National Realty policy for listing agents on rental properties.
The total listing commission is equal to one month’s rent. The listing side receives 75%. The listing agent prepares the lease after the tenant side submits the application, first month rent and $50/person application fee.
The tenant side gets 25% and for that, must submit the application with the deposit check and credit check fee check to the listing agent’s office.
There are a few listings where you may want to offer 30 or 35% or more to the tenant side broker. This may draw a bit more interest on properties that may have a harder time renting. Of course that reduces the listing side commission.
The listing side brokerage does the credit check (application fee of $50/person) and it is paid for by the tenant. The application fees are non-refundable to tenant. If landlord rejects the tenant, the deposit check is returned to the tenant (but not the application fee). The credit check fee is per person that is qualifying for the application.
If the tenant does not have an agent, the listing agent should have the prospective tenant sign the unrepresented party form that says you only represent the owner. You would only be able to provide such a tenant with ministerial duties, meaning you can assist them on facts and money questions, but you cannot provide real estate advice about the transaction since they are not your client. You also provide them with the application form.