You may have missed the message in all those finessed responses.
You SHOULD NOT be on the lookout for a new broker.
YOU NEED TO GET OUT!
Start Today! Don't be on the look out.
Go knock on the brokers doors. Get out of your situation.
The landlord's check is written directly to the landlord.
If they pay in cash, be prepared to provide a receipt.
Please feel free to call or email me with any questions you may have at any time.
I am sorry that your Broker is not providing proper education; it is the responsibility of the Broker to train the agents.
I will be happy to assist; I have taught at CW Post for years and provided training to Realtors nationwide for an equal amount of time. There is no charge; it is a courtesy to make our profession a little better.
Sounds like you need to find a new brokerage. If no one will tell you who the checks are to be written out to in a rental, who will you turn to in the much more sticky, difficult situations that come up? In the early years, each new deal is a learning experience, and you truly need to be with a broker with an open door policy.
The practical answers are, the brokerage fee check gets written out to your company and submitted with your company's paperwork requirements attached. Then they will pay you your split. The check for the rent/security gets written to the landlord. You do need to know if these need to be certified/bank checks.
There are many great companies that have good training program.
As far as the checks who they are made to ,the tenant will make check to your company for your fee one check for the landlord broker (or listing broker) and the checks to landlord for security and 1st month rent .
If it is a Coop or Condo list of the check will be listed in the board pack.
Look me up if you are looking for great company to work for.
Your questions have been answered below by competent and experienced NYC agents.
In order for you to become a competent, experienced and successful agent, you need a strong foundation and a Broker and support system to help you grow.
It is unfortunate that you do not have that kind of support in place now.
I strongly suggest you interview, and look elsewhere to hang your license, so that you're not left stranded asking "how to" questions from other agents on the internet.
You need to have training .....and a mentor who can guide you through your new transactions.
To respond to your concerns:
1- Question: I do not know to whom the prospective tenant should write his/her check to when it comes time for them to pay the broker's fee and landlord. Is the check cut to the listing broker and the listing broker then pay everyone else, or are separate checks written from the tenant?
Answer: I am sure you are talking about in case of co-brokerage in a rental situation. To make it easier for you, the client will write different checks: one at the attention of the listing brokerage company (50% of the total commission), another at the attention of the other brokerage company involved (50% of the total commission). For whatever check of security deposit or first month rent they have to write to the landlord, the listing broker will give you that instruction because it is all on case to case basics.
2- Question: Also, what is the procedure if the tenant wishes to pay in cash?
Answer: To avoid some surprising issues, rather tell the client to go get a money order or a cashier check instead of paying cash. It help yourself to protect your reputation and on the other hand to protect the client him/herself. But in most case, if you are representing a client that want to pay cash, just tell him to give you the whole amount + cashier check fees, get your brokerage company bank info from your broker, deposit the amount on an escrow account, then get your broker write the checks to pay the landlord and listing broker.
PS: If you don't have anybody to help you out, maybe you should start looking for a company that provide you real training.
Member of ELITE
(o): 212.252.8772 (EXT.782)
" It is common in all businesses that the level of customer service, is usually based on income generated from that service given; which is fairly unfair to those who need just the same service of selling, buying or renting in New York City.
That's one of the reasons why we came up with ELITE. It is the highest standard level of same service given from a $2000 rental to a $40 Millions sale, and instead of treating the customers differently, we've decided to give them the ELITE service.
Let's help you with our services, no matter your budget, what you are selling or want to buy, we will give you and your referrals the same best experience ever lived. "