Financing in Greenwich>Question Details

S, Home Buyer in New York, NY

IIs it standard to pay a commmission to the real estate agent for a rental property in Fairfield County?

Asked by S, New York, NY Wed Aug 13, 2008

Is it standard that you have to pay 10% of the years rent as a commission to the rental agent in Fairfield County if you are the tenant?

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4
Richard Breglia’s answer
No that is not standard. It seems a bit on the high side. The average rental commission is around %8 for both the buyer and selling agent to split. 10% paid by the tenant seems a bit steep. Typically the lanlord pays the commission but in rare cases when they do not the tenant must pay the commission for that particuliar property. I would divide the commission over the lease term and add it to the monthly payment and see if it still a good deal with that fee added. If not have your agent look for rentals on the mls where the lanlord pays the fees.
0 votes Thank Flag Link Wed Nov 2, 2011
Commissions paid by the buyer or tenant should be outlined in your representation agreement and discussed. Typically, an agent representing a buyer or tenant will indicate a commission level that will be owed within the agreement. If the property was listed by another brokerage firm, there is usually a commission paid by the landlord which will cover the tenant's agent commission. If the property was not listed with another agency, then a commission may not have been paid by the landlord, leaving you owing the commission.

Either way, it is common practice that a 1 month commission is paid and split between the listing agent and the buyer/renting agent.

Best wishes,
Christopher Rich - REALTOR
Your Fairfield County Real Estate Agent
William Raveis Real Estate
0 votes Thank Flag Link Thu Aug 14, 2008
There is no "Typical" rental commission or fee here in Fairfield County. All commissions are negotiable by law. If a rental is listed in the MLS then the landlord has agreed to pay a fee to the agents to find a suitable tenant. If I work with a tenant to find a rental from the MLS then I collect the fee from the listing agent or landlord. If they will not pay a fee, then I will tell the tenant up front and negotiate with them to pay for my services.
0 votes Thank Flag Link Thu Aug 14, 2008
In CT, commissions are not set by law -- they are negotiable, but companies can set up their own policies. Most companies get paid by the seller/lessor, however, there are a few that charge the tenant. Investigate before you choose a broker.
0 votes Thank Flag Link Thu Aug 14, 2008
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