Cherelle, Other/Just Looking in Massachusetts

I want to rent my home. How much should I pay a realtor for finding me a tenant? What is reasonable?

Asked by Cherelle, Massachusetts Tue Nov 17, 2009

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4
bottom line - 1/2 to a full months rent is standard
0 votes Thank Flag Link Sun Nov 29, 2009
It depends on what you as the homeowner wants to do.

Do you know how to qualify prospect tenants? Are you aware of Federal and State Fair Housing Laws that landlords must abide. Do you want to manage the tenants' needs after they move in? Will you be avaialbe 24/7 for repairs and for emergency services? Do you want to collect the rent? The answers to some of these questions will help you to decide between a property manager or a Realtor.

In general, property managers charge a monthly fee - 10% of the rent amount, or a fee for service schedule.

If you choose to work with a Realtor, then I suggest that you discuss with the agent and agree upon the responsibilities: (partial list only)

1. Research and qualify the tenants

2. Frequency of showing the property to prospective tenants

3. Records keeping for Fair Housing Laws (in case of any legal issue) http://www.hud.gov/renting/tenantrights.cfm

4. Preparation of the rental contract

5. Review rental contract with tenant and disclose tenant rights, landlord rights

6. Discuss rules for tenants, if any. Parking, repairs, maintenance, smoking/non-smoking, pets, etc.

7. etc.
0 votes Thank Flag Link Tue Nov 17, 2009
If you chose to use a licensed real estate agent for the purpose of renting your property expect to pay about 1 months rent. So ,if your asking $1500 a month as rent the realtor would be due 1500 dollars to secure a renter and would typically pay out about 1/2 or 750$ as a co broke. This is typically how it is done where i am located, but the property management company is also a good idea.. Good Luck!
Web Reference: http://www.jodyforhomes.com
0 votes Thank Flag Link Tue Nov 17, 2009
Most Realtor's are not in the rental business, thus do not show renter's around. You better option would be to hire a good Property Manager who in your area does have a list of qualified renter's. Whenever I run across someone who want's to rent vs. own, I simply refer them to a local property management company and get a referal fee.
You should be able to find such companies in your local phone book and I would recommend interviewing more than 1.
0 votes Thank Flag Link Tue Nov 17, 2009
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