Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-18-2019, 08:19 PM
ptt ptt started this thread
 
497 posts, read 637,052 times
Reputation: 692

Advertisements

Thank you everyone. I appreciate your input.
Reply With Quote Quick reply to this message

 
Old 01-18-2019, 09:19 PM
 
Location: Phoenix, AZ
6,341 posts, read 4,900,601 times
Reputation: 17999
Quote:
Our Property manager is my sister in-law who live near by.

You need to find out what your SIL said to the agent and what the agent thinks your SIL said.


Google "apparent authority" to find out why.


While real estate contract generally have to be in writing to be enforceable, there are exceptions. You'll have to check your state's Statute of Frauds to see how that works.
Reply With Quote Quick reply to this message
 
Old 01-18-2019, 09:41 PM
 
738 posts, read 765,002 times
Reputation: 1581
30% of a month of rent works out to about 3% on a year lease. Like everyone says it has to be written down, double check the lease to make sure it's not in there because on short term small leases it can get added in the contract.
Reply With Quote Quick reply to this message
 
Old 01-18-2019, 10:40 PM
ptt ptt started this thread
 
497 posts, read 637,052 times
Reputation: 692
Quote:
Originally Posted by jackalope48 View Post
30% of a month of rent works out to about 3% on a year lease. Like everyone says it has to be written down, double check the lease to make sure it's not in there because on short term small leases it can get added in the contract.
It’s not in there because i use my lease contract not the agent’s.
Reply With Quote Quick reply to this message
 
Old 01-23-2019, 08:40 PM
 
661 posts, read 833,210 times
Reputation: 840
Quote:
Originally Posted by ptt View Post
The tenant did signed the contract with me starting lease February 1st. I got the email demanded 30% the following day. That’s why i got confused.
I had this happen on a property I manage and they send the commission request after we accepted, they need to send it along with the application or prior too.

My landlord was nice and we paid them $200, basically said take it or leave it as legally they own them nothing, they agent wanted $700 something.
Reply With Quote Quick reply to this message
 
Old 01-24-2019, 04:31 AM
 
Location: Ocala, FL
6,474 posts, read 10,343,886 times
Reputation: 7910
In my market, 50% of monthly rental is the common commission but a written agreement is required with signatures from both agencies.
Reply With Quote Quick reply to this message
 
Old 01-24-2019, 04:38 AM
 
Location: Rural Michigan
6,343 posts, read 14,683,204 times
Reputation: 10549
Quote:
Originally Posted by ptt View Post
It’s not in there because i use my lease contract not the agent’s.
An agency agreement would be completely separate from your rental agreement & it couldn't "just be added to the lease".. The broker/agent isn't a "party" to the lease..
Reply With Quote Quick reply to this message
 
Old 01-24-2019, 07:19 AM
 
11,230 posts, read 9,318,331 times
Reputation: 32252
OK, OP, I can't unsnarl all the details, but I have some advice.


Stop doing business verbally. Write everything down. You appear to have a business relationship with a property manager (whether this is a relative is irrelevant) and somehow a free-agent realtor got mixed in there, too. You need a contract between you and your property manager. You can be as fancy or plain as you want. It will be perfectly OK simply to write down the terms of your arrangement. If an outside agent gets involved in renting the house, either you or your property manager MUST establish terms with that agent IN WRITING too.


If you keep on doing stuff without any documentation and allowing your manager to do stuff without any documentation, sooner or later it's going to bite you. I think you may have dodged a bullet here because it sounds like you probably are authorized to tell this real estate agent to pound sand - but don't take my opinion on it, you need to find out who told the agent what and who signed what. If you do skate past this one, just once, this needs to be a big time wakeup call to you. You are putting yourself at risk. Liability could be big enough to be most uncomfortable.


All of this is separate and different from the relationship you have with your tenants and the leasing contract you sign with them.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals

All times are GMT -6. The time now is 08:52 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top