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Updated almost 5 years ago on . Most recent reply

John B.'s profile image
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John B.
  • Member since May 17, 2020
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John B.'s profile image
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John B.
  • Member since May 17, 2020
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John B.
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General Landlording & Rental Properties

Should I pay tenant finders fee?

John B.
Posted

Is it a good idea to offer a $500 finders fee to anyone who refers tenants that sign a lease for my SFR? I would like to offer this to anyone, friends and real estate agents. Pros/cons or issues? (monthly rent ~2600). If you don't like this idea, please offer me your alternative ideas or best practices. Thank you!

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Sharlene Mulchandani's profile image
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Sharlene Mulchandani
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Sharlene Mulchandani
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Sharlene Mulchandani
  • Cincinnati, OH
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Sharlene Mulchandani
  • Cincinnati, OH
Replied

@John B. The idea of a finders fee is great, since you will get a lot for prospects/applicants for your property. In my opinion giving away $500 is quite a bit, even though your property is a nicer home with premium rent. I'd suggest starting off with about $300 and see how that works.

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