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Old 03-03-2011, 12:02 PM
 
3 posts, read 8,094 times
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hello all,

forgive me if this has been covered but i promise i did a search and didn't find anything:

i am ready to sign an april 1 apartment (this is an out of state relo). a few weeks ago i was in town and saw some apartments with a leasing agent. i signed something promising that what i saw through him i wouldn't go rent on my own.

now here's the deal ... i'm ready to sign if something is available, but i haven't heard back from the leasing agent and now i'm on a real deadline.

what are the hard and fast rules for those agreements? at what point may i contact the management company directly?

thanks in advance.
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Old 03-03-2011, 12:28 PM
 
Location: Tower Grove East, St. Louis, MO
12,063 posts, read 29,636,058 times
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Wait, I'm confused. What kind of agreement did you sign?
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Old 03-03-2011, 12:48 PM
 
3 posts, read 8,094 times
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The leasing agent had a form listing the apartments we'd being seeing today, and by signing it, I agreed not to go behind his back and rent directly from the building.

I should've read it more closely (sorry dad) for what was legally binding.

Has anyone heard of this?
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Old 03-03-2011, 12:56 PM
 
Location: Chicago
3,319 posts, read 5,390,131 times
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I obviously don't know exactly what your contract says, but typically, if you sign a representation agreement (which it sounds like you did), you are agreeing to pay the agent a commission if you rent/buy anything they show you. So, if you were to go to the building directly and rent an apartment that the agent showed to you, he/she could probably demand a commission from you and, legally, you would have to pay it.

Whether or not an agent would actually do this is something I have no idea of. I'm a Realtor, but I don't ask people who I show properties to to sign anything. In the past, before I was a Realtor myself, I had never signed a representation agreement with a Realtor and was never asked to. The fact that this person asked you to sign one makes me think they may be more of an a**hole when it comes to commissions, even if they're not responding to your messages.

Can you go to the agent's manager? I would first call the company that agent is affiliated with and ask for the manager/managing broker. That person should, at the very least, be able to tell you if the places you saw are even still available. If you're really ready to sign a lease, then you'd be a really easy customer and I don't see any reason why they wouldn't jump at the chance to have you do so since that's how they earn their money.

I would call the company that the agent works for first. If that doesn't work, I'd go around them after leaving a message with them saying that you're ready to go and since they haven't called you had no choice but to go around their back.

Crappy service like that sure makes me mad... this is why people hate Realtors so much!
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Old 03-03-2011, 01:05 PM
 
3 posts, read 8,094 times
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Thank you so much for that response.

I know for certain that I would pay the realtor absolutely no commissions. The commission comes from the property management company itself, as he works with them as a third party leasing agent.

I really should've read the agreement more closely but when I was looking at apartments I honestly was just "window shopping" chicago and didn't anticipate such a quick move, nor did I think I would see a building a dug so much.
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Old 03-03-2011, 01:38 PM
 
Location: Chicago
3,319 posts, read 5,390,131 times
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Quote:
Originally Posted by kaitlynt7 View Post
Thank you so much for that response.

I know for certain that I would pay the realtor absolutely no commissions. The commission comes from the property management company itself, as he works with them as a third party leasing agent.

I really should've read the agreement more closely but when I was looking at apartments I honestly was just "window shopping" chicago and didn't anticipate such a quick move, nor did I think I would see a building a dug so much.
Are you sure that is what the agreement actually says though? Because, honestly, if the property management company is going to give this guy a commission regardless, there would be no need for an agreement with you because the agent would be ensured a commission from the property owner. Do you have a copy of what you signed?

As a general rule with real estate, the seller/owner pays the commission. I just recently rented out a condo for a friend and they paid me a commission. However, if they had found a renter them selves, I wouldn't have gotten a commission (I signed an exclusive agency agreement with them instead of exclusive marketing agreement).

Any time you work with any Realtor as the renter/buyer, they will tell you that the owner/seller pays the commission. Basically, that's true, but if you sign an agreement saying you will go through them to rent/buy, and then you go around them, you could be on the hook for the commission they would have received but didn't get because you went around them. That's the entire point of having those agreements in place.

I'm not saying that this agent will go after you for the commission. I'd like to think that he/she is a reasonable person and realizes you had a deadline and they weren't responsive, and so they screwed them self out of the commission by being lazy. But, you just never know, which is why I think it is important to be aware of what could possibly happen if you go around that person.
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Old 03-03-2011, 03:01 PM
 
Location: Chicago
4,676 posts, read 9,445,236 times
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Just sign it. If the guy was too lazy to take his commission when you were actively seeking him out to complete the lease, he's probably too lazy to look into it afterwards.

General rule of thumb is if you are dealing with leasing agents, you aren't dealing with the cream of the crop.

Never dealt with one who appeared to do more than the bare minimum the job demanded.
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