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Is it the day the renter has signed a binding lease and LL countersigned? Is it the day the LL has received the earnest money - deposits and partial month, is it the move-in day, or what?
Depends on your contract with the agent. In my neck of the woods, all monies due for renting the apartment (rent, security, etc etc) are given at the same time as lease signing; once that lease has been signed and executed by both parties, my fee is due. Technically, according to the laws of my state, commission is due when I've brought about a "meeting of the minds," regardless of whether the deal gets consummated or not, but in reality you don't get paid until the deal is done.
Where we do business it depends on if we conduct management or just provide a qualified tenant and the owner will manage the place and it still depends on when the money is paid to cover our commission.
In some case we get paid when the lease is signed but most often we wait until the tenant moves in since that is usually when the first month rent comes in and security deposit is not meant for commission unless we don't manage it when we take out of that money our commission and inform the owner that he/she has to put in a special account the money that is meant for security deposit usage.
Actually I am allowed to hold deposits and specifically may keep interest myself. It's the law. Or it's the contract. One, other or both.
Well my Realtor did a great job. Move in is later this month.... 21st? But I'll be happy to send it whenever Realtor sends invoice. If I haven't received an invoice by the 1st I'll request one.
Actually I am allowed to hold deposits and specifically may keep interest myself. It's the law. Or it's the contract. One, other or both.
Well my Realtor did a great job. Move in is later this month.... 21st? But I'll be happy to send it whenever Realtor sends invoice. If I haven't received an invoice by the 1st I'll request one.
Just to clarify a little further: my fee may be due when the lease is executed but I don't normally ask for payment right then and there. An invoice with a payment term of net 30 days is sent after lease signing to the owner once the lease is executed; this typically gives ample time for both the tenant to move in, and for the LL to cash their checks. So, on a transaction involving the owner paying the fee, as opposed to the tenant, I typically don't receive the fee for about a month or a little longer after the deal has been consummated.
I like to discharge my debts as soon as possible. I'll begin getting ansy on the 1st. I'll request it by then if I haven't received it by then. Actually tenant has Realtor too, I'll send my commission to my Realtor and she can sort it out with theirs however she sees fit.
I like my Realtor. She charges me $1,000 fee and handles everything except screening, gives me referrals for repairs. And fair fee split of 50/50 if other party is represented. previous Realtor was one month's rent and $250 referral fee. I love my new Realtor!
Yes; if the tenant is represented by another realtor, it's customary to pay the listing agent and have them deal with how to apportion with the other agent involved.
Yes; if the tenant is represented by another realtor, it's customary to pay the listing agent and have them deal with how to apportion with the other agent involved.
That goes without saying. My contract is with MY agent. Fee splitting is not my problem.
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