You should review your lease and any â€œagencyâ€ documents you signed at the time you first leased the property you are in. If thereâ€™s an obligation on your part to pay the Broker a commission should you renew it will be clearly spelled out. If itâ€™s not spelled out clearly then there is no obligation on your part to compensate the Broker.
Have you spoken directly with the homeowner? In some instances owners want you to use the rental Broker or agency, while in others they are perfectly happy to deal with you directly.
You need to review the terms of your agency agreement that you executed with your broker. The only way that you would be required to pay commission upon execution of a renewal lease is if the agency agreement clearly spells it out. The lack of a specific clause in your agency agreement will mean that no commission is due upon the execution of a renewal lease. Good Luck
John A. Weber IV
Bayview Estates Realty
What did your original Buyer Agreement outline as far as future commission? I suspect it doesn't say and renewals are without the agent / broker.
Best of luck,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
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