How to Find the Commission Split on RealtyMX for Apartments [Tutorial]

Video Tutorial: How to Find the Commission Split on RealtyMX for Apartments

Hey everyone! In this video we will show you how to look up the commission split for a rental listing in RealtyMX. RealtyMX is one of several softwares available to access the RLS listing database which is operated by the Real Estate Board of New York. Other softwares include Perchwell, Nestio and RealPlus to name a few in addition to RealtyMX.

So here we are on the login screen you'll want to put your information here and click login, and once you're on the next page keep in mind that there is actually currently a newer version available so for this tutorial we're going to try the new version which will open up in a new tab. So once we're on the new version it's already opened up the search portal for rentals.

Now if you're not on this page you can get there by clicking search in the left tab and clicking on rentals. Now let us put together just some basic search criteria to make it a bit more realistic. So in this case let's assume that the tenant is looking in Manhattan, let's say the Lower East Side and in terms of the budget let's say that the minimum price is around $6,000 and the maximum price is around $8,000, so that will narrow down the search quite a bit. Looks like we have about 18 listings left and here's where we're going to start to find the various incentives and commission structures in place.

The first thing I've noticed here is this one has a green indication that says CYOF and basically what that means is collect your own fee. So if you are representing a tenant and you show them this listing you need to collect the fee directly from your client the tenant. Other things you can see right here on the search screen are incentives so like in this case two months free well basically that means that the landlord is presumably offering up to two months free depending on some sort of minimum lease tenor.

Other things we see here are incentives for the brokers so this looks like a one month OP and basically what that means is the landlord or the owner will pay you a one month fee if your tenant ends up renting the property. So those are the sorts of things that you'll see on the actual search page. In this case here they've put a percentage so this one looks like the owner is paying a 15% fee, 15% of the annual rent of course which comes out to much more than one month one month is around 8.33%.

So that's a pretty healthy commission being offered on that listing. Here's a 12% and then here we see some of the other things we've looked at before so let us go ahead and just click on a couple examples. Let's check out 133 Essex. Now what you're going to do is you're going to want to scroll down and click on view more details view more details will open up a more detailed tab and it's going to have the commission amount right here i believe under concession. So this one says OP no fee rental CYOF and basically what this means is you need to collect your own fee and the tenant is receiving one month free.

Let's take a look at some more. So if we scroll down let's try out something like this one. So for 180 Broome Street again if we look here in private notes there's some commission information it says here one month OP 2 months free on a 14 month lease so the landlord is paying you a broker fee of one month if your tenant rents the place two months free on a 14 month lease so if we click on view more details and we go into owner pays it says 15%.

So first thing i would say here is there's a bit of confusion because in the private notes it says one month OP two months free but then in concession it says two months OP 15% which may suggest that the landlord is actually willing to pay you possibly a you know two-month broker fee. Or it's possible that that may be some sort of trade-off based on the number of free months given in the actual lease. So I think something like this would merit clarification so you'd actually want to check with the listing agent to reconfirm the specifics of the commission structure.

So the takeaway is that a lot of times in RealtyMX when you're looking at the data in the RLS oftentimes it's confusing sometimes it's not updated and in many instances it might be contradictory like something here might have been from a previous time when they were offering say x commission and currently they may have updated it to something more here. So certainly you'll want to clarify it's not unusual if you see something that doesn't make total sense on the surface.

So in short that's really how you find the commission split or commission structure compensation arrangement for rental listings using RealtyMX here in NYC.

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