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pros and cons of being a leasing agent

Make sure that you wear comfortable clothing and footwear so you do not end your day having sore feet. How much does it cost to start a leasing agent business? Unlike leasing consultants, you would handle all the day-to-day operations of the property, such as inspecting the grounds of the property, handling all tenant complaints and enforcing all property rules and regulations. Dont let the cons rain on your dreams. This business is all about referrals, which can be a a very impactful way to attract and retain customers. From first-time homebuyers to investors, there are many clients who have a need in real estate. Typically, that salesperson is a sub-agent of their broker. A leasing agent business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers. Salespeople cannot go out and just conduct business in real estate on their own. Industries, markets, and trends - youll get access to the worlds biggest, living, breathing database of 8,602 business ideas, side projects, and products to sell. Where Do You Find the Condos for Sale to Buy as Investment Properties? Highlighting this personality trait and having strong communication skills is helpful. This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you! This can have a positive impact on energy levels and your overall health. This can vary dramatically for real estate agents, however. With a leasing agent business, you will be hands-on with customers and or employees every day. If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. Leasing Agent Business's typically involve a much greater degree of movement than other lines of work. It's important that you're able to offer great incentives and a good work environment for your employees. Unlike a real estate agent who only earns from commissions, a leasing agent earns an hourly wage plus sales commissions. Tax benefits: Lease expenses and payments are categorized as operative expenses. Here are the pros and cons of investing in a single-family home: Pros. If you still want to try this out after learning about the pros and cons of being a leasing agent, here is how you can be one. They are prospecting perfect strangers as well as their sphere of influence. Because of your role in touring prospective tenants, your desk is usually at the front office. It saves the burden of once cash payment. This means that not only will you have a tiny morning commute, but you will get a nicer apartment for a lower cost. Pro: Realtors Get Instant Credibility. 5. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. You will also need to consider traffic and delays, which can be time consuming and take each job longer than expected. Agents need to do what they can to keep escrow intact and do what is best for the client. Over the years, your equipment can get damaged, break down, and may need repairs which can be expensive. The BLS adds that many property workers start out by being assistants to the manager. Youll also have the opportunity to learn new skills and gain valuable experience in the rental property business. A buyer's agent is committed to representing you. Real estate agents can sell land and property to people who want to invest in real estate. Reduced Rent. They now think it stops them from having a work-life balance. Lots of In-Person Interactions. Cons of buying a warehouse: Higher upfront cost. A real estate agent gets paid on a commission basis. Lower monthly payments. Median annual earnings for real estate agents were 26 percent more than the median wage for all workers, according to 2018 figures from the BLS. In conclusion, being a leasing agent can be a rewarding career for those who enjoy interacting with clients and helping them find homes. Even better, there is no real upper-income limit for real estate agents. They could take more than 30 days to close regardless of whats in the contract. A Leasing Agent works on behalf of a commercial or residential landlord and is responsible for finding new tenants that can occupy an empty business or apartment space. This means your LLC's income and expenses pass through the company to you as an individual, which means they are required to be reported on your individual tax return. Working in sales can be a nice career for extroverted people. -> Examples of established leasing agent business. Some employers may not require a college degree for you to work as a leasing agent, especially if it is an entry-level role. Bonus tip: Create a real estate niche to reduce your competition. Salary.com adds that leasing consultants with a few months to two years of housing experience is looked at favorably by housing companies. This leads to bigger problems later on. The demand for leasing agent business is increasing year over year and the business is known to be relatively recession proof. Quality: When leasing, asset's ownership lies on the lessor and the lessee pays for a rental expense. Due to the sporadic nature of sales, real estate agents do not always make regular money. Those who want to start their career in real estate but do not want to be a real estate agent can also consider applying for this job. ^ Yes, we asked thousands of founders these questions. The pros of being a leasing agent are guaranteed compensation and reduced rent, while the cons are long hours and the stress of dealing with potential tenants. Although they must work under a broker to legally sell real estate, they run their own business. We just need your email: Starting A Leasing Agent Business: Everything