Janine.lawre…, Renter in 60061

Who typically pays the commission when working with a realtor to find a rental in Cook and Lake counties in Illinois? Landlord? Tennant? Both?

Asked by Janine.lawrence, 60061 Mon May 27, 2013

Also, how much is the typical commission? Is it a percent of rental or flat fee?

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5
Finding a good rental in every category is hard because the competition is intense. hot rental market, means having one agent you work with exclusively and watch the new ones as they come on.
2 votes Thank Flag Link Mon Jun 3, 2013
Commissions are paid by the seller. Selling commissions are typically a percentage of the sales price where rental commissions are typically a flat fee based on the monthly rental price.

If you are buying, the commission is not your issue. If you are selling, you should interview a few Realtors and get a commission price from them. This is a competitive open market place - see what services and prices suit your needs.
2 votes Thank Flag Link Mon May 27, 2013
The listing side will pay the commission. Can be a flat fee or %. Usually 1/2 months rent to the buying agent. If you are interested in listing a rental feel free to contact me. I'd be happy to answer anyquestions you may have.
Thanks.
Coleen
2 votes Thank Flag Link Mon May 27, 2013
Realtor services to find a property are generally free to the renter/buyer. At some point you will sign a contract with them stating that their services entitle them to a fee. Some will have a flat rate, others a % of a month's rent.

If you end up taking a MLS listed property, it will have a commission available to the agent. If you decide to go for an unlisted property, and use the agent, they will try to negotiate with the landlord a commission. If no agreement can be reached, the agent may expect you to pay for their services.

Generally speaking, rentals do not take a lot of time. It is future client building for the agent. I have never requested any compensation from my clients for rental services, even if the other agent or landlord is unwilling to offer a meaningful incentive. I would assume most agents look at it the same way, but I have heard of agents asking their clients to write a check. You can just ask them up front.

Buffalo Grove rentals are a hot commodity, as are rentals in most areas. If you are serious about finding one, dedicate a few hours to your search and make a decision. Do not wait, otherwise you will have to start at the beginning again.

Geoff Ommen
Broker Baird Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
2 votes Thank Flag Link Mon May 27, 2013
The seller/landlord pays the commission to the Real Estate company they listed with and the coop commission is paid to the Realtor working with the renter.

The typical commission is one month's rent...

I am actually working with someone right now to find a rental in the Buffalo Grove area.

If you send me your email address, I can send you a rental worksheet to fill out. Then, I can set you up for an automated search on what is available in the area you are interested in currently.

Let me know.

Jen Waldman
Broker
Coldwell Banker
312.375.9706
jen.waldman@cbexchange.com
facebook.com/jenwaldmanhomes
1 vote Thank Flag Link Mon May 27, 2013
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