New York Broker Fee Ban...What are Connecticut Fees?

Dated: February 12 2020

Views: 1469

This week during our “What’s In the News” segment, Justin and I spoke about a new ban in New York of brokers fees for renters. Besides remembering looking for an apartment with one of my best friends from High School, only to find one in “East Williamsburg” (If you know you will laugh if you don’t, that’s okay). I remembered how much we ended up paying the agent who helped us.  His commission was amazing! He was able to secure a full month rent from us, representing only one side of the deal. In Connecticut, that is unheard of. 

Here in Connecticut:

1.       The real estate commission is normally paid by the owner, not the renter

2.       The typical commission is one month rent, that is shared between the listing agent (the agent who publicly advertises the property) and the tenant/buyers agent (the agent providing the tenant/buyer)

With the new rent law legislation signed last June, tenants are afforded more protection, however, there is still much confusion as to how this will affect real estate agents. On Monday they placed the ban on hold after considerable pushback by local realtors. Maybe they will use a model similar to what Connecticut has, where the commission is shared between the two agents, where representing both sides, the landlord and the tenant is the only way to get a full month’s rent as commission. What are your thoughts?

If you would like to read the entire reference articles click the links below, and if you have any real estate questions feel free to reach out to me, Your Ideal Solutions Realtor, Wali Muhammad!

Contact me at (203) 654-3753

Email: Wali@IdealSolutionsRE.com

Tell your friends and family, I love referrals!

The Housingwire Article: https://www.housingwire.com/articles/new-york-bans-brokers-fees-for-renters/

https://www.housingwire.com/articles/new-york-brokers-fee-ban-on-hold-after-court-grants-victory-to-agents/

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Wali Muhammad

I have been in Connecticut for over 30 years and have lived in Hartford, Middlesex, and New Haven Counties. I pride myself on knowing the market, having the drive to deliver results and the desire to ....

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