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How much do realtors typically make when leasing out a condo?

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slowtyper

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I'm looking to rent a condo and am talking to a few realtors and will be meeting with one of them this weekend to see some condos. I'm curious how much they make for this. It seems like a lot of work for him to meet with me and show me condos just for leasing.
 
slowtyper said:
I'm looking to rent a condo and am talking to a few realtors and will be meeting with one of them this weekend to see some condos. I'm curious how much they make for this. It seems like a lot of work for him to meet with me and show me condos just for leasing.
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1 month per 1 year lease; or 5% of gross lease if longer.
 
Commission is typically 1 month's rent, split between the landlord's and the tenant's agent. so each agent brings home 1/2 a month's rent, less deductions, expenses, taxes, etc...

Most agents realize it is not worth the money to go to all the effort. So why do some agents do it? To build a relationship with you in the hopes that when you are ready to buy, you will buy with them and they will get paid. Make no mistake, you are a PROSPECT to your Realtor!
 
cabbagetowner said:
come on! what tenant get's an agent?

please. we're talking about a condo here.
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Meh, I used an agent for 2 out of 3 rentals. Got the same rate as others in the building and had significantly less hassle finding a decent building.

Simple things like seeing the units was easier since you weren't working around a landlords work schedule, etc.

The one which was not by agent was a professional landlord -- also a dick. The other two leased via agent were folks travelling for a year or two -- extremely fast repairs and no hassles.


I would lease off MLS again simply because the quality of landlord seems to be better for my small sample set.
 
I would rather deal directly with the owner, just to get a bit of a discount vs him going with a realtor. The problem is that I just don't see that many private listings on craigslist. Is there a better site to find people who want to lease out their condos?
 
I only ever use Craigslist and have never had a bad tenant or a single problem. As an owner, i just don't think a realtor's service comes anywhere near justifying the price. The same holds true for a sale, they just have a virtual monopoly with their MLS and unfortunately, that's what every buyer turns to.
 
simuls said:
I only ever use Craigslist and have never had a bad tenant or a single problem. As an owner, i just don't think a realtor's service comes anywhere near justifying the price. The same holds true for a sale, they just have a virtual monopoly with their MLS and unfortunately, that's what every buyer turns to.
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I have never been contacted by a real estate agent acting on behalf of a tenant on any residential rental unit.
 
The unit I'm renting is managed by a real estate agent, as the owner is an insurance company with no interest in hearing that my faucet is leaking. :D That being said, we found it on Craigslist because the former tenant needed to get out early.

I also tried to find a place with a "buyers agent", although I found she was not so helpful. For what it's worth, having an agent does give you access to up-to-the-minute MLS listings instead of the delayed stuff on the public website.
 
Landlords seeking Tenants in Toronto

slowtyper said:
I would rather deal directly with the owner, just to get a bit of a discount vs him going with a realtor. The problem is that I just don't see that many private listings on craigslist. Is there a better site to find people who want to lease out their condos?
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Many smaller investors cannot be bothered to deal with what may be perceived as "clever" tenants but would rather open the process up to selecting, potentially, from a number of applicants, Having a complete document bundle prepared for them with confirmation of employment and a credit check. Tenant moves in. Hopefully the end.

They then get their post dated cheques and renew the tenants on a month to month basis next year with the allowable rate increase for rent already built in.
 
Previously attended Landlord Tenant Board

simuls said:
I only ever use Craigslist and have never had a bad tenant or a single problem. As an owner, i just don't think a realtor's service comes anywhere near justifying the price. The same holds true for a sale, they just have a virtual monopoly with their MLS and unfortunately, that's what every buyer turns to.
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Many of my clients would call with a tenant issue when the tenant was already 60 top 90 days in arrears and they wanted it cured.

Another fellow I know is a past LTT adjudicator who refuses to work with small landlords because; a) they do not always adhere to the law b) they are frugal and feel evceryone should work for free.

I no longer do LTT business because you need to be licensed as a paralegal and work under the tutilage of a law firm. ie E&OE licensing.

Buyers new to the area or city will get placed based income and interests.

I am sure there are many professions that would interested to work for free for two or three days just to help you out, usually on evenings and weekends.

I received a call this week from a PROSPECT that asked "Why can't the security guard just open all the units available for sale or lease and let us go and have a look?"

I would be interested to see the replies.
 
dpylyp said:
Many smaller investors cannot be bothered to deal with what may be perceived as "clever" tenants but would rather open the process up to selecting, potentially, from a number of applicants, Having a complete document bundle prepared for them with confirmation of employment and a credit check. Tenant moves in. Hopefully the end.

They then get their post dated cheques and renew the tenants on a month to month basis next year with the allowable rate increase for rent already built in.
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I went through a listing agent once to let a place.

supposedly 'my agent' did all you said; however, he failed to inform me what the credit scores meant and that the prospect tenants had filed bankruptcy several years ago and were arrears in cc, car payments, etc.

my first warning sign should have been the fact that they couldn't come up with the full security deposit. long story made short, i lost 6 months rent by the time i evicted them b/c they always had a sob story of mother being hospitalized with diabetes complications, etc.

I later found out this was a common practice for them as I had creditors coming to the premises looking for them.

worst money i spent for a 'professional' realtor and their resources.
i have since leased the place by myself and not had major issues with the same tenants for almost past 4 1/2 years.
 
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