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Updated over 5 years ago,
Tenant procurement commissions
I've been landlord for many years, mostly in NY. We've got a few homes for long term rent in Florida.
I do my own property management, but occasionally list vacancies with a local real estate agent.
In my experience with getting tenants from real estate agents in NY, the commission is one month. The agent screens the tenant, writes up the lease, collects funds, gets paid and that's the end of our relationship until the next vacancy.
My experience in Florida is very different. Once a tenant is procured, the agent wants a pound of flesh every time a lease is renewed. 5% of the annual rent was one agent's fee. Another collects 50% of a months rent. Every year, until the tenant moves or dies. Even without requiring their services for property management or negotiating a renewal, it seems there's no way around it. The only service I want is initial tenant acquisition and screening.
Am I just calling up the wrong agents? BTW, this is SW Florida.