leasing agent vocabulary
The purpose of tenant screening is to identify potential “red flags” that may cause problems in the future or disqualify the applicant from your property. May be a property manager or an owner. If a renter is unable to pay rent or any other fees specified by the lease agreement, a guarantor may be held financially accountable. We'd be happy to provide you with more info! For example, there may be restrictions on whether a renter may operate a business from within their residential unit, restrictions on subletting, restrictions on the number of occupants who reside in the unit, restrictions on smoking, or on any. A leasing consultant, also known as a leasing agent, works on behalf of landlords and property management companies to collect rent and provide customer service for renters and tenants. With screening tools that are built into modern property management software, leasing agents can instantly run credit, eviction, and criminal reports on prospective renters for a quick leasing decision. Application: When a prospective renter is interested in signing a lease, they should fill out an application to provide their contact information to the leasing agent and authorize the property management company to perform a background check. for example ‘unit’. We hope that this residential leasing dictionary has shed some light on a confusing aspect of the leasing process, added a new term to your leasing vocabulary, or helped you get up and running in a new role quickly. Completely free trial, no credit card required. This is especially true when it comes to getting new hires up to speed quickly and efficiently before the madness of leasing season begins each summer. See, When an apartment seeker locates a property that piques their interest, they can complete an application from any mobile device, get an answer from management, and. Activities that are prohibited on the premises of the renter’s unit, or certain actions that renters are prevented from taking under the terms of the lease agreement. Lease assignment is not the same thing as subletting – see, An inquiry into a prospective renter’s work, rental, and criminal history prior to signing a lease. May also be referred to as the “surety.”. Lease Break Fee: See early termination fee. Leasing Consultant: Responsible for greeting prospective renters, showing them the rental unit, and guiding them through the application and leasing process. Highlighting the convenience of an online renter portal during the leasing process can attract prospective residents seeking flexibility, connectivity, and on-demand service from their new property manager. Also called a lease break fee or rerent levy. See, The specific duration of time a lease lasts for. If you’re a leasing expert or manager, share it with newer members of your team, or use it to get a quick understanding of any leasing terminology you may not already be familiar with. Lessor: The party who is leasing the property to a resident (lessee). It’s common for leasing agents to work on commission. However, if the property is rented to someone else before the end of the original lease, the property manager may not continue to collect rent from the renter who broke the lease. It a renter breaches the terms of a lease, they are financially responsible for any fees stipulated in the lease agreement, or for unpaid rent. See. This process can be streamlined with, If a renter can no longer fulfill their lease obligations, they may have the option to assign the lease to another qualified individual. Take a look at the sources we consulted to create this dictionary below for further reading: Typical Provisions in Leases and Rental Agreements, Nolo.com, Residential Lease Agreement FAQ – United States, LawDepot, How Do Ownership and Possession Relate? He plans to cancel all leases in three months to begin a major renovation. Otherwise, the lessor must return any remaining portion of the security deposit to the renter. Inspecting properties when tenants take occupation and vacate. Leasing agent or property manager will receive a credit report and credit score from one or more of the major credit bureaus that indicates the prospective renter’s creditworthiness, or the likelihood that they will pay rent as agreed according to the terms of their lease. If the property manager breaches the terms of a lease, they are responsible for correcting the situation. After inspecting the property at the end of the lease term, if there is any damage that exceeds normal wear and tear, the security deposit may be used to pay for repairs. Otherwise, the lessor must return any remaining portion of the security deposit to the renter. Grace Period: Having a “grace period” after signing the lease is the most common way a renter can break a lease without a penalty, but they cannot have moved into the property and have only a limited time to do this. This allows the property management company to cover the lost rental income and the cost of finding another qualified renter. Having a “grace period” after signing the lease is the most common way a renter can break a lease without a penalty, but they cannot have moved into the property and have only a limited time to do this. A sublease is an agreement between the primary renter and their chosen subrenter. A lease may have a fixed end date, or it may last for a specific number of weeks, months, or years. 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