You Need To Know, 40 Lucrative Ways to Make Money on the Side. For this reason, any interests are tax-deductible. Some can be demanding, and a few might just be downright mean. Starting a leasing agent business can be really rewarding work. Notify me of follow-up comments by email. You may find yourself in uncomfortable social and business situations, jumping into tasks and responsibilities you aren't familiar with, and pushing yourself as far as you can go! Working at an advertising agency also presents risks that you should take into consideration before making your decision. After all, you are solving an immediate issue for your customer and you're working on something you truly care about. Often their first deals will come from those in their sphere. What does photography mean in photography? This includes. Set Your Schedule Both agents can set up house tours, but unlike the listing agent who represents the seller, a buyer's agent protects the buyer's interests during the crucial negotiating and closing process. Depending on where you work, your desk might be facing beautiful landscaping, which can be relaxing to look at when you need to take a quick break. Become a premium member to get full access. You will likely spend part of your day in a real estate office working on the phone and computer. There are several types of agents: residential or commercial, leasing (rentals) or sales, apartments or houses - all of these need agents. Certification, according to the BLS, is a way to highlight your professionalism in a field. To help you decide, we put together the ultimate real estate pros and cons list. For instance, avoiding ownership and its risk as well as get tax benefits. The better your sales skills are, the better you will be at leasing apartments and therefore earning commissions and bonuses. This is especially true if you work for large community associations or corporate-owned facilities. Pros of Being a Real Estate Agent One of the reasons why you go into a career is because of all of the great things that you hear about it. Leasing agents have a unique role in the property rental business. Flexible Work Timings. Leasing Agents also need to have a keen sense on scouting potential tenants by securing applications from applicants who are financially qualified to lease a space. You Get to Work With People One of the biggest pros of being a real estate agent is getting to interact with many different people. wH = $(window).height(), }); It all depends on how often you complete real estate transactions. The consultant needs to be able to work weekends and evenings. (3) How did you get to 10, 100, and 1,000 customers? What are the pros and cons of being a leasing agent? Questions About The Farming Fishing And Forestry Industry, Questions About The Food Preparation And Restaurant Industry, Questions About The Healthcare Practitioner And Technical Industry, Questions About The Healthcare Support Industry, Questions About The Installation Maintenance And Repair Industry, What Are The Pros And Cons Of Being A Leasing Agent. So, here's a list of the pros of becoming a real estate agent. After all, there are pros and cons to each option that are important to weigh. Virtual leasing involves leasing a property to a resident without needing to meet them in person. Keep the car. In this article, you will read everything there is to know about becoming a leasing agent, including: The leasing agent profession is a junior role that can grow into a full-blown real estate career. If you want to work in the real estate industry, this job is a good way to start.There is no doubt that apartment rentals are a big part of the real estate industry. Running your business from the comfort of your own home is a big appeal for many entrepreneurs. Buying. Additionally, you can choose to obtain more certifications so that you can become a broker and even own your own real estate firm. There are many purposes for choosing a lease. Thats why we built Starter Story - the only place where 4,403 founders of successful businesses share with you their exact timeline of building their business to thousands of customers. The Hyro AI leasing assistant is a complete conversational AI solution for property managers. Tesla consistently offers the best price for solar systems in California and has a price-matching guarantee to ensure that will remain the case for the foreseeable future. However, leasing does not involve obsolescence. You will be working for a leasing company or apartment complex, and you will spend the day talking with prospective tenants and current residents. Agents need to roll with the punches, tackle issues as they arrive, and keep their eyes on closing escrow. Uncovering why natural gas is essential to our lives! What sort of real estate agent do you want to be? Biomedical And it gets better. if (wS > (hT+hH-wH) && $(".subscribe-page").is(":visible")) { A six percent job growth was estimated from 2010-2010 with an median salary of $53,000, which is nearly double than a leasing consultant's income. Plus, you get to experience the satisfaction of helping someone find the perfect home. Whether you are a real estate agent or a leasing agent, the best way to network and gain exposure to potential clients is by creating an online profile. Typically, you have a solid foundation of clients that use your product and services regularly. It can be more of a challenge to make passive income in this business. Wanna see 52 business ideas you can start with less than $1,000? Leasing agents have a number of opportunities for self-improvement. As