Should you use your own broker to rent a condo? (Miami: apartment, rental market)

[sailingsam]

I am looking to rent a condo in Sunny Isles.

Should I retain a broker to represent me in the transaction, or can I save more money without one?

I think typically (in most markets; not sure how Miami works) that a "buyer's broker" used for a rental earns a broker's commission of one month's rent (paid by landlord/seller).

How does it work in Miami?

If this is the case (where a buyer's broker gets one month's rent commission) then do I have a better chance to negotiate a lower rate without a broker? (i.e. try so *I* receive the one month's rent discount instead of it going to a buyer's broker).

Thanks for any insights.

[ruski]

A buyer's broker typically gets a split of one month rent from the seller's broker.

A buyer's agent doesn't cost you anything, but you get access to all the MLS listings.

Without an agent, sure, you will see the listings on various websites, although many may be incorrect/outdated. And then you still need someone to take you to the showings.

Plus, it would be nice to have an agent on your side not so much to negotiate a lower price (the rental market is quite hot, there isn't that much room for negotiation), but to make sure that there there is nothing weird in the lease contract. A diligent agent can do a lot of homework for you.

[Marc Middleton]

Originally Posted by sailingsam

I am looking to rent a condo in Sunny Isles.

Should I retain a broker to represent me in the transaction, or can I save more money without one?

I think typically (in most markets; not sure how Miami works) that a "buyer's broker" used for a rental earns a broker's commission of one month's rent (paid by landlord/seller).

How does it work in Miami?

If this is the case (where a buyer's broker gets one month's rent commission) then do I have a better chance to negotiate a lower rate without a broker? (i.e. try so *I* receive the one month's rent discount instead of it going to a buyer's broker).

Thanks for any insights.

1 - It doesn't cost you anything to have a rental agent rep you In the transaction (landlord pays the listing agent who then pays your agent. Landlord is already paying the money regardless)
2 - they will save you money (not cost you money!) - negotiating lease terms, special clauses, etc.
3 - most listing agents for rent don't want to meet random tenants every time so they use lockboxes/electronic lockboxes. They don't care about getting the full commission and would rather pay someone else to do all the work. (that's miami!) So they will make up reasons not to meet you (unless they are super eager to rent it, its expensive, the owner is all over them, or they are 1 of the 0.1% of agents that actually work hard in Miami).
4 - Miami is full of scams, always have someone on your side

[Hammocks Bum]

Hire a reputable Attorney, someone people you know can recommend to you.

[boxus]

Originally Posted by Hammocks Bum

Hire a reputable Attorney, someone people you know can recommend to you.

Why in the world would someone need to hire an attorney just to rent an apartment?

[Marc Middleton]

Originally Posted by boxus

Why in the world would someone need to hire an attorney just to rent an apartment?

To review your lease if you circumvent a realtor..because owners who don't use agents use custom leases that probably aren't tenant friendly like the standard Residential Rental contract that Realtors are required to use.

Save your $, hire a good rental agent, and let them negotiate for you. That's what people like me do every day for our customers. Just be loyal, don't flake on them! :-)