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My realtor takes 10% for EACH year the house will be rented . Is this normal procedure?

I am in the process signing a contract to rent a town house.

I understand that the first rental year I have to pay 10% to the realtor , even though I do see here that 1 month rent is mostly the norm. BUT, my realtor wants me to pay him 10% of each year the tenant will stay at this location . Is this normal procedure?
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April 20 2012 - Miami
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Answers (3)

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Thank you for both replies.

The 10% fee is broker's finding a tenant and signing a contract. 

I am doing ALL my own property management, collecting checks etc'.

From both your replies I understand that renewal of contract next year's fee is negotiable and is up to me.
My question is what is the usual procedure for that? 

thanks again.
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April 21 2012

When working on a rental listing the commission can either be the equivalant to one month's rent or as a percentage, normally 10% of the annual rental amount. As for the clause of 10% for each year of renewal, that is like all contracts/offers negotiable. You can agree to pay that fee for just the first renewal or not at all, basically up to you and your agent to negotiate. As stated,if the agent is going to do some property manangement duties, then that does change the circumstances.

Lila Lopez
RE/MAX Advance Realty
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April 21 2012
That depends on the level of property management your Realtor is providing. Are they handling the collection of rent and the maintenance issues? It is standard to pay a percentage like that each month for property management but if you are doing it all yourself, you might be able to find a better situation.
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April 20 2012
 
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