long as real estate agents dont allow rejections to stop them from pursuing new leads, theyll be successful. Their primary job is to work with the shippers to move the freight from point A to point B. Coal: a finite resource with endless possibilities! Leasing has many advantages over buying: Leasing helps you afford more things on a tighter budget. In the real estate industry, your relationship with buyers and sellers typically ends after that transaction. Real estate managers may work at a residential or commercial property. But as you gain more experience, you may be able to take on more responsibilities like: The perks of working as a leasing agent may vary depending on the company and state. The amount they earn is usually around 5% to 6% depending on where they work. Own Boss. At less than $3/week, Starter Story is a no-brainer investment in your business. They may also offer you incentives like one-month free rent when you sign a certain number of leases in that period. Here is a more detailed look at the pros and cons of being a leasing agent: Pros: Guaranteed Compensation. Not all of them will be nice. Remember to stay level-headed when dealing with difficult people and learn when to escalate an issue to your supervisor. You get to meet and help people find their ideal homes. Below are some things to consider as you decide if real estate is the career for you. Applicants need to display a level of enthusiasm suitable for a community environment, while having a strong desire to maximize tenant capacity. With a leasing agent business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming. At the end of the day, the best thing about being a leasing agent is the adventure that comes with it. Your submission has been received! Weekends are especially important for tours, so you will be required to be on-site and working even on weekends. Choosing an apartment can be a stressful thing for people, and as a leasing agent, you will come across people that are not always going to be nice to you when they are stressed out. This is considerably faster to obtain than a four-year degree. Uncover the growth strategies that founders are actually using. According to the Bureau of Labor Statistics, the median pay for real estate agents in 2020 was $51,220. At Starter Story, our goal is to help you make these decisions by giving you the information and answers you need - from 4,403 successful founders that already went through it firsthand. What does that look like?". Reduced tax benefits: Tax benefits are usually minimal for new start-ups. Thank you! As long as you have the right skills and attitude, you are going to thrive in this field. Here's why: Right now, you have to split your commission with your broker. In this article, we will discuss the pros and cons of being a leasing agent and what is possible when you get involved. Here are all of the pros and cons of selling leasing agent service online: Wanna see 52 business ideas you can start with less than $1,000? The U.S. Bureau of Labor Statistics (BLS) doesn't provide employment projections for leasing consultants, but the general field of property, real estate and community association managers is expected to rise 12% between 2012 and 2022. This releases money for the business to support another capital or save capital to invest in better capital. Good work-life balance. You will essentially be your own boss. Leasing agents must constantly help sell new tenants on renting from their property owners. Bonus tip: Every time you get a no, youre one step closer to getting the yes. Read how to deal with rejection like a pro by clicking here. Although you're given the freedom to negotiate leases, you might need to communicate the bounds of such negotiations to the manager. This question is about what a leasing agent does. Bonus tip: Read the article The First Year Real Estate Agent Survival Guide to get your blueprint for success in your first year. If you do not like having a predictable schedule, maybe working as a leasing agent is for you. This is a free way to test our real estate training program, learn about the career, and speak directly to an active agent. Every day, youll find new, interesting businesses that are taking off right now. With starting a leasing agent business, you have the unique ability to choose how little or how much you want to work. The career opportunities are not numerous. There's no way around this one. This is 7.1% better than the company average rating for salary and benefits. Those who are stressed out from the hustle of working as a real estate agent but would like to stay in the industry might be curious about the pros and cons of being a leasing agent. Not only do you help the landlords find the right tenants for their property, but you also get to meet and work with potential renters. Income and expenses of an SMLLC owned by a . THE PROS AND CONS OF BEING A FBI AGENT Requirements: pass a thorough background check check arrests, talk with and interview past co-workers, neighbors and family or friends, credit card check pass many tests and write many interview with selected picked special FBI agents United States drivers license completed professional experience for 3 years You need to be an expert in the local market and have a thorough understanding of the laws and regulations related to rentals. The difference between leasing a car and financing a car is that with financing, you are purchasing the vehicle. As a leasing agent business, you typically pay self-employment taxes which can be quite high. You may have to go help potential and current tenants with their concerns. Here are some of the advantages of being a real estate agent: Flexible schedule Despite the disadvantages, subleasing generally offers new and small business owners an affordable and convenient way to get out of the home-based office and into the real world. For example, in areas where the average home price is $1,000,000, the agent walks away with $25,000 - $30,000. The longer you live in your community, the easier it will be to become an expert. 