Rentals in 48101>Question Details

Teesha313, Real Estate Pro in 48101

Is it legal for a real estate agent to charge a finders fee in Michigan for finding a tenants for a landlord?

Asked by Teesha313, 48101 Tue Nov 15, 2011

I am a landlord in Michigan. An agent wants to charge me 1/2 the first month's rent for finding tenants for my rental. I want to know is this legal to do in the state of Michigan. I been renting since 2006 and have never had an agent approach me about a finder's fee.

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Pamala Bava, SRES’s answer
Teesha313,

I agree with what is said below and especially that you get something in writing as Chad said. The great thing is you will get more exposure for your property.

Good luck
0 votes Thank Flag Link Sat Nov 19, 2011
The previous answers are all accurate. It's important to know, though, that any agreement for compensation should be done in writing. In this case, you'd sign a listing agreement with that Broker establishing what services they'll provide and, in exchange, what fee you'll pay and under what conditions. In the absence of a compensation agreement of some sort, you're under no obligation to pay an agent for bringing a tenant unless of course it makes financial sense for you to agree to do so.
0 votes Thank Flag Link Fri Nov 18, 2011
Legal? Yes. There are rules but it is legal. You can say NO or you can agree to a flat fee or a smaller commission, it's all negotiable.
0 votes Thank Flag Link Tue Nov 15, 2011
Teesha:

Good Morning!!

As long as the agent is working through their Broker they can charge a fee or commission. The amount of the fee is between you and the agent. Our company lists properties for lease regularly and charge a commission for doing so.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Tue Nov 15, 2011
In New York agents get paid by the tenant,But landlord pay when they listed for rent that case tenant does not need to pay.
0 votes Thank Flag Link Tue Nov 15, 2011
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