Any way out of contract?

>>Is there any way I can negotiate the "90 days" in effect clause after I've signed it<<

You can negotiate anything, but do it BEFORE signing.

why are you signing a contract at all? Are you giving him an exclusive? If yes, then why? You don't have to give a broker an exclusive.

Also, I'd recommend crossing out any clause in the contract that gives your broker rights to a sales commission should you wind up selling the apartment to anyone he brings in as a potential rental client.

Clearly you're not planning to go the sales route now, but no point in boxing yourself in on the off chance that your circumstances/goals might change.

Dwell is right, though--no real need to sign any exclusive.

If this broker works for a large firm they will not put the listing out as a co-broke if there is no exclusive signed. So it won't be shared with the brokerage community at large...just his/her firms agents. If the agent is someone you trust to do the best by you no worries, if this agent is just someone you cold called...I'm pretty easy going and put in clauses in my exclusive agreements that gave the owner an out with 3 days written notice for any reason. Make sure you have a good broker!!! Please no snide remarks squid!:)

How bout listing the apt on Craigs List & see what the response is. Brokers may see the listing & contact you.

Burkhardt: don't renters pay the fee? I'm a landlord & I have never signed a contract w/ a broker when I put an apt on the market, so, please explain re: "If this broker works for a large firm they will not put the listing out as a co-broke if there is no exclusive signed".

Renters were paying the fee...that's changing hence the burkhardt group where it's all negotiable.

When you work for Citi-Habitats and have a signed exclusive listing you submit it to the listing department and they in turn send it out to ALL REBNY member firms for co-broke. If you submit an "open" listing it will only be distributed within Citi-Habitats.

There are other scenarios ask your broker.

It is in the best interest of an owner to sign an exclusive with a broker they trust, it is financially more rewarding for a broker to have an exclusive. At most firms the difference is getting either 10% of the deal or 50%(exclusive) if it is rented by another broker.

Owners don't always like to sign these agreements, so find a broker that will add an out clause to the agreement as well as something that states if you find a tenant you owe nothing.

Exposing the listing to the maximum amount of brokers is what you want, with one competent broker handling all showings and collecting all documentation from potential tenants to present to you. A good broker will work his ass off on his exclusive listings because it is money in the bank. Some don't want to share their exclusive they "pocket" the listing, not good for owners or clients and IMHO very shortsighted on the part of the broker(and shady).

>>Please no snide remarks squid!:)<<

Snide? Moi? Never!

I agree, it is very detestable when agents do not share exclusive listings, because I often represent renters, and the listing could be brand new and they tell me that they have an application. Weeks later, the apartment is still available. What good did that do to the owner? it is deeply annoying. Then again, I thought that if the broker of record is not a member of REBNY, then they do not technically have to co-broke, I could be wrong. Either way, taking a listing exclusively makes more sense than handling an open listing, meaning any broker can list it and any procuring agent can rent it out and keep all the commission. But, time is money, so I am sure an agent who is given an exclusive will gladly distribute the listing in many other areas besides the internal database.

IMO, whether an owner should sign an exclusive contract depends on the skill, knowledge & experience of the owner. Sounds like this owner wouldn't know how to qualify the applicant or close the lease. IMO, for an owner like this, he/she should consult his/her real estate lawyer before signing either a brokerage contract or a lease.

agree dwell.