The leasing consultant career path is an exciting and rewarding field. If you’re looking for a new job that will allow you to do more than just the same old thing each day but still provide a solid paycheck, then a leasing consultant may be for you.
This post will explore what it takes to become a successful leasing consultant, as well as some of the perks of working in this industry. We’ll also look at how much money leasing consultants make on average every year and discuss whether or not this type of work is right for you. Without further ado, let’s get started!
1. What Is a Leasing Consultant?
In leasing, a consultant is an individual who assists clients interested in acquiring equipment leases—[Source: Investigator]. Leasing consultants help businesses find the financing that best suits their particular needs. They may also advise a company on what types of assets will be most beneficial to lease and which lenders are the best fit for their business.
Leasing companies typically hire consultants at the entry-level to work as support staff, who assist more senior employees in finding and closing deals. They may also be tasked with handling administrative issues such as processing paperwork and following up with clients after a lease is signed.
However, if leasing consultants prove themselves valuable to their employers and show a willingness to work hard and learn, they may eventually be promoted to senior advisor roles where their responsibilities will increase, and they’ll have more autonomy.
2. What Does a Leasing Consultant Do?
As mentioned above, leasing consultants assist clients interested in leasing equipment. This may involve anything from conducting research online and visiting various vendors’ websites on the client’s behalf to liaising between a company and its lenders. In smaller companies or those that do not have a dedicated leasing department, they will often handle all aspects of lease procurement from beginning to end.
Leasing consultants respond to client requests by sending out proposals, arranging site visits, and compiling the necessary documents for the transaction. They also negotiate rates, terms, and conditions with vendors on behalf of their clients. If a client wants a quote for a particular type of equipment, they will work with leasing suppliers or brokers who can provide one for them.
Senior leasing consultants, on the other hand, are usually responsible for more than just this. They may be tasked with developing marketing materials and sales presentations that will help their company acquire new business, as well as training employees on an ongoing basis.
3. What Skills Should I Have?
Good leasing consultants should possess the following traits:
Good communication skills: You must know how to speak accurately and clearly, while also listening to your clients and relaying information in a way that they can understand.
Attention to detail: In this line of work, missing even the smallest detail may end up costing you money or jeopardizing a deal. You must be accurate when summarizing documents and making sure that nothing gets left out during transactions.
Strong negotiation skills: Negotiating with suppliers can be a tricky process. It would help if you learned to use your words wisely and always strive for the best deal possible for your clients.
Creative problem–solving skills: Every client will present you with unique challenges, such as paying their bills on time or getting them a rebate they’re entitled to. You must come up with creative solutions that will help you accomplish your goals and keep both sides happy.
Excellent customer service skills: At the end of the day, your clients are the reason you have a job. It would help if you strived to provide them with excellent service and follow up with them regularly.
4. What Education or Training Do I Need?
There’s no need to go back to school and get a degree in this field. Many employers will accept an associate’s degree in business administration (ABA) as sufficient, especially if you’ve had previous experience working with clients. However, most prefer hiring candidates who have formal training in the field, even if they’ve never served as a leasing consultant before. And if you wish to advance your career and work for a company with more than one office, it’s best to get certification from an established professional organization like the Leasing Industry Regulatory Organization (LIAR) or the International Association of Professional Leasing Consultants (IAPLC).
5. What Experience and Training Do I Need?
You don’t necessarily need any work experience to get started. Many leasing companies will hire recent graduates and train them on the job. In contrast, some small-scale companies may be willing to teach you everything you need to know about becoming a leasing consultant if their business has been in operation for many years. It’s also important to note that there are no educational prerequisites for this job.
6. What Are the Career Prospects?
There are plenty of opportunities in this field, but you may have to consider changing jobs if your employer doesn’t offer many advancement opportunities. Advancement usually occurs when people begin to specialize in specific areas or take formal training courses that will allow them to become senior leasing consultants.
7. What Is the Job Outlook for this Career?
The Bureau of Labor Statistics (BLS) predicts that employment opportunities for all types of sales representatives, which includes leasing consultants, will increase by 14% between 2012 and 2022. While this isn’t as fast as the national average of 14%, it’s still good news for those considering a career as a leasing consultant.
8. What Is the Average Annual Salary?
According to the BLS, the national median salary for all sales representatives was $42,540 per year in 2013. The bottom 10% received less than $25,720 annually, while the top 10% earned $75,490 or more. Let’s take a look at how this number can be affected by working as a leasing consultant:
- Median annual income: $34,500 (20% below national median)
- Top 10%: around $80,000 – 90,000 per year (80% above national median)
- Bottom 10%: around $25,000 (20% below national median)
9. How Do I Find Leasing Consulting Jobs?
Since this is one of those professions that require you to be constantly on the move, it would make sense for you to sign-up with an agency like Workable Solutions or Robert Half. They specialize in matching job seekers with employers looking to fill leasing consultant jobs. This is ideal for those who want to avoid applying directly through company websites or job postings because you will receive personalized assistance when applying to positions that match your skillset.
10. What Does It Take to Be Successful?
The ability to work well with a wide variety of people is a must in this line of work. Being highly motivated and self-driven should also be considered because you will typically focus on closing business opportunities instead of simply filling vacancies. In addition, it would help if you have previous experience working directly with clients or within the financial industry.
Both of these professions require, to some degree, the ability to get along with a wide variety of people and maintain an outgoing personality. They also involve earning commissions on each sale that you close, which means that the more deals that you bring in for your employer, the more money (and responsibility) you will receive.
While there is no formal training for leasing consultant jobs, some organizations offer new employee training programs. This is usually the case with large companies that have more money at their disposal to invest in their employees’ professional development.
Both professions require you to work well on your own and within a team setting because there are deadlines that need to be met and projects that need to be completed.
11. What Does a Typical Day Look Like for a Leasing Consultant?
While it will depend on what tasks are assigned to you, some everyday responsibilities are typically required of leasing consultants. For example, you might be responsible for making phone calls and setting up appointments with potential clients. You would also need to attend meetings with current customers to discuss their needs, as well as attend company training programs if they are offered. When it comes time to close a deal, you will need to be professional and persuasive to get the prospective clients to sign on the dotted line. In addition, you might also have to manage your finances and look for new opportunities that could help build up your client base.
12. Where Does the Leasing Consultant Work?
Typically you would expect to find leasing consultant jobs at large companies specializing in selling heavy machinery, commercial transportation, or other high-value items. For example, some of the types of businesses where leasing consultants are employed include:
- Automobile dealerships
These are all sensible options, as they all sell items that cost a significant amount of money and require some financial commitment from their customers.
There is also some demand for leasing consultants by those who offer professional services such as:
13. Best Colleges to Study Leasing Consultancy
– The University of Phoenix has a bachelor’s degree program in business administration with a major in management, which teaches you everything you need to know about working as a leasing consultant.
– The University of Michigan and Texas A&M both offer bachelor’s degrees in marketing that could also be relevant if you want to pursue this line of work in the future.
– The University of Phoenix offers certification in leasing and asset management, so if you are looking to boost your resume with third-party verification, it is worth considering.
Leasing consultant careers can be both rewarding and challenging. It’s a great career choice for people who are good with people and enjoy sales. The best way to become a leasing consultant is to start as an intern or assistant and work your way up the ladder. Many resources are available to help you learn the ropes and get started in this exciting field. What are you waiting for? Start your journey today!