Do you pay commission to agent for 1 year lease extension?

[dormer]

1 month commission already paid to agent for 2 year TA previously and do you still pay commission for 1 year least extension?

If yes, usually how much to pay?

[Laguna]

one year is 0.5 months
it depends whether the agent works or not, ie helping out in addressing the tenant's needs

[zeamybro]

Yeps as what Laguna said, depends whether you think the agent has done a good job or not throughout the 2 yrs. There was this agent that i didnt give her any commission when the tenant renewed, becos she went MIA.

And you can insist they exclude this clause from the TA when you sign it. I always tell my agents that if you have done a good job, i see no reason why i will not pay you the commission you deserve upon renewal.

[nav14]

1 month commission already paid to agent for 2 year TA previously and do you still pay commission for 1 year least extension?

If yes, usually how much to pay?

Anyway commission for extension of lease can be negotiated. Can pay a lump sum less than 0.5% for 1 yr extension but discuss first upon signing of initial lease.
In one particular case the tenant asked if we could extend it without going through any agt as both could save on comm. Had to cook up a story to agt when he called just before expiry of lease that I have found another new tenant on omy own and the previous one is leaving, etc. Got a previous sample of supplementary agreement, modified slightly and signed directly. Some tenants are more comfortable renewing it through lease.
For me I have got no one hardworking agent working for me, so I do not feel guilty if I bypass them and sign the extension directly with tenant as long as tenant do not insist ongoing through agent.

[nav14]

1 month commission already paid to agent for 2 year TA previously and do you still pay commission for 1 year least extension?

If yes, usually how much to pay?

Anyway commission for extension of lease can be negotiated. Can pay a lump sum less than 0.5% for 1 yr extension but discuss first upon signing of initial lease.
In one particular case the tenant asked if we could extend it without going through any agt as both could save on comm. Had to cook up a story to agt when he called just before expiry of lease that I have found another new tenant on omy own and the previous one is leaving, etc. Got a previous sample of supplementary agreement, modified slightly and signed directly. Some tenants are more comfortable renewing it through lease.
For me I have got no one hardworking agent working for me, so I do not feel guilty if I bypass them and sign the extension directly with tenant as long as tenant do not insist ongoing through agent.

[sherlock]

Anyway commission for extension of lease can be negotiated. Can pay a lump sum less than 0.5% for 1 yr extension but discuss first upon signing of initial lease.
In one particular case the tenant asked if we could extend it without going through any agt as both could save on comm. Had to cook up a story to agt when he called just before expiry of lease that I have found another new tenant on omy own and the previous one is leaving, etc. Got a previous sample of supplementary agreement, modified slightly and signed directly. Some tenants are more comfortable renewing it through lease.
For me I have got no one hardworking agent working for me, so I do not feel guilty if I bypass them and sign the extension directly with tenant as long as tenant do not insist ongoing through agent.

I did the same. Cooked up some story and bypassed the agent. I do not mind paying if the agent is doing something, not purely renewal and gets a 0.5% comm.

[dormer]

Hi All,

Thank you very much for the reply.

The problem is no commision pay for lease extension has been agreed before signing the TA but now she asked me to consider her effort by paying the abovementioned nominal fees of $1K to cover transportation fees and using her company to do stamping.

What will you do?

[Shanhz]

Hi All,

Thank you very much for the reply.

The problem is no commision pay for lease extension has been agreed before signing the TA but now she asked me to consider her effort by paying the abovementioned nominal fees of $1K to cover transportation fees and using her company to do stamping.

What will you do?

seriously, it depends on how much you value her service. if she really want to cover fees, then you calculate for her how many trips she make ($50/trip) and stamping costs lor.

if really need to be so calculative, i seriously dun think she is doing a good job.

my new agent managed to rent out my vacant house within 1 week, after it sat around for 4 months with my previous agent. who you think i will reward better?

[nav14]

Hi All,

Thank you very much for the reply.

The problem is no commision pay for lease extension has been agreed before signing the TA but now she asked me to consider her effort by paying the abovementioned nominal fees of $1K to cover transportation fees and using her company to do stamping.

What will you do?

If you can get hold of a supplementary agreement and tenant is agreeable, then bypass her, or if want to go through her then she should accept $500 or lesser, if you negotiate.