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all about brick · Jan 12, 2009, 07:01 PM

I have a house I am going to rent. Iam going to give it to a realitor to handle the paper work. Iunderstand the realitor will get a months rent, but how about the people want a couple year lease with option to buy, then what do they get?

Fr_Chuck · Jan 12, 2009, 07:35 PM

What ever your contract with them says, most get a percent of each months rent or a flat monthly fee for management of your property.

So you have to talk to them and see what terms they have and/or will agree to

all about brick · Jan 12, 2009, 09:08 PM

Im going to manage it myself. Ijust need to know how much they will take?

excon · Jan 13, 2009, 07:54 AM

Hello all:

The Padre steered you right. Whatever they CAN or CAN'T take is spelled out in your contract. There ISN'T any standard fee. It's what you AGREED to that counts...

Now, it's possible that your agreement doesn't cover the possibility of a purchase or lease w/option... If that's so, then that's GOOD for you. They can't get a commission for something that you didn't agree in writing, to give them...

Apparently you are ONLY using them to find you a tenant, and that's ALL. Fine. Make sure your contract says THAT, and spells out EXACTLY how much they'll get for doing that.

If you already HAVE a contract, and you can't find out the stuff you're asking about by READING your contract, then get back to us.

excon

JudyKayTee · Jan 13, 2009, 12:51 PM

Originally Posted by all about brick

I have a house i am going to rent. Iam going to give it to a realitor to handle the paper work. Iunderstand the realitor will get a months rent, but how about the people want a couple year lease with option to buy, then what do they get?

Before you become a landlord I would suggest that you make yourself very familiar with landlord/tenant as well as contract law or you are going to pay the hard, slow, painful way.

Fr_Chuck · Jan 13, 2009, 01:05 PM

Most rental agency fee ( them finding you a renter) does not cover selling the home, but that will depend, if they think you are going to sell, they may try and get you into a contract to sell.

But if you are going to manage it yourself, what are you using them for??

all about brick · Oct 16, 2009, 04:15 AM

I have a rental, the people who are living in it would like to buy it, they want me to carry the mortgage, what's all involved in carrying the mortgage , with out bank .

excon · Oct 16, 2009, 04:19 AM

Hello again, all:

They make their payments to you instead of the bank. You're going to need a lawyer to draw up the contract.

excon