Hi. I recently became a RE agent and was wondering if it was common practice for the renter to pay the commission fee for leases. My client is looking in Queens and so far every agent said that it's customary for the renter to pay for both commissions.
There's a lot of confusion on who pays right now. In the past it was usually the tenant that paid the commission but there was a new guidance that stated tenants cant pay more than 1 month rent 1 month security and 20$ application fee on lease execution. So according to the states guidance the landlords agent cannot make the tenant pay a commission. If the tenant hires you as a tenants agent then they can still pay you a commission. Now in practice it gets a little grey because the realtor boards are suing the state to try to get rid of this new rule so as of right now I believe it is not being enforced. Problem is I also heard that if the realtor boards lose the case a tenant is entitled to get their money back so some brokerages are already not allowing their landlords agents from collecting commissions from tenants.
But this is still ny real estate you still see all sorts of crazy stuff happening