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This is not a trick by any means. The only time the tenant is required to pay the commission is when we can get it from the tenant. (That means there is sufficient demand for that home or apartment that would allow the property to rent out within reasonable time and still collect a commission from the tenant). If you are within the 50 mile radius of NYC, there is usually sufficient demand. When you are in a town that is not as desirable, the landlord may offer to pay the commission in order to get the property rented.
True enough, I suppose. But then again if the demand is high enough, the landlord could rent his property without realtor at all, and save everybody the equivalent of a months rent.
The market in Phoenix is blazing hot right now and I still haven't heard of tenants paying the realtor. Only in NJ.
The Landlord may very well rent the property on his/her own, however, they chose to hire a Realtor to screen their tenants, run credit reports, and market the property to maximize exposure to it, to obtain the highest possible rental price. The Realtors will handle all the calls, allow access, schedule appointments to show the property and allow all other agents to also show the property, The Realtors would also put together the lease, and all necessary disclosures to protect the interest of the Landlord and the Tenant.
This is a New Jersey thread not Phoenix. Basically, what is being said, is, that if the tenant is not interested in paying the commission, then we will rent it to someone who will.
Some Landlords do not have the time or means to coordinate all the necessary steps without losing too much time. Large companies often relocate their employees to different areas, they usually go through a Realtor.
Again, this is area specific, and many areas of NJ, the Landlord pays the Realtor fee.
The Landlord may very well rent the property on his/her own, however, they chose to hire a Realtor to screen their tenants, run credit reports, and market the property to maximize exposure to it, to obtain the highest possible rental price. The Realtors will handle all the calls, allow access, schedule appointments to show the property and allow all other agents to also show the property, The Realtors would also put together the lease, and all necessary disclosures to protect the interest of the Landlord and the Tenant. I'm not suggesting Realtors don't provide services they should get paid for.
This is a New Jersey thread not Phoenix. Your point being...?Basically, what is being said, is, that if the tenant is not interested in paying the commission, then we will rent it to someone who will. Or, the tenant and landlord could negotiate some other arrangement. Good tenants are worth not losing another months rent over. Been there, done that.
Some Landlords do not have the time or means to coordinate all the necessary steps without losing too much time.And since its this busy businessman who needs the Realtor, he's the one who should pay for it. Large companies often relocate their employees to different areas, they usually go through a Realtor.
Again, this is area specific So it looks like we agree after all and many areas of NJ, the Landlord pays the Realtor fee As well he should.
I'm not suggesting Realtors don't provide services they should get paid for. I did not insinuate that you did. Your point being That this is New Jersey, not Phoenix. Or, the tenant and landlord could negotiate some other arrangement. Good tenants are worth not losing another months rent over. Been there, done that. I agree. And since its this busy businessman who needs the Realtor, he's the one who should pay for it. Your opinion, not always the way it works. So it looks like we agree after all More or less. As well he should Again, your opinion.
Only a slight disagreement between us then. I realize you have somewhat of a vested interest in defending the status quo, as if landlords had to pay the fee, less landlords are likely to use a Realtor.
I mentioned phoenix only as a market I'm also familiar with, since I live here now and not in NJ any more.
I am reminded of a time years go when I was interested in renting a house in West Milford. I called the number in the listing and got a showing. Not until after I saw the place was I told that the house was owned by a realtor, and he expected me to pay him an additional months rent as a fee to himself for showing me his own house. Right buddy.
Only a slight disagreement between us then. I realize you have somewhat of a vested interest in defending the status quo, as if landlords had to pay the fee, less landlords are likely to use a Realtor. Perhaps, I do encourage Landlords to pay at least half the fee to get the place rented faster, with less burden to the tenant.
I mentioned phoenix only as a market I'm also familiar with, since I live here now and not in NJ any more. Congratulations!
I am reminded of a time years go when I was interested in renting a house in West Milford. I called the number in the listing and got a showing. Not until after I saw the place was I told that the house was owned by a realtor, and he expected me to pay him an additional months rent as a fee to himself for showing me his own house. Right buddy.
That is sleazy!
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