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I am little confused on this subject so I thought I would ask the experts here. If there is a rental property listed on MLS then I should be able to use any agent to rent the property. Is this correct?
Are you in Cincinnati?
You should ask in your local forum.
MLS rules and local/state regulations differ.
We have no standard facility in North Carolina for residential tenant "buyer agency." So, unless we draw up a legal contract with each prospective tenant, we cannot represent the tenant in negotiations.
I show MLS-listed rentals, and then hand the prospective tenant off to the property manager for negotiations. That is how we do it locally. It may be different where you are.
The MLS' in my area do include rentals that have been listed with real estate brokers (homes, condos and apts). However, not all agents handle rentals and not all landlords use agents.
Last edited by NORMGLO; 07-06-2009 at 05:55 AM..
Reason: typo
In my area only a minor subset of all rental property is listed in the MLS. I don't handle rentals, but helped a good friend locate a home a couple of weeks back. Some of the properties I found were FRBO, others were listed in the MLS, but a good number were handled by rental companies that held their properties off the MLS.
The MLS' in my area do include rentals that have been listed with real estate brokers (homes, condos and apts). However, not all agents handle rentals and not all landlords use agents.
Same in my area. There is a greater tendency for single family homes to be listed, for rent, in my MLS.
Bit of a spinoff - when you use a broker to help you find a rental house on the MLS, who pays for the commissions of the buyer and seller brokers? My mother just found a rental house through a broker in NY, and was told she was not only responsible to pay her own broker, but also the listing broker. Thought it was a bit strange.
Bit of a spinoff - when you use a broker to help you find a rental house on the MLS, who pays for the commissions of the buyer and seller brokers? My mother just found a rental house through a broker in NY, and was told she was not only responsible to pay her own broker, but also the listing broker. Thought it was a bit strange.
It depends on the rules of the particular MLS, not all are the same. In our local Arizona MLS, the landlord would usually be responsible for for all agent fees, same as for owner selling property.
It depends on the rules of the particular MLS, not all are the same. In our local Arizona MLS, the landlord would usually be responsible for for all agent fees, same as for owner selling property.
Same is true in my area in NJ. There are some rental developments that have Property Managers on site who tell renters to pay their own broker commission but most of the rentals in my area are homes and condos. I have not heard of a renter being responsible for paying both the listing and selling brokers. That said, there are agents who specialize in representing only Buyers/Renters and they are bound by the Buyers Agency Agreement that they enter into with the Buyer.
In Virginia, you can use any agent who does rentals...you're not obligated to use the list agent.
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