DEAR BENNY: How do agents get commission on rental property? --Peter
DEAR PETER: To my knowledge, there is no standard formula to compensate a real estate agent for finding a tenant for you. From my experience, most agents will want a one month's rent for their commission.
However, this is negotiable. If, for example, you want the agent to manage the property for you (which is usually a good idea so that you won't be bothered every time the tenant wants a light bulb changed), the agent may take a percentage of the monthly rent -- ranging between 6-10 percent.