The minimum wage for leasing agents is less than zero

by Joe Zekas on 3/20/14

The spring and summer rental market is heating up and Chicago’s rental services a/k/a apartment locators a/k/a apartment finders are advertising on Craigslist for the next crop of leasing agents.

The ads promise a lot, including “unlimited earnings potential.” What they don’t tell you is that there’s no limit to the amount of your own money that you can spend on gas, parking and fees to the rental service before you ever see a check. They don’t tell you that you may wait months before seeing a check or that you may never see one, even if you’ve earned it.

Rental services need to harvest new crops of leasing agents year-round because it’s a high-turnover business with an extremely high fail rate.

Think long and hard before signing on as a leasing agent with a rental service. Ask yourself why what’s pitched as a “lucrative career” has so very few people who’ve made a career out of it with any of the rental services.

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{ 1 comment… read it below or add one }

Adam May 4, 2014 at 9:07 AM

If these apartment finding “Scams” were so confident that their leasing agents would make $1000′s of dollars every week, they should offer a draw commission structure. Start a new agent off with a monthly draw of $3000. When agent brings in revenue equal to the draw, he/she would start earning commission on revenue above $3000. This would weed out the good agents vs. the bad agents. No managing broker would offer this commission structure, as they now it is almost impossible. The managing brokers should be held accountable. They create the environment.

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