focuses on the buying and selling of property, but may include information on leasing. These types of programs prepare graduates to take their state's real estate agent exam.
Apartment Leasing Professional Program
The National Apartment Association (NAA) is a partnership of affiliates that represent more than 5.9 million apartments in the United States and Canada and the 50,000 companies that own them. The NAA Education Institute (NAAEI) offers coursework and exams that lead to nationally recognized designations for the apartment housing industry, including a National Apartment Leasing Professional (NALP) credential. Many colleges and universities have courses to prepare students to earn and test for the NALP designation. The course is also available online.
There are no prerequisites for taking the NALP course. However, those who wish to test for the designation must have at least six months of experience in the apartment industry, in addition to taking the required courses.
The coursework covers eight areas. These are:
- How to be successful in leasing
- Presenting an apartment over the telephone
- Using the Internet as an aide in leasing
- Interviewing potential customers
- Showing the property and resolving any concerns
- Rental procedures and policies
- Legal elements in leasing
- Presenting leasing information from a market survey
According to the U.S. Bureau of Labor Statistics (BLS), employment opportunities for managers of property, real estate and community associations (the occupational group most closely aligned to apartment leasing agents) should grow about 6% from 2010-2020, which is slower than average. This growth may be due to an increased number of individuals living in managed-housing, such as apartments and condominiums.
To renew the NALP designation, individuals must have earned three continuing education credits during the preceding year. The NAA website lists a number of acceptable courses. State real estate guidelines also often have acceptable courses.
Certificate in Real Estate
Real estate certificates usually offer enough coursework and credit hours to qualify graduates to take a real estate licensing exam in most states. Often a real estate license is required for jobs in apartment leasing. Course titles seldom indicate whether or not leasing training is covered. Students who wish to specialize in leasing will need to read course descriptions to learn how much leasing training is offered. State licensing requirements usually do not include a high school diploma; accordingly most schools do not require a high school diploma or GED for acceptance into a real estate certificate program.
Often the courses in a real estate certificate program are determined by licensing laws in the state where the school is located. Coursework often includes:
- Basic laws and principles of real estate
- Brokering mortgages
- How to appraise real estate
- Leases, contracts, title searches, deeds and other real estate transactions
- Managing real estate properties
- Real estate financing rules and options
- Role of escrow companies
The BLS anticipated that jobs for real estate brokers and sales agents would increase by 11% from 2010-2020, a rate that is near the average for all occupations. As of May 2012, the BLS reported that real estate brokers took home a median annual salary of $58,350; real estate sales agents earned a median salary of $39,140 per year.
Licenses and Continuing Education
Each state has its own licensing and continuing education (CE) requirements. There are major differences in requirements between states. Schools that offer real estate training will often have continuing education programs; states usually offer a list of acceptable training and CE programs. Graduates with certificates in real estate may also choose to earn an associate degree in real estate. If real estate professionals do not have the NALP designation, this is another CE option.
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