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#234409 - 06/24/08 09:54 AM Finders Fee for finding property
A1fla Offline
Member

Registered: 08/09/07
Posts: 93
Loc: Florida
Due to the fact that there is really no commission involved in finding a tenant a lease. Has anyone asked the tenant to pay a finders fee of say $500 for finding a property. This is an upscale waterfront condo lease.

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#234411 - 06/24/08 10:08 AM Re: Finders Fee for finding property [Re: A1fla]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 4458
Loc: Vermont's North-East Kingdom
We have done so, on a very limited basis. Sometimes we collect a Finders Fee from the Owner; and sometimes from the Prospective Tenant (who usually don't have a lot of Cash) and a couple times . . . . from both. Don't need to be a Licensee in Vermont to hang a shingle out to be a Genuine Rental Agent (whose Agent ?); kind'a like being a Used Car SalesMan/Woman.

If working for the Owner, I'd be concerned about your E&O Coverage and how much screening of Tenants is expected. We're not Private Investigators; so everyone has to do their own Background Checks. I can't vouch for anyone ! . . . . Not even the Man in the Mirror.


Edited by Vermont007 (06/24/08 10:12 AM)
Edit Reason: punctuation issues
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Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#234450 - 06/24/08 12:40 PM Re: Finders Fee for finding property [Re: Vermont]
Ryan O'Neill Offline
Member

Registered: 06/16/08
Posts: 220
Loc: Minneapolis, Minnesota
Absolutely! You should be able to secure a commission for doing this. Make sure you have the proper paperwork in place that your real estate company needs.
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#236473 - 07/06/08 04:35 PM Re: Finders Fee for finding property [Re: Ryan O'Neill]
REOGranny Offline
Member

Registered: 07/03/08
Posts: 57
Loc: Wisconsin
In my State we can do a Buyer/Tenant Agency Contract detailing the terms of our agreement. I would charge a Landlord one mo's rent and would do the same for a tenant.

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#261147 - 11/23/08 08:36 AM Re: Finders Fee for finding property [Re: REOGranny]
Agent_Mark Offline
Member

Registered: 11/21/08
Posts: 27
Loc: Montreal Canada
Unless that client is family or friends..I wouldnt charge

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