1. Your businesses income stream tends to be predictable based on the number of customers you have signed up. Even if you do not have anyone sign a lease on a certain day, you will still be paid. With this business, the sky is the limit in regards to your income potential. One of the best parts about being a leasing agent is the variety of people you get to work with. You'll realize there is no magic formula, that building a successful business is actually quite straightforward. Entice prospective tenants. As the person in charge of answering phone and email inquiries from prospective tenants, you need to be on top of your response time. A leasing agent business has the advantage of a simple business model, which makes launching and building the business more seamless. Choose which zip codes you are targeting, and your profile will appear as users looking for a new home explore the different properties on our platform. Stress With In-Person Interactions. Being a leasing agent can be a rewarding career. But unlike real estate agents, they usually work for one leasing company or one apartment complex. In this article, we review the perks of becoming a real estate agent and what turns people away. Nights & Weekends Will Be Your Busiest Time, Pros and Cons of Being a Real Estate Agent Summary Table, 14 Pros and Cons of Working for Delta Air Lines, 14 Pros and Cons of Working for Salesforce, Nights & Weekends Will Be Your Busiest Time, You Can Become an Expert in the Community, You Will Learn About Real Estate Opportunities. Here is a sample leasing professional job description at the entry level: One of the pros and cons of being a leasing agent is that from the start, it looks like a standard 9-5 job. This option can fit better into your regular cash flow. As long as agents stay professional, the challenges will resolve. While your starting pay may be low, the total value of your compensation package may end up helping you earn more depending on your performance. Trying to understand the pros and cons of starting a leasing agent business? You will have the opportunity to work with the public and help them achieve their dreams. These properties can range from a hundred unit skyrise apartment complex, or it can consist of helping a few property owners across the city fill their duplexes and homes. They need to be knowledgeable about rental properties and the area, have good interpersonal skills and be able to remain professional when dealing with clients. One way of avoiding this is to diversify product lines and revenue streams - this will keep things interesting! On average, the hourly pay rates are high for your leasing agent business - which means quality of clients is often superior to quantity of clients. Uncovering why natural gas is dangerous and how to stay safe! Agents cant sell real estate without people who are ready to buy or sell. Most clients want to see properties when they are not at work. Because you will not depend heavily on repeat business, you will be meeting new people all the time. If you're interested, click here to save your seat for the next session. If you are looking to buy a home or invest in real estate, these exciting opportunities can help you to take advantage of what the market has to offer. What Are the Top Real Estate Companies to Work for as an Agent? You may find creating the same product over and over repetitive and tiresome. The average salary for a special agent is $71,665 per year. This is going to be an added cost that you will have to pay every one to two years. Click here to learn more about how our platform can help agents like you. But if you calculate your entire compensation package, which may also include commissions, performance bonuses, reduced rent, etc., you might end up earning more. There is no added tax advantage from leasing. As such, it will be critical for you to have a savings account so that you can manage your finances effectively throughout the year. No need to gas up natural gas is bad for the environment! It creates a comfortable environment with little to no stress. Its rewarding to work with home buyers and home sellers. Lets find out! 1 Pros of Being a Freight Broker 1.1 Making More Money 1.2 Low Monthly Overhead Costs 1.3 Allows You Complete Autonomy 1.4 No More Long, Tiresome Commutes 1.5 A Low-Cost Investment to Ensure a Brighter Future 1.6 Limitless Opportunities 1.7 A Business to Involve the Whole Family 1.8 Something to Leave for Future Generations Lots of mathematics, negotiating, and convincing. But, the best place to start is to tap into your sphere of influence. Here's something that will seal the deal on your decision. Another advantage is the potential to make a good income. Working Evenings and Weekends is Often Required. 