Brokers Fee-HELP!!

So I've decided that I might need to work with a broker in order to find the right apartment for me and the kids.

I found a few condos/houses that I think would be great options.

How does it work when there is a broker listed for a property yet another broker shows it? Who gets the broker fee? Do I have to pay the agent who showed me the apartment as well as the agent who listed the apartment??

I'm so confused!

Re: Brokers Fee-HELP!!

You pay ONE brokers fee regardless of who finds it for you.. if the apt is listed by a broker and you have a broker, they split that fee..

Re: Brokers Fee-HELP!!

The listing will list the listing brokers commission, usually 1/2 of 1 months rent, and then you also pay usually 1/2 1 month rent to renting broker

Re: Brokers Fee-HELP!!

Yes, the listing agent who lists it on MLS offers out part of the fee to other brokers to entice them to show/rent the property.

The fee is usually one month, and usually split evenly between the agents. But in certain areas, the fee can be more (10% to 12% of the annual rent).

I would just ask the agent you are working with upfront what their fee is (different agents charge different fees).

The fee usually must be paid in cash at the time the lease or rental agreement is signed.

Re: Brokers Fee-HELP!!

You only pay ONCE. I have paid 1 month fee in the past. That seems to be the norm.

I have paid with a check.

Message edited 8/1/2011 6:00:52 PM.