We are looking to rent a home in our area. We want to contact a realtor, as they have many more listings than craigslist or the newspaper. Does anyone know about how much to expect in realtor fees?
Someone told me that they rented a house with the help of a realtor, and it cost them $2400. Someone else told me the help of their realtor was free, and that the homeowner paid the fees.
Does anyone know who, if either, is right? Both of these guys are known for "exaggerating" the truth ~ so I'd like to get someone who actually KNOWS the answer.
If it helps, I live on the Jersey shore. Thank you!!!
2007-03-19 06:51:21 · 5 answers · asked by K 2 in Business & Finance ➔ Renting & Real Estate
In most cases it's the homeowener that pays the realtor fees. Just like when you sell a home.
2007-03-19 07:04:50 · answer #1 · answered by princess2423 3 · 0⤊ 1⤋
In New Jersey, the standard broker fee for a rental is one month's rent.
Make sure your "broker" is licensed as many people will say there is a "finder's fee" or a "broker fee" when in fact there isn't a broker involved. It's against the law to collect a fee if you are not a licensed broker, but that sure doesn't stop some people from trying. Since tenants in this part of the country are so used to paying brokers for rentals, shady owners rely on the fact that most people won't ask to see their realtors license.
Some landlords will pay the fee, others will split the fee with you, but most will require you to pay the fee yourself.
Usually the longer a place goes unrented, the more flexible a landlord is. That is when you will start to see the "Landlord pays the fee!" or "Half fee!" ads.
Both of your friend's tales are plausible.
"You should never pay a fee to a realtor" I'm sorry, but that is downright hilarious. Nearly every apartment in NYC is rented through a broker, and the standard fee is 15% of a years rent. That means if your rent is 3K a month, you have to pay a $5,400 fee to your broker. Only tenants pay the fee in NYC.
P.S. I'm in New Jersey and deal with brokers every day. Most would sooner die than do it for "free". It's how they earn their living. I would expect a friend who is a broker to give me a reduced fee ... but never free. I don't work for free and neither do they.
2007-03-19 14:12:09 · answer #2 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
Are you looking at the realtor to manage the property also? We owned a house in Tennessee, but moved to military orders and kept our house. We had a management company handle the rentals and paid 10% of the rent amount.
2007-03-19 13:57:50 · answer #3 · answered by 2Beagles 6 · 0⤊ 1⤋
A legitimate realtor will not charge you any type of fee. They work on a commission or fee arrangement with the property owner. You should never pay a fee to a realtor.
2007-03-19 13:59:57 · answer #4 · answered by heathrocksla 2 · 0⤊ 2⤋
Every Realtor is different. I for one do not charge to clients that want to rent. I see it as if I help them they in return they will pass my name to their friends and family. The process for finding rental property is not difficult what so ever. So relax and shop around for a Realtor. Make sure he/she makes you feel comfortable and that you can trust him/her. Good luck!
2007-03-19 14:00:42 · answer #5 · answered by Spike 1 · 0⤊ 1⤋