Did I Ask A Stupid Question? Please Advise.
I thought I posted at the right forum. "Birddog for Beginners" If I not, please forgive me.
I would really appreciate an answer to my post, "How Do I Get Paid Finding Tenants" for L/O deals.
I do not wish to lease option the property and sublet (sandwich lease option). I was planning on finding qualified tenants for landlords. I would like to start this service (if it is feasible to do).
If anyone out there does this, I would really appreciate your answers to: 1) do you collect a fee from the landlord, and ask for a slit of the option fee? 2) Are landlords generally okay with this? or, 3) Do you collect an upfront fee from the T/B, maybe $200 for finding a property?
As always, I appreciate your advice and direction, as I am struggling to get started-- (So that I can come back to post my experience like you guys) (smiles)
You are asking if you have to be licensed in my opinion, charging a fee to get tenants ....yes. If you buy, sell, rent, lease, real estate for others for a fee, generally you must be a licensed agent. That is the real estate law in most states. Does it go on otherwise,,,probably. You can do your own deals of course without it. If you do it for others for a fee you are conducting real estate business.
You get your fee from the landlord.
Thank you newkidintown. I am new to creative real estate. I have only worked with conventional real estate deals, but the market is slow now and I need to add something new.
Should I ask the landlord for a 50/50 split on the option fee? Is that what is generally done?
I would appreciate some direction.
Again, thank you for your help.
Bea
clevelandflip2u
If you are an agent working for a broker he gets the compensation then depending on your contract with him what you get paid. Agents are not allowed to be compensated by anyone but THEIR BROKER.
clevelandflip2u
Is there a legal way around that?
NOT EVEN. In actuallity you are supposed to name the Broker too. An agent may not advertise in his own name.