Wednesday, April 30, 2014

Ask an Agent: Paying an agent for a rental

A lot of people who are renting a house have never used a real estate agent before, so they have a lot of questions. That's OK! You should ask questions, especially if you don't understand the process.

One of the questions I get the most is, "Am I responsible for paying the agent?" In some places, such as New York, the answer is yes. But here in Texas, the answer is usually no. For most tenants, it is free to use the services of a real estate broker or agent.

There are times when you as the renter may have to pay your agent. For example, you agent may ask you to sign a representation agreement. Part of this agreement can guarantee payment of a certain portion of a month's rent. Anything the other broker doesn't pay, YOU will be responsible for. If you have that clause in your representation agreement, double-check with your agent that any property you want meets those guidelines so there's no surprises.

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