All Forum Posts by: Angie Menegay

I'd say Google it. I found quite a few companies. Still choosing a among them. Seems like they all charge $15 for the basic servicing and extra for the escrow/late notices etc.

Hi,
You're the one who will determine how much to pay the tenant's agent. When you sign up for the flat MLS listing service, they should send you a standard state form with a load of questions, one of which should be how much you want to pay the other party's agent.
And I agree with George - 35%-50% of first month's rent is typical. Otherwise, no agents would want to spend time showing your property.
Angie

Yes you can as long as they agree with you. The point is you're supposed to look out for your client's best interest, and you should present them with all options (MLS is one them, of course). Our state's listing agreement has a specific clause that says we'll list the property with X number of hours, and as long as the client agrees with you on what X is, you're fine. You just need to inform them of all the practices that you plan to engage in in regard to their property. You're supposed to present all offers to your client (through MLS or not). You can advise them but leave the ultimate decision for them to make.

They will grill these concepts into your brain when you take the licensing courses :-).

Having fun sitting through those exciting (not) hours :-).

Just now read this - so you confirm what I've heard :D . You did nothing wrong there, but what the Seller Agent was doing is so ethically wrong (unless the Seller was made aware of what's going on)!!! Though being an agent myself, sometimes I feel like this whole RE "representation" business has become so corrupted there's no point in having one anymore!

That's a great clarification. I find this whole "listing agents giving preferential treatment to offers where they earn both commissions" topic very unethical!!!! As listing agents, you're supposed to present ALL offers regardless, and the NET amount is eventually what matters to the Seller, isn't it? The Seller will be paying X% at the end of the day, whether there are 2 agents or 1 agent involved. This amount is set ahead of time in the Listing agreement. The listing agent is supposed to look out for the best interest of the Seller, i.e. the net amount at the end of the day (with all else being equal), not his/her commission.

I was also told stories of how listing agents give deals to their favorite buyers even before listing them in the MLS. Unless specifically instructed by the Seller, this behavior is so unethical (and almost illegal in my books). I don't know if the asset managers are aware of these practices, but it just sounds so crooked to me.

Hi Jana,

Welcome and have fun browsing! (It can be addictive sometimes :-). Lots of great info and people on this board!

Your RE resume is VERY impressive!!!! I'm drooling :-).

Angie

I think despite the disappointment, your biggest blessing here is that they have not moved in. Imagine that security deposit was OK, they moved in, then something happened to their job a month later and they couldn't pay and you had to go through the eviction process, then had to fix up your house for showing again.

I'd taken personal checks for security deposit before but I went to their bank and cashed it immediately.

Good luck with your next tenant!
Angie

As realtors, we use this: http://zipform.com/. There's also a paid eSignature service where we can sign electronically. I personally do not purchase that option.
Angie

Allstate (my carrier) doesn't write landlord policies for LLC; that's why I had to just do it that way, but good thought. I'll double check!

I think I'm going to sit tight and buy a 5M umbrella policy (PUP) for me & my husband for now. All these tax & insurance issues are making my head hurt :roll: :cry: ...

I did look briefly into this same topic some time ago, and from what I read online, the properties can still be appraised at higher values than what they're sold for, so you can end up paying more in property taxes than anticipated. I gave up on the idea since I'm not thick skinned enough to invest out-of-state, but just another angle for you to look at.

If you decide to follow through with this, let us know how it pans out. I'm curious too :D .

Angie