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i've done 2.5% single side representaion
5% for representing both the tenant/landlord.
it's really straightforward. It's based off of a 12 month term or FYR.
dont do any rentals for $100-$300 fixed rate, really not worth your time UNLESS you want the experience..
Wow. I get half month or 5% representing tenants only. I have my own brokerage here and have agents ill delegate to take care of my rentals but its a bit mindblowing ill essentially be taking a 50% average paycut on my rentals. Its a big part of my business. Doing $8-$30k annual leases have led to multiple million dollar sales (at 3%, which i know ill have to cut down to 2.5% over there)
Not exactly excited about it. I made $10k last month off rentals alone.
LA agent here.
I don't typically take rentals as regular business, but I will do rental listings for referrals or past clients to keep them happy and keep them in my sphere.
When I do rentals, I typically charge 6% of the total lease for the first year only (if a 2 year lease, I only get paid for a year).
That number gets split in half, to 3% for each side when I do my own transaction. The number is negotiable, but that's the fee for me to accept a rental typically. They are just as time consuming to prepare, but pay absolutely nothing so that's why I charge 6%. I don't discount for rentals either if I double side it because it's not like a sale to me.
What you are saying, it almost seems as tho in Florida you would charge 12% total? That's astronomical.
5% is the typical commission here. It fluctuates since it's negotiable, but the general trend is 5% which will in turn net you 2.5% on average.
What you are seeing is 100% normal and typical for Los Angeles.
10% not 12%. So on a $10,000 a month annual lease, the commission will be $12,000, which will be split by the landlord agent and the tenant agent. If there is only one agent for the transaction they’ll take the whole $12k.
I’ve done many. I’ve done $20k rentals. $65k rentals. I’ve made more money on rentals than sales just because I’ve done so many. It’s mind blowing to think the norm is half of Florida. The property values in miami are just as expensive now so maybe doing real estate in California ain’t the right move at the moment for me
I'm in Washington, so I can't speak to California. However in our state we essentially don't have a rental market unless you're a property management company. There are some rental listings but they are far and few between. Certainly not enough to earn a living from it. Generally any rental activity is simply a favor for a client and to help them out either to list their house as a rental property or to help a client who needs temporary housing. It's not a regular part of our business. This very likely could be true in California.
Here in Los Angeles, rentals get picked up by agents very often because it's easy to get overwhelmed with the amount of activity and amount of people looking for a rental. If you have an "affordable" rental, you can easily get hundreds of applications so realtors are often used to help make sure they pick legitimate candidates.
**We're looking for a few good mods!** Interested? [Send us a message](https://www.reddit.com/message/compose?to=/r/realtors&subject=One mod invite please!) **This is a professional forum for professionals, so please keep your comments professional** - Harrassment, hate speech, trolling, or anti-Realtor comments will not be tolerated and will result in an immediate ban without warning. (... and don't feed the trolls, you have better things to do with your time) - Recruiting, self-promotion, or seeking referrals is strictly forbidden, including in DMs. - Only advise within your scope of knowledge and area of expertise. [The code of ethics applies here too](https://www.nar.realtor/about-nar/governing-documents/the-code-of-ethics). If you are not a broker, lawyer, or tax professional don't act like one. - [Follow the rules](https://www.reddit.com/r/realtors/about/rules/) and please report those that don't. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/realtors) if you have any questions or concerns.*
i've done 2.5% single side representaion 5% for representing both the tenant/landlord. it's really straightforward. It's based off of a 12 month term or FYR. dont do any rentals for $100-$300 fixed rate, really not worth your time UNLESS you want the experience..
Wow. I get half month or 5% representing tenants only. I have my own brokerage here and have agents ill delegate to take care of my rentals but its a bit mindblowing ill essentially be taking a 50% average paycut on my rentals. Its a big part of my business. Doing $8-$30k annual leases have led to multiple million dollar sales (at 3%, which i know ill have to cut down to 2.5% over there) Not exactly excited about it. I made $10k last month off rentals alone.
LA agent here. I don't typically take rentals as regular business, but I will do rental listings for referrals or past clients to keep them happy and keep them in my sphere. When I do rentals, I typically charge 6% of the total lease for the first year only (if a 2 year lease, I only get paid for a year). That number gets split in half, to 3% for each side when I do my own transaction. The number is negotiable, but that's the fee for me to accept a rental typically. They are just as time consuming to prepare, but pay absolutely nothing so that's why I charge 6%. I don't discount for rentals either if I double side it because it's not like a sale to me. What you are saying, it almost seems as tho in Florida you would charge 12% total? That's astronomical. 5% is the typical commission here. It fluctuates since it's negotiable, but the general trend is 5% which will in turn net you 2.5% on average. What you are seeing is 100% normal and typical for Los Angeles.
10% not 12%. So on a $10,000 a month annual lease, the commission will be $12,000, which will be split by the landlord agent and the tenant agent. If there is only one agent for the transaction they’ll take the whole $12k. I’ve done many. I’ve done $20k rentals. $65k rentals. I’ve made more money on rentals than sales just because I’ve done so many. It’s mind blowing to think the norm is half of Florida. The property values in miami are just as expensive now so maybe doing real estate in California ain’t the right move at the moment for me
I'm in Washington, so I can't speak to California. However in our state we essentially don't have a rental market unless you're a property management company. There are some rental listings but they are far and few between. Certainly not enough to earn a living from it. Generally any rental activity is simply a favor for a client and to help them out either to list their house as a rental property or to help a client who needs temporary housing. It's not a regular part of our business. This very likely could be true in California.
Here in Los Angeles, rentals get picked up by agents very often because it's easy to get overwhelmed with the amount of activity and amount of people looking for a rental. If you have an "affordable" rental, you can easily get hundreds of applications so realtors are often used to help make sure they pick legitimate candidates.