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Location: Danbury CT covering all of Fairfield County
2,636 posts, read 7,434,951 times
Reputation: 1378
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Quote:
Originally Posted by marksmu
If the listing agent shows the house to all perspective renters the fee is worth while. If the listing agent just puts it on MLS and uploads pictures, then the fee is way too high....Uploading photos and captioning them for an online MLS rental will take me less than 40 minutes TOTAL.
I require the sellers to have the photos taken by a professional and provided to me for rentals...I would asmk the agent to write into the listing agreement if they found the renters and showed the property then 1 months rent is appropriate. If another agent found the buyers and the listing agent never showed the property then the other agent will receive 1/2 of a month, and the listing agent shall receive a flat fee of $500. Thats not a big savings but its incentive for the agent to show the property himself. If the listing agent shows it but another agent ends up with the renter, then fee is split 50/50 in the traditional manner.
I have found alot of agents that take rentals don't like to show them b/c the value to time is pretty low...that incentives them to at least show it. $500 for 40 minutes is good pay. $2500 for a months rents is reasonable if the agent did all the work. It does take time to show properties and time is money.
It's a lot more work than just sticking up on the MLS. Often times, I have be there and arrange for service people to come out to the property (such as carpet cleaners, handymen, contractors,arrange for a things to disposed of, landscaper, etc) if the owner is not around. I have to have extra keys made, handle a bunch of calls of interested tenants or other agents, confirm employment information and references, prepare to lease, collect and deposit security deposit and 1st month rent, etc. I try to rent the properties myself when I have rental listings, but most of time it's another agent.
Ok..I met with the realtor this morning. He just called and has a renter lined up ready to sign after a viewing. (This kind of house is scarce.) We knew it would be in demand but just didn't know how to find the people. He will bring them to look but the lease and everything is done by us. I don't see how he has earned $2600. It was never even listed in MLS.
Confusing. There are responses to your renting as well as selling. You mention listing it on mls. You don't mention actually listing is for sale with a professional realtor so my first thought was I didn't know mls put rentals on mls. Are you also talking flat fee listing then just to put it online for you? Or do you actually want to list it with a realtor?
As far as the price to just put it online, some companies charge their fee based on the price of the house.
Confusing. There are responses to your renting as well as selling. You mention listing it on mls. You don't mention actually listing is for sale with a professional realtor so my first thought was I didn't know mls put rentals on mls. Are you also talking flat fee listing then just to put it online for you? Or do you actually want to list it with a realtor?
As far as the price to just put it online, some companies charge their fee based on the price of the house.
Yes..they list rentals on MLS. They can be pulled up by people looking on Realtor.com too. That is what I'm shooting for. A REASONABLE flat fee to put it online..
Ok..I met with the realtor this morning. He just called and has a renter lined up ready to sign after a viewing. (This kind of house is scarce.) We knew it would be in demand but just didn't know how to find the people. He will bring them to look but the lease and everything is done by us. I don't see how he has earned $2600. It was never even listed in MLS.
In the Real Estate Sales/Rental business that $2600 goes toward all the showings and other work the Real state agent did for other clients that did not turn into a sale or lease.
Real Estate agents spend countless hours doing open houses,working with buyers and sellers,termite companies,home inspectors and many other things for deals that don't close.
Real Estate agents spend countless hours doing open houses,working with buyers and sellers,termite companies,home inspectors and many other things for deals that don't close.
That is what you are paying for.
It's not this person's responsibility to make up for the agent's losses on other clients. A selling or listing agent shouldn't be wasting their time on rentals when they can be wasting it on much bigger potential paychecks.
By the way, in my area it's usually 1/2 of the first month's rent to put a rental on the MLS and to take care of credit and background checks and prepare the lease. Way too little for the work involved.
Status:
"I didn't do it, nobody saw me"
(set 1 day ago)
Location: Ocala, FL
6,484 posts, read 10,357,154 times
Reputation: 7940
I may have misinterpreted what 1insider said. I thought he implied that a realtor didn't have to do very much for the money, which I know there is a lot of work involved. Sorry if I did misinterpret the prior statement.
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