Do You Have to Pay for a Rental Listing From a Realtor?
For many would-be tenants, the search for a rental home is a stressful and frustrating process. The prospective tenant often finds herself at a disadvantage when left alone to deal with experienced landlords who make their living by renting out properties. Working with a real estate agent can help the tenant find suitable properties more quickly and navigate the application and leasing process more efficiently. Whether or not the tenant pays the agent for his services depends upon the capacity in which the agent works.
The Agent's Role in Property Rentals
A real estate agent can play any one of a number of different roles in property rentals. First, she can work exclusively as an agent of the landlord responsible for marketing the property, screening tenants and representing the landlord in negotiating and preparing the lease. An agent may also represent a tenant exclusively, in which case she'd be responsible for researching rental listings, taking the tenant to view properties, facilitating the tenant's rental application and negotiating the lease. In states where dual agency is permitted, an agent may represent the landlord and the tenant equally, with written permission from both. Finally, an agent can work as a rental listing referral agent whose job it is to compile a list of available rental units that match the prospective tenant's budget and preferences.
Agent Commissions
Agents' commissions come from their brokers. Brokers' commissions come from the clients. In cases where the agent represents the landlord or the tenant or both, the landlord usually pays the full commission to his broker. If the landlord's and tenant's agents work for different brokerages, the landlord's broker shares the commission with the tenant's broker. Tenants themselves pay rental listing referral agents' fees. In a rental listing referral, the tenant purchases a customized list from the agent but is not represented by the agent. The agent may receive a commission from the landlord, through the landlord's broker, if the tenant rents a property on the agent's list.
Rental Listing Referral Rules
State laws govern the practice of real estate, but many of the basic tenets of real estate law are very similar from state to state. Some of these tenets regulate rental listing referrals. In Pennsylvania, for instance, the law specifies how often a rental listing referral agent must update her lists. It also restricts agents from presenting lists for rental units that are incompatible with tenants' stated budget and property characteristic preferences. Refer to your state's real estate commission for more information about allowed and prohibited rental listing referral practices.
Real Estate Recovery Funds
If you feel that a real estate rental agent or rental list referral agent has treated you unfairly or unlawfully and you're unable to resolve the matter with the agent or his broker, help is available. Most states maintain real estate recovery funds that can pay consumers' damages in instances where the agent's fault has been proved. Contact your state's real estate commission or licensing bureau for more information.
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