My husband and I are renting a home using an agent for the first time and are being told to pay the realtors fees for both agents (half months rent for each) and I don’t know if this is how it is done. I know that when purchasing a home it is the seller that pays the fees so this does not make sense to me.
It depends on your agreement with the Realtor and what property they find you. Most agreements that you will sign with a Realtor state that they are owed a certain amount or percentage of the price when a deal is closed. If a seller pays some of that (which they do if they are working with a Realtor) you only have to make up the difference. I have never heard of a buyer having to pay a selling agent anything, but as in everything, its negotiable and the agent should have told you this before showing you the property.
April 1st, 2010 at 12:19 am
My fiance and I were looking into renting a home for a short time ourselves before we decided to buy. According to our buying agent, we would have to pay both the seller’s agent and the one we already had, so there may be some truth to what they’re telling you. She even told us that our best bet, if we really wanted to rent a house, was to go online and find a house to rent ourselves and eliminate the buyer’s agent. I think that would be your best bet as well.
When I rented my current apartment, I paid one month’s rent, one month’s security and the listing agent – $3000 just to move in to my one bedroom apartment! Renting nowadays can be costly, so I feel your pain on this one!
References :
Experience
April 1st, 2010 at 12:25 am
Do let people take advantage of you.
#1 did you go through a rental agency? If so they have a finder fee.
#2 did you see an ad in the paper or a sign out in front of the house? Was the house for rent by owner or real estate office?
I have rented houses before and I never paid anything extra. I paid the first month rent, security deposit, and $30.00 for them to run a credit report. After I was offered the house, I signed a one year rental agreement. My rental agreement stated that I would be responsible for the water, electrical, gas, and the owner would pay for repairs and trash pick up.
References :
April 1st, 2010 at 12:56 am
It depends on your agreement with the Realtor and what property they find you. Most agreements that you will sign with a Realtor state that they are owed a certain amount or percentage of the price when a deal is closed. If a seller pays some of that (which they do if they are working with a Realtor) you only have to make up the difference. I have never heard of a buyer having to pay a selling agent anything, but as in everything, its negotiable and the agent should have told you this before showing you the property.
References :
http://www.darinalvarez.com