However, lesser incentive to agents means less showings, so most landlords choose to pay 10%.
The main thing when renting is to prepare the place for rent - cleaning, fixing and staging, if possible.
Also very important - to market your condo in downtown Miami very aggressively on the internet - so when picking your agent ask questions re. their marketing plan. More pictures, a video on UTube, showcasing on most popular real estate sites (Big 4)...
The renewal fee is also negotiable. It is built into the standard listing agreement, so if you don't want to pay for the 2nd year - you got to remove it in the listing agreement.
To save more money - why not rent for 2 years, instead of 1 year? This way it's no vacancy period, no commissions to agents, no paint job after tenants move out etc. Many people would love to rent for 2 years. You'd need to hire an attorney to prepare the 2 year lease though, as real estate agents are not allowed to fill out 2 year leases - only 1 year. The cost should be around $350 for the attorney to do the lease - unless there are a lot of add-ons to the standard lease form (this takes more time to do).
Hope this helps,
Beachfront Realty, Inc.
The fee is something that you will need to negotiate with the broker who will represent you and list your property. While there are certain commonalities among broker offices in terms of what they all charge, no realtor can (or should) tell you "most realtors charge x". That is against the law.
Also, whoever lists and promotes your property should do it with the same emphasis, regardless of what commission level you agree on. A higher split might attract more realtors who lurk on the MLS, but the truth of the matter is that the MLS is just one tool to promote... A good realtor who is working for you should use all necessary means to attract possible tenants and/or realtors. And most of these other tools do not have to disclose fee for cooperating broker... Therefore, the argument about the fee for the other broker is invalid.
i hope this aides you in choosing the right broker. Good luck to you.
Advertising a company's business plan/commission is totally different from having competitors engage in discussions and statements on public forums, like this, in regard to what they think others are charging as a "normal rate".
What cannot be done, and, yes, can be seen as illegal, is this open discussion among agents from different companies, especially where the terms "usual, customary, typical, common or standard are used to describe any commission.
And, you certainly don't want to be seen stating: "EVERYONE gets this XXX %"!!!!
This may inadvertently influence another Broker to charge more or less if they see others claiming a particular % is the area "standard".
There's that potential "price fixing" offense - considered to be a "per se" offense....where you really can't say: "Oh judge, I didn't mean it"......you have no defense........ and fines can be very high.
For those who care - go ahead.........google it.......or, do what I did - take a continuing education course on this very subject........it will be very informative.
Ana Levy is correct .
Agents should NEVER discuss commissions among themselves, or in a public forum. Words that should never be used in regard to commissions are:
customary..... standard..... usual...... or expected......and to say: "everyone charges this or that"... is simply illegal"!!!
"ALL commissions are negotiable" is the only proper and LEGAL response one should offer.
I suggest those of you who are clueless about this speak to your Brokers (hopefully, they know the laws), or call your state RE Commission or local board office and ask someone who is knowledgeable for clarification.
To help get you started - Here is an excerpt from an online article on this very topic:
"Anti trust laws prohibit agents from discussing commission percentages in public. Commissions are negotiable.
Agents within a brokerage firm are allowed to set their own commissions based upon their business models and market value of services. This may vary from company to company.
Discussing commissions openly is a violation of the Sherman Anti Trust act since we are among mixed (different) companies."
Any comments that state, or even imply, there is a standard commission can be seen as an attempt at PRICE fixing, even if there was no intent to do so!
Read up on the Sherman Act violation cases and you will see very few actually had to do with a conspiracy to fix prices and more of them had to do with discussing them like some of you are doing here.
Now, we all know that there is a "standard," although we pretend that there's not. Fannie Mae has basically said that there is, in fact, a standard, and if the commission on a short sale does not exceed six percent, they'll pay it. We say that commissions are "negotiable," but that is not synonymous with "ask for a discount and ye shall receive."
Not only that, but there are companies that have their commission in their name! Oh, my, goodness! How could they!!!
Could you please give me a reference link to illegality or breaking the law in explaining what a broker charges for services and what is the industry standard according to ones experience .I would like to look more into it.
Let me know if I could help you list your condo.
Tatiana Kolomiets 305.987.7470
Realtor @ Paz Global inc