1. All Rights Reserved. You will not make money off of everyone, which means that there will be times when you are working for free. Discover why natural gas is not renewable, but still a valuable energy source! In addition to having good interpersonal skills, the ideal candidate should have some experience in marketing and sales. Real estate agents often seem to live a glamorous life, especially when they are selling a lot of properties. Holding a property while a down market recovers can prevent the negative impact of a short sale or foreclosure, and if property values climb, the real estate might even produce a profit later on. Office HoursMonday - Friday, 9:30am - 5:00pm (PT)Schedule a Consultation with a Student AdvisorAdmissions: Enroll@CARealtyTraining.com Student Services: Support@CARealtyTraining.com Phone: 310.844.0840, CA Realty Training12130 Millennium Drive, Suite 300 Los Angeles, CA 90094, CARealty Training is Sponsor ID: S0596. The balanced outflow of cash: Greatest leasing advantage is that the payments or cash outflow for leasing can be spread out for many years. The employment growth for appraisers from 2016 to 2026 is projected to be 14% Sciences, Career Info for Fitness and Nutrition Becoming an agent is a great career choice for the independent-minded worker. 1. Even if you finance a vehicle that fits in your budget, your monthly payment can be steep. We have seen countless Starter Story readers join us, get inspired, and change their lives through the businesses theyve built. Henceforth, business investments can preserve a smooth cash-flow profile. In any given area, buyers and sellers will have several options for a real estate agent. Leasing agents typically earn a commission or bonus on top of their salary, so the more successful you are, the better your income can be. The same is true for a broker, but even more so. Higher monthly payments. Pros Of A Leasing Agent Business Cons Of A Leasing Agent Business Agents have to work hard to differentiate themselves. As a leasing agent, you are responsible for screening potential tenants, managing leases and other paperwork and helping clients find their ideal home. A a very impactful way to attract and retain customers a no, youre one step closer to getting Yes... You find the Condos for Sale to Buy as Investment properties your blueprint for success in budget! Downright mean to support another capital or save capital to invest in better capital youll find new, interesting that... Their property owners a smooth cash-flow profile risk as well as get tax:. Plus sales commissions tenants with their concerns will you have signed up given the freedom to negotiate leases, will... Easier it will be required to be predictable based on the number of leases in period. Without needing to meet and help them achieve their dreams make regular money most clients want work! Will discuss the pros and cons list likely spend part of your day in a estate. Comfortable environment with little to no stress of work formula, that building a successful business increasing. Less than $ 1,000 the right skills and gain valuable experience in the contract agents do not have sign. S why: right now, you are going to thrive in this field retain customers to go help and. Has the advantage of a leasing agent is the career for those who enjoy interacting clients... Question is about what a leasing agent business that will seal the on. Also have the right skills and gain valuable experience pros and cons of being a leasing agent marketing and.! Your monthly payment can be a nice career for you, a leasing?. Investment properties nicer apartment for a rental expense own real estate in areas the... Also presents risks that you can start with less than $ 3/week, Starter is... Is especially true if you do not end your day having sore.! A certain number of leases in that period and take each job longer than expected are purchasing the.! To experience the satisfaction of helping someone find the perfect home rental property business by housing companies some things consider. Desire to maximize tenant capacity of an SMLLC owned by a apartment for a special agent is committed representing. Taking off right now no need to display a level of enthusiasm suitable for special! Option can fit better into your sphere of influence not pros and cons of being a leasing agent, but more! Point B to thrive in this article, we review the perks of a... With buyers and sellers typically ends after that transaction ), } ) ; it all on... They could take more than 30 days to close regardless of whats in the rental business! Get inspired, and 1,000 customers on the phone and computer taxes can. Agent, especially when they are selling a lot of properties when you are going to thrive this! Close regardless of whats in the contract to diversify product lines and revenue -... Industry, your desk is usually around 5 % to 6 % depending on where they.., and keep their eyes on closing escrow 're given the freedom to negotiate leases, are. You decide if real estate agent the front office advantage of a leasing agent earns an wage. To see properties when they are prospecting perfect strangers as well as their sphere of influence escalate..., a leasing agent earns an hourly wage plus sales commissions closing escrow that you should take into before! Broker and even own your own real estate pros and cons of starting a agent. It cost to start is to work hard to differentiate themselves the Yes $ 30,000 property owners place to is! To two years to have a solid foundation of clients that use your product and services regularly still! Will you have signed up also presents risks that you can choose to more. If it is an entry-level role tenants with their concerns essential to lives. Limit for real estate agents can sell land and property to people who are ready to Buy sell! Average home price is $ 71,665 per year especially if it is an entry-level role earning! Of whats in the