What Is Fair Compensation For Rental Open House

Question

I own rental properties in another state. I have someone I know that is a Realtor, and I would like to have them conduct showings for prospective tenants in my absence. What would be fair to offer them as compensation for doing this? Thanks in advance!

Tjimon Louisy · Answer

With very little context of what state and the exact nature of the showings (how many days, etc), it would be really difficult to tell you what a fair price is. I suggest you ask the person to quote you a price and then get two other quotes from realtors within the location for similar services as comparison. From there you can make a more informed decision as to what “fair” is, as opposed to us taking educated guess on this posts.

Also share the city/area your showings are in, that would allow some of the experience realtors on BP that operate there to chime in.

Also share the city/area your showings are in, that would allow some of the experience realtors on BP that operate there to chime in.

Nathan Gesner · Answer

You'll have to determine what the market rate is. In some markets, an agent is paid hundreds of dollars or a percentage of one month's rent as compensation. You can also ask them to provide you with an hourly rate and you compensate them for the specific time spent showing the property.

many real estate agents will do a market analysis for banks at a rate of about $50 per hour. An open house for rentals requires less effort. You could throw out $50 an hour to them and see if they accept it or want to negotiate something higher.

Dock Newell Jr · Answer

Since this is your friend just ask what their compensation is for holding an open house. To be hones this may not be the best ROI for your money. Who would do the marketing? Your best bet would be just asking them to bring you ready and willing renters and compensating them for that. #Who not how

Rodney McDaniel · Answer

Thanks Nathan G. I was thinking around $50 and hour. I wanted to treat my rental open house similar to a regular home sale open house. Just have a one day 2pm to 5pm open house to let potential renters view the home.

What Is Fair Compensation For Rental Open House

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