1

I know the following is true (or if it's not, please correct me!):

a) If my broker shows me a place that has a fee that's listed by another broker, then they split the fee (i.e. a typcial co-broke situation - I pay 15% and they each get 7.5%).

b) If I see a place that is no fee, and I see it with the listing broker, then the landlord pays the fee, and I pay nothing (i.e. a typical no-fee situation).

c) If I see a place that is not listed by a broker (i.e. it has its own leasing office) on my own, then I pay no fee. But if I see it with my broker, then I have to pay a fee to my broker.

What if I see a place with my broker, that is listed by another broker, and is no-fee? Do I pay anything to my broker (7.5%? 15%?) Or does the landlord pay 7.5% to my broker and 7.5% to the listing broker like the situation described in "a" above?

  • 2
    What, if anything, did you sign with your broker? – JoeTaxpayer Nov 8 '13 at 19:56
1

I think "no fee" means the landlord pays the fees to both brokers (which is usually the case in NYC suburbs but not in the city itself). In your case 7.5% to each broker. Most likely if you see that apartment without the broker then the listing broker will keep entire 15%.

0

What's common nowadays is CYOF - or "Collect your own fee". This normally means a place that's listed as "no fee" because the listing agent is being paid by the person who owns the apartment regardless once they rent it. CYOF is telling other agents/brokers that if they show this apartment they need to negotiate a fee agreement outside of the rental because the listing agent will not be splitting a portion of their fee.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.