I have a first time situation....I listed a rental without an agent (not in MLS) and need to pay the agreed upon commission. I think the agent is rather new. I told her that I need a W-9 so I can send a 1099 to her brokerage. But what form/documentation/agreement is standard for her to collect from me? Is there such a standard?
W9, and check gets written to the brokerage, not the agent, at least that is how it works in Illinois. And in my mls listings I say we don't pay until the tenant takes possession. I assume you screened the tenant, not this agent??? I have seen a lot of agents lie and do anything to place their client to get their commission.
Typically a leasing agreement is incorporated into a property management agreement, but that's not a rule or law - more of a guideline (depending on what is customary in your area).
The lease-up fee would normally be paid out to the brokerage from the 1st month's rent, but sounds like you've got a different situation so really the best thing to do would be to call the broker and ask how they want to deal with it because they will very likely have an opinion on the matter. Should be pretty simple on your side - just cutting a check, but the broker will probably put some heat on the agent if the 2 of them didn't have a conversation about this prior to it all going down.
@Tony Castronovo They'll just send you an invoice and a W-9. It's not a big deal. You'll make the check to the brokerage, not the individual agent.
Thanks everyone. And yes, I screened the tenant. 🙂
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