My tenant is also an agent and wants a fee

[Andrew Hernandez]

I am in the process of renting out my primary residence to a couple. My mother in law, who is an agent listed the property on the MLS and assisted us with the process. She was not going to charge us anything.

Now, the tenant is also an agent and just asked me how we are going to handle agent commission. What? She is mentioning this after already signing the lease and sending first month's payment. Nothing was pre negotiated in terms of commission. Do I have to pay her anything? Any advice is greatly appreciated.

[Jeff B.]

Originally posted by @Andrew Hernandez:

.... I guess I am out of luck. I guess I'll recoup 67% of 50% or whatever, but bummed that a whole years of CF is gone.

Don't want to throw salt on the wound, but if one month's rent = your whole annual NOI, then you're really thin on this deal. You will really be crying when/if you have a vacancy lasting more than one month.

Do your best to ensure your rents are at the current FMR, to reduce expenses and to offload all utilities to the tenant(s).

I would look to 1031 this asap and to get a better deal in the furture.