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Bye-Bye Broker Fee

American Apartment Owners Association

The New York City Council approved new legislation on Wednesday that will eliminate hefty upfront broker fees for most renters. In New York City, unlike nearly every other place in the country, tenants are often forced to fork over a fee, on top of their rent, to a broker hired by the landlord before signing their new lease.

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What Is GCI (Gross Commission Income) In Real Estate?

Bay Property Management Group

Instead, they split it with their broker (the company they work for). These expenses can include broker splits, marketing costs, transaction fees, and other business-related costs. The split is based on a percentage theyve agreed upon beforehand. Lets say an agent sells a home for $450,000, and the agreed commission is 3%.

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What is a Mortgage Broker?

BiggerPockets

Before a soon-to-be homeowner takes out a mortgage, they should understand what a mortgage broker is, the benefits of using one, and how to choose the best broker. This guide can help borrowers decide if using a mortgage broker is the right decision.

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What Is a Real Estate Broker?

BiggerPockets

A broker is an essential real estate partner. We'll explain what is a real estate broker and how they can help you land your next investment property.

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Tenants in Big Cities Could Save Thousands if “Broker Fee” Reform Passes

BiggerPockets

New “broker fee” reform could help tenants save thousands of dollars when finding their next apartment or home to rent, but it could come at a significant cost to landlords. […]

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Property managers’ revenue may be growing more than they think [The Lookout]

Buildium

And second: Brokering property sales is also less profitable, with rental owners buying and selling fewer properties in the current market. Our research shows that two services that businesses have previously relied on are generating less revenue than they once did. 41% will expand the services they provide.

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What’s the Difference Between a Mortgage Banker and a Mortgage Broker?

BiggerPockets

Both mortgage bankers and mortgage brokers can close quickly—But which one is best for your particular needs? As a residential real estate investor, you need to determine the best places to find financing.

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