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Realtor Fees for rentsl property

Realtor Fees for rentsl property

Old Aug 28th 2012, 6:45 pm
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Default Realtor Fees for rentsl property

Realtor Fees for rental property

We have seen a rental property that we're interested in on the MLS listings and emailed the listing agent twice for further information but no response.

Today in one of my daily email updates from another local realtor, they are also listing the property.

If we contact the realtor (not the listing agent), how does it work with paying fees? Would we have to pay double, one to the listing agent and one the realtor that we use? Bit confused about it all. Also a bit disappointed that we're not getting a response from the listing aent and feel maybe going through a realtor who have a relocation co-ordinator might be a better option for us. Thoughts?

Last edited by CA-NY; Aug 28th 2012 at 6:57 pm. Reason: typo in title
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Old Aug 29th 2012, 5:03 am
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Default Re: Realtor Fees for rentsl property

The types of agency relationships available will depend on the state in question. Keep in mind that if you use the listing agent you potentially 'waive' your right to representation. You also want to know from the listing agent about what if you happen to use an agent from the same company with regards to representation and the transaction... does it change things?

It is common that the property owner is responsible for the fees/commission to the agents; ie to whomever procured the tenant. If you use your own agent, they have every right to be paid by you for their services in addition to what they receive from the listing agent/owner - so you want to double check prior to signing any paperwork. (also too what if you happen to see the property by a different agent on a prior occasion)

Using a relo-coordinator doesn't mean anything. Regards to not getting responses to your emails, either call the office, ask for the managing broker and tell them you are not getting any responses to your inquiry, or just ask to speak to the floor agent or 'move on' and another agent who'll help you.
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Old Aug 29th 2012, 11:44 am
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Default Re: Realtor Fees for rentsl property

We used a Realtor here in CT, when we were looking for a rental, and when she found one, we didn't pay any fees. The landlord had his own realty company, and I assume that they payed her whatever the fees were to list the property for rent. Don't know if this helps you, but good luck with finding something suitable
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Old Aug 29th 2012, 12:38 pm
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Default Re: Realtor Fees for rentsl property

You, as the rentor, don't normally pay any fees. The landlord pays them.
I'd go ahead and contact the realtor that's also showing the property.
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Old Aug 29th 2012, 1:22 pm
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Default Re: Realtor Fees for rentsl property

All depends on the local market, if it's a landlords market, like it is in the Boston area, you, the renter usually pay the realtor fee.

In Boston it can be anything from 1-3 months rent as a finders fee, out in the burbs it can be half a months rent.

That fee is then usually split between the landlords realtor and yours if you use one, but it might not be, would depend on the contract.
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Old Aug 29th 2012, 1:23 pm
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Default Re: Realtor Fees for rentsl property

When we were looking to rent in NJ we had a relocation realtor assigned to us. We met her when we came over on an area tour and she was great (company paid for her time I assume) When we needed to come over at short notice to look at rentals she was unavailable so the company arranged for a different realtor to show us the houses ( I had picked from GSMLS) We picked the house I knew before I left the UK would be the one.

When we got the contract for the lease a fee of 10% of the annual rent was required to be paid by us. 50:50 with the realtor who had shown us the property and the realtor who was listing it. The company were paying so it didn't hit us but it is a big sum, and I think from

www.city-data.com/forum/new-jersey

the rentor picks up the cost in NJ and its likely to be 10% or 1 months rent.
HTH
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