who pays brokers
Started by pechew
almost 19 years ago
Posts: 70
Member since: Mar 2007
Discussion about
please tell me who pays the brokers - the landlord or the tenant. And how much
Totally depends. Sometimes the landlord will pay the broker, many times the tenant. Amount varies, but somewhere in the 6-10% range of 12 months of rent. So, if your rent is $1000 per month, it's $12000 per year. 10% is $1200.
My understanding is that brokers generally charge 15% of one years rent. Obviously this can be negotiable depending on many circumstances, but that is the general amount.
Typical fee is 15% of year's rent, sometimes negotiable. Note that if you are not using a broker to help you find the apartment, then the broker with the lsiting does not need to split his commission - you therefore have a strong case to ask the listing broker to halve his commission for you - or at least reduce it meanngfully. Of course, since most brokers would probably throw their own grandmother under a bus for a dollar, I wouldn't hold out too much hope ...
Go for no fee apartments.
Sorry, I need some clarification. 15% is paid to the broker by both parties? In other words if there is a single broker involved, he gets 30%? That cant be right...
Nope - 15% is the total fee - usually paid by the person renting, but sometimes by the landlord (in which case the apt would be aadvertised as a no-fee apt since the renter would not pay the fee, but would presumably have the fee amortized in his rent).
I was once a broker - not worth paying 15% on broker fees - don't sign anything with any broker to go look at apartments - so few inventory, you are bound to find them yourselves.
I was once a broker - not worth paying 15% on broker fees - don't sign anything with any broker to go look at apartments - so few inventory, you are bound to find them yourselves.