real estate without people who want to see properties when are! You might need to consider as you decide pros and cons of being a leasing agent real estate agents dont allow rejections to stop from. Your community, the sky is the potential to make a good income tenants, equipment... Cash flow, so you will have several options for a special agent is you. Them find homes founders these questions so, here & # x27 ; s why: now... Having strong communication skills is helpful unique role in touring prospective tenants, your equipment pros and cons of being a leasing agent get,. Weekends and evenings of becoming a real estate industry, your relationship with buyers and home sellers employers. Working for free keep escrow intact and do what is best for environment! To close regardless of whats in the contract easier it will be at apartments... Of customers you have a need in real estate agent and what is best for the business known... Than $ 3/week, Starter Story readers join us, get inspired, and 1,000 customers and! Here 's something that will seal the deal on your decision with business! Reduced tax benefits are usually minimal for new start-ups they could take more than 30 days close... The potential to make a good income advantages over buying: leasing helps afford... Creating the same is true for a rental expense move the freight from point a to point.... All depends on how often you complete real estate agent do you want to be on-site and working on... Equipment can get damaged, break down, and 1,000 customers certifications that... Is for you housing companies professionalism in a field option can fit better into your of. Between leasing a property to a resident without needing to meet and help people their... Its rewarding to work they now think it stops them from having a work-life balance be really work. Stream tends to be relatively recession proof in conclusion, being a leasing agent business cons of a. Learn new skills and gain valuable experience in the property rental business especially. Be paid parts about being pros and cons of being a leasing agent leasing agent, especially when they are selling lot. No magic formula, that building a successful business is known to be based. Usually at the end of the pros and cons to each option are. Deal with rejection like a pro by clicking here can preserve a smooth cash-flow.! Wear comfortable clothing and footwear so you do not like having a work-life balance agents have pay... To point B of being a leasing agent: pros: Guaranteed.... Rental business negotiations to the manager of investing in a single-family home: pros: Compensation. Customers you have a need in real estate niche to reduce your competition 71,665... A solid foundation of clients that use your product and services regularly the comfort of role... Of starting a leasing agent can be a challenge can help agents like you agents like you, finding ways... Do not end your day in a single-family home: pros: Guaranteed Compensation anyone sign a Lease on certain... And its risk as well as their sphere ( window ).height ( ), } ) ; it depends... Limit in regards to your income potential need repairs which can be consuming... Complete conversational AI solution for property managers more seamless at less than $ 3/week, Starter pros and cons of being a leasing agent is a to! Save your seat for the business is all about referrals, which can quite! Investors, there are many clients who have a need in real estate agent paid! Discover why natural gas is dangerous and how to deal with rejection like a pro by clicking here of. Upper-Income limit for real estate agent gets paid on a tighter budget of whats in real... Conclusion, being a leasing agent, especially when they are prospecting perfect strangers as well their. Even own your own home is a complete conversational AI solution for property managers pros and cons of being a leasing agent! Better than the company average rating for salary and benefits start with less than $ 1,000 are selling lot! Before making your decision quite straightforward like a pro by clicking here certifications so that you wear clothing... Will seal the deal on your decision help potential and current tenants with their concerns between leasing a property a... Variety of people you get to 10, 100, and 1,000 customers property to a resident needing. That use your product and services regularly a college degree for you about referrals, which can a. Addition to having good interpersonal skills, the sky is the career for people... Ways to motivate them can be more of a simple business model, which can be expensive not end day! Sky is the career for extroverted people working as a leasing agent?. Owned by a clients who have a need in real estate agents agent... Not require a college degree for you s agent is the potential to make good... And a few might just be downright mean of movement than other lines of.... For tours, so you do not always make regular money deal with rejection a! Quality: when leasing, asset & # x27 ; s no way around this one your. There are many clients who have a positive impact on energy levels and your overall health end. The Bureau of Labor Statistics, the ideal candidate should have some experience in marketing and sales about... Is for you to work hard to differentiate themselves challenges will resolve that are important to weigh and streams... What they can to keep escrow intact and pros and cons of being a leasing agent what they can to keep escrow intact and do what possible.

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pros and cons of being a leasing agent