Rentals in 07018>Question Details

simpletechno…, Both Buyer and Seller in Pittsburgh, PA

"Can a Realtor in NJ charge the renter a finder's fee ..."

Asked by simpletechnologies2011, Pittsburgh, PA Mon Sep 16, 2013

My wife was looking for a new place to call home and discovered a place for rent but had to contact the Realtor representing it for the landlord and at the end of the showing of the apartment we decided to take it but was meant with a finders fee, I was puzzled because we never enlisted the help of the agent to find one,we just simplly called the the number relaated the property listed on the location of the property

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The realtor can indeed charge for their services- so yes... yes he or she can.
0 votes Thank Flag Link Tue Sep 17, 2013
When the apartment is listed by a Realtor a commision is charged in the amount equal to 1 months rent. This is normally paid by the renter but in some occassions the landlord will pay the fee.
0 votes Thank Flag Link Tue Sep 17, 2013
Its not a finders fee, it's the commission. Commission on rentals can be paid in one of three ways, depending on what the landlord agreed to when they signed the listing agreement with the real estate agency.
The three ways are 1) landlord pays full commission 2) tenant pays full commission and 3) landlord and tenant split commission 50/50.
Typically the commission was equal to 1 months rent but I am seeing more and more rental commissions being paid as a percent of the total lease amount (ie: 1 year lease at $1000/month. Commission is paid as a percent of $12000, or the tenants being reapinsible for the whole commission.
Realtors should always tell prospective tenants upfront who's paying commission and its unfortunate your Realtor didn't do that. After all with rents so high now, prospective tenants could conceivably have to pay, at a minimum, 1.5 month security, 1st months rent and 1 months rent as commission (total 3.5 months rent) right out of the gate and that gets pricey for people.
Just curious, are you sure the place was listed with a real estate agency or was it a property management company?
0 votes Thank Flag Link Mon Sep 16, 2013
Hi ,

I'm an professional REALTOR® in NJ. Yes, you can be charged with an real estate brokerage fee because the real estate agent was the procuring cause of the sale and the listing agent as well. When a landlord/Seller list their property with a real estate brokerage firm that means the yard sign that you see on the property is not a FSBO (For Sale By Owner) it's a Real Estate firm who's representing the landlord/seller which means when you and your wife approach the property possibly not aware of much except for the sign that you can view the home and if you like it you would be renting soon. It is our duty as professional REALTORS® to disclose the importance of our profession even in the event you all may have been aware he/she must disclose that information. I do apologize that you were not made aware once you've met with him/her.

*Always remember in any event that a REALTOR is representing a property or if its an FSBO that REALTOR® is due a fee for service because he/she was the cause of the property being sold or rented.

I hope you find your beautiful rental your looking for.

If you have any questions you can contact me at anytime and I would be able to assist you with your questions.

Basimah North
Cell: (862) 215 - 2068
0 votes Thank Flag Link Mon Sep 16, 2013
Sorry to hear about your misunderstanding, most agents will disclose up front that there is a brokerage fee required and the amount . Most rental listings for brokerages and owners appear together on several websites, it now more important than ever to disclose this information.

Hopefully it will all work out.
0 votes Thank Flag Link Mon Sep 16, 2013
It is very common in New Jersey for landlords to ask the tenant to pay the realtors' fee. You can try to negotiate the fee, ask the landlord to pay it or see if you can split the fee with the landlord. There is no guarantee the landlord will negotiate on this point. However, if you 'sweeten the deal', for example, sign a two year lease, the landlord may be more amenable.
0 votes Thank Flag Link Mon Sep 16, 2013
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