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Agent fee for lease renewal?

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  1. #1

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    Agent fee for lease renewal?

    I will be renewing my lease in a few days on my current apartment for a further two years that was just negotiated at a new price by my real estate agent.

    She claims that I will owe her a half month's rent for the drawing up of the new lease.

    Is this standard practice? I already paid such a fee when she first found the place for me 2 years ago. Why should I have to keep paying a ludicrous amount of money for very little work every time I want to renew the lease?

    /end rant

    Last edited by falang; 06-05-2008 at 10:15 PM.

  2. #2

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    If the agent took part in drafting a new contract she will charge you (you can always negotiate the cost).
    If she didn't, then tell her where to stuff it . She will dislike you but most likely take no further action. Also you need to study the old contract to see if there is a renewal fee clause.

    RN


  3. #3

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    Lets all use a professional and then begrudge paying the fee.

    The agent will do all the work in accordance with the latest schedule and make sure everything is correct and the landlord can't end up screwing you.

    Pay the fee and shut up whining. If you do work - do you not expect to get paid what your worth ?

    SalseroHK likes this.

  4. #4

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    Quote Originally Posted by Boris
    Lets all use a professional and then begrudge paying the fee.

    The agent will do all the work in accordance with the latest schedule and make sure everything is correct and the landlord can't end up screwing you.

    Pay the fee and shut up whining. If you do work - do you not expect to get paid what your worth ?
    I fail to see how making one phone call for negotiation, photocopying an old contract, and changing the dates warrants a fee of $1000 U.S. If you think that service is worth such an amount,. then you sir are an idiot (or in the real estate business).

    Edit: I realise that she does indeed deserve to charge a fee for this service, but $1000 for an hour or so worth of work is ridiculous. Does this include a happy ending?
    Last edited by falang; 06-05-2008 at 11:12 PM.

  5. #5

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    Quote Originally Posted by RN17972
    If the agent took part in drafting a new contract she will charge you (you can always negotiate the cost).
    If she didn't, then tell her where to stuff it . She will dislike you but most likely take no further action. Also you need to study the old contract to see if there is a renewal fee clause.

    RN
    Thanks for your reply, and no, she hasn't drafted up the contract yet. I will indeed check around to see if any of my friends or coworkers know what the normal fee is for such a situation, and I will indeed negotiate.
    Last edited by falang; 06-05-2008 at 11:22 PM.

  6. #6

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    Quote Originally Posted by falang
    I fail to see how making one phone call for negotiation, photocopying an old contract, and changing the dates warrants a fee of $1000 U.S. If you think that service is worth such an amount,. then you sir are an idiot (or in the real estate business).
    Then why didn't you make the one phone call yourself?

  7. #7

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    Plus, if I am correct, the US$1000 cost should include taking the new agreement to get stamped by the Government. If that is the case more than an hour's work plus administration cost is included.


  8. #8

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    Quote Originally Posted by Flat Hunter
    Then why didn't you make the one phone call yourself?
    The landlord asks to be contacted only through the agent due to her lack of English.

  9. #9

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    Quote Originally Posted by Alby
    Plus, if I am correct, the US$1000 cost should include taking the new agreement to get stamped by the Government. If that is the case more than an hour's work plus administration cost is included.
    Stamp fee costs $240 Hong Kong on top of the $1000, so, um, no.

  10. #10

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    When I started this thread I was looking for past experiences of people who were in a similar situation. These folk could give me some perspective on what the normal fees are.

    I'm not looking for pissy comments from agent apologists nor speculation from self-informed experts.

    Thanks.


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