Curious: How does your leasing commission rate compare to your renewal bonus rate?

Curious: How does your leasing commission rate compare to your renewal bonus rate?

It’s the same amount paid, but renewals are split between the entire team.

Leasing commission is better. Kind of…. It’s stacked. First 5 leases are $75/ea, next 5 are $100/ea, anything after that is $125/ea.
Renewal bonus is $100/ea & is split between all staff.

We don't get bonuses at all, we just get higher pay

$150 per move in to the person who took the 1st tour.
$150 per renewal, split between the team.

At my old property the property manager kept all renewals, she never passed it onto the team.
Our rate was $65 for commissions.

$50.00 per move in
$150 renewals split with team

I love that renewals have a larger reward!

200 per move in
125 split

only lease renewal bonus split between employees of the property. $100 for increase up to $50 and increase over $50 $150 renewal. No Rental bonus.

55/75

$125 per move in.
$125 per renewal split with team.

I used to work for a company that would give you a percentage of the move in. It would be up to $300 at times. Renewals we’re all $100 with a all staff split. Plus quarterly bonus if you hit budget 4 times a year. As well as year end bonus. Made really good money on commissions.

$75 per move-in
$25 per renewal split with all staff. The renewal is a joke but better than nothing, right

I always felt like renewals should pay more than new rentals
Would reduce turn over costs with more effort put forth to renew leases

Yes!! Renewals cost thousands less than turning an apartment so it makes no sense that renewal bonuses are much less than leasing bonuses.
at my company we get $100 for a new lease and $8 for a renewal. That’s right. Eight. Dollars.

New leases: $125
Renewals:
6 mo - $45
12 mo - $85

$150/ new lease. $150/renewal split between the team

1% of lease value on both but renewals are split among office staff.

I love to see the renewal incentive is split. I advocate for higher renewal rates and including the teams, including maintenance and janitorial.

I never understand paying less for renewals than new move ins. The renewals save money for turnkey and typically means that the team has satisfied them for their lease term.

I get 75 each 12 month lease only no commission on renewals or transfers

I give my staff $40 per new lease with the potential for several add on’s. Renewals are $20. I also give annual Christmas bonus which is 4% of employees annual pay, goal bonuses and incentive pay.

New lease $15 to the agent.
Renewals $45 split between all full time staff based on a ratio (some employees are full time with the company but part time at the property while being split amongst multiple properties).

Renewal bonuses should be based on the percentage of renewals for that month

$100 + $10 for a new tenant. $50 + $10 for a renewal. Renewals are auto renewal so no paperwork or signatures required

I sure hope that the maintenance team gets part of the renewal bonuses! They are our PR and retention team!!!

My company only gives me leasing bonus for new lease ups. $100/each. $0 for renewal (which is going to change next year bc I work HARD to keep our residents happy and have kept all properties 100% occupied for 3.5 years) Previous companies have paid equal amounts for leasing and renewals but the renewal bonuses were split between all team members (it’s a team effort and maintenance definitely deserves it). Since we stay full, there’s really no bonuses to have but I do receive 1.5% profit sharing for my portfolio

I'm the head of a sales team for TrustHab now but when I was on the property side like 25 years ago at two different management companies, we were making $25 (6mo) and $50 (12mo) rental and $100 renewal split between office staff. It's amazing to me that those are basically the same rates today. Of course my base pay was only $1100 a month so that's changed!

You get renewal rates????

I pay more for renewals that for Initial leases. And I have for yearsl

Please note, I have triple A properties with great owners that have understood vacancy rates and most of the owners know the tenants are real people. My places are spotless that you can eat off the floors in 75% of the places and maintenance is on the very high side. My views are not typical of the market. Depends on the market. We are in a hot market right now, won't take me but a minute to find at 760+ credit score with a Aa+ job and an income of 64 times rent. So as an owner I would be reducing the leasing commission and the renewal bonus. On cold markets I would be offering up to 75% of the rental rate on hot markets its 25%. MY business is run 10% of the first contract value, then 5% on the renew, The again, I would not be employing someone that would even look at this question. The leasing agents job ( from my description, it is a multifaceted job, and is considered a business owner, also paid better than most ) is to report every way the owner can keep retention at it's highest level and improve the rental income ( I get reward at the start of the fiscal contract of that unit, the bonus )

It is the same. 1% of the total value of the lease. Must be present to win!

I haven't heard our company give out renewal bonus...note to myself - need to check in on this!