Making Money As An Apartment Locator in 2024
June 17, 2024How Much Do Apartment Locators Make in Dallas? A Comprehensive Guide
An apartment locator is a licensed real estate agent who specializes in apartment locating, helping clients find rental properties such as apartments, rental homes, and short-term rentals. The service is free for clients as the apartment locator gets paid through the property’s advertising fund for the referral. For those interested in starting a career in real estate, becoming an apartment locator may be a good option to consider.
Before venturing into the real estate profession, it is important to understand the distinctions between a real estate agent, a real estate broker, and a realtor. While their job descriptions are similar, the difference between a real estate agent and a real estate broker lies in the type of certification they have. On the other hand, being a realtor means being a member of the National Association of Realtors (NAR) and following their extensive code of ethics.
Apartment Locators and Real Estate Agents
If you want to become an apartment locator, you need to understand how it works. Here are some things to keep in mind that will help you in your future apartment locator career. Starting as an apartment locator can be a stepping stone to a successful real estate career.
Broker Sponsors
To work as an apartment locator, you must have your license sponsored by a real estate brokerage. There are two types of sponsorships to choose from: traditional and independent. A traditional sponsorship requires you to work a certain number of leads that the brokerage provides you, while as an independent contractor, you work for yourself. As an independent contractor, you are responsible for generating your own leads, which allows you to keep 100% of your commissions. Additionally, you get a small percentage of every commission you close. On the other hand, an independent sponsorship means that you work for yourself. You would still be under a brokerage, but they don’t provide you with leads or earn anything from your commissions. All of your earnings solely belong to you, but you would have to do all of the legwork.
Earnings
Apartment locators get paid in two ways: a percentage of the month’s rent or a flat rate. If an apartment charges $900 each month, and the percentage the apartment locator gets is 100%, then the apartment locator earns $900 monthly. Alternatively, an apartment locator who gets paid a flat rate earns a set amount. If this amount is $500, then it will stay that way no matter how high or how low the rent charges are for the unit that the apartment locator successfully closes a deal on.
Apartment communities pay apartment locators based on these commission structures, which can vary by location and property.
Your Market
The area in which you primarily work also has an impact on how much you earn. Higher-end neighborhoods have higher rent charges, so you might want to look into those areas. You would be quite lucky if you closed a deal on an apartment in a pricey neighborhood and got a 100% monthly percentage commission. Working closely with property managers can also help you gain access to high-end listings and increase your earning potential.
Average Commission: How to Pay Apartment Locators
The average commission an apartment locator earns depends on how they work. One who works under a traditional brokerage could earn $20,000 to $80,000 yearly if they sell more than their coworkers. An independent apartment locator could earn $50,000 to $100,000 monthly depending on how many clients one closes and in which neighborhood they do business in. The commission an apartment locator earns typically comes from the property’s advertising fund, which is allocated for attracting new tenants.
Watch this video for more insights on becoming an apartment locator and maximizing your earnings:
To summarize, becoming an apartment locator requires you to have your license sponsored by a brokerage. The earnings are based on either a monthly percentage or a flat rate. The area in which you work also has an impact on how much you can earn. Finally, the average commission an apartment locator earns depends on how they work.
Real Estate Part-Timer: Is it Possible?
Starting a career in real estate as an apartment locator can be a great way to enter the industry. One of the benefits of working as an apartment locator is that you have the flexibility to choose whether to work part-time or full-time. This means that you can work for a traditional brokerage, set your own weekly or monthly quota, and still have time for other activities. Alternatively, you can work independently, focus on closing deals in upscale neighborhoods, and earn a substantial income by closing just a few deals. With the right approach, being a part-time apartment locator can be a great way to start a successful career in real estate. Whether you choose to work part-time or full-time, being an apartment locator can establish you as a credible real estate professional.
Frequently Asked Questions
What is the average income for apartment locators in Dallas, Texas?
The average income for apartment locators in Dallas, Texas ranges from $36,687 to $96,397 per year, according to Salary.com and Glassdoor. However, the exact income varies depending on factors such as experience, company size, and whether the locator works independently or for a larger firm.
How much commission do apartment locators earn per lease in Dallas?
The commission earned by apartment locators per lease in Dallas varies depending on the average rates of the apartments they are leasing. On average, if the rates are 100% from a 1-bedroom apartment, then the locator earns a 100% commission. However, the commission can be higher or lower depending on the apartment rates.
Are apartment locators in Dallas required to have a license?
There is currently no statewide requirement for apartment locators in Dallas to have a license. However, some larger firms may require their employees to have a real estate license or certification, similar to real estate brokers.
What are the primary ways apartment locators generate income in Dallas?
Apartment locators in Dallas generate income primarily through commissions earned from leasing apartments. They may also earn additional income through referral bonuses or other incentives offered by the apartment complexes they work with.
What is the typical job description of an apartment locator in Dallas?
The typical job description of an apartment locator in Dallas includes finding and showing apartments to potential tenants, similar to the roles of real estate agents who help people buy, sell, and rent properties. They also negotiate lease terms and provide information about the local area to clients. Additionally, they may be responsible for maintaining relationships with apartment complexes and keeping up-to-date with local real estate trends.
Can apartment locators in Dallas earn bonuses or additional compensation?
Yes, apartment locators in Dallas can earn bonuses or additional compensation through referral programs or other incentives offered by the apartment complexes they work with. They may also be eligible for performance-based bonuses or commissions based on the number of leases they secure.
