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 lightbulb changed), the agent may take a percentage of the monthly rent -- ranging between 6-10 percent. You should sign an agreement with the agent before moving forward. That agreement will spell out the terms and conditions of their employment. Incidentally, neither landlords nor managers should be required to change the lightbulbs. DEAR BENNY: We own a condo and are in the process of changing property management. The new property management sent us a form to fill out for our condo insurance, policy number, insurance co...
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