Finding the right condo for rent in Brickell can often feel like finding a white cat in a snowstorm: painstaking and seemingly futile. What can make that search way easier? Using the help of a Realtor®. But just how expensive are Realtor fees for rentals?
What's a typical fee?
There is no exact fee. The most common amount charged by Realtors in Brickell is 10% of the gross annual rental but this rate is not set in stone. There are agents who charge one month rent for their services, it all depends of the scope of the services offered, the type of property, how difficult could it be to rent it, how much advertising may be needed to rent it, etc.
Who pays the Realtor?
In Miami it is customary that the landlord pays a Realtor to fill a rental and Brickell is not the exception. The tenants don't pay Realtors commission even when they are receiving the services of an agent.
The landlord pays the commission to the listing broker who, in return for bringing a qualified tenant, offers half of his/her commission to the tenant's broker. In fact, the landlord don't pay the tenant's broker commission as some people may think, the listing broker shares his/her commission with a collegue through a collaboration system between agents.
What services are included in the fee?
Real estate agents have a number of responsibilities, which can include any of the following:
- Marketing the unit
- Advising the landlord on market-appropriate rents
- Discussing any work that needs to be done to the apartment to secure a renter
- Scheduling and attending showings
- Gathering completed applications and deposit checks from interested parties
- Checking applicants' credit, references, and employment/source of income, and presenting all this information to the landlord
- Once a tenant is accepted, an agent negotiates the rent amount and terms, writes the lease documents, gets them signed, and collects all funds.
- Assisting tenants with the association application and follow up with approvals
- Doing walk through inspections with tenants prior to move in