There are basically two types of leases – Homes and Apartments. 

Let’s start with Homes. 

The homes are usually listed in the MLS and compensation is due from the listing brokerage. 

  1. Be sure to check the BAC (Buyer Agent Compensation) in this case it’s actually a tenant agent compensation, but it will be under BAC in the MLS. 
  2. The JPAR transaction fee on leases is $150.00.
  3. All companies have different ways of checking tenants credit and criminal background checks. Be sure to carefully read the instructions in the MLS. Most will require the Residential Lease Application (TXR-2003). Get this filled out by the prospective tenants.
  4. Tenants will pay an application fee of $40.00 to $55.00 per tenant for any one over the age of 18 who will be living in the property.
  5. Here is a 14:47 minute video from Anne Bentley on how get paid on Lease Commissions https://jpar.konverse.com/posts/20070072-Lease-Commissions
  6. Please note that it will be your responsibility as the agent, to collect the lease commission from the other broker. They will typically pay you once they have received the commission from the landlord. This may take as long as 30 days. 
  7. A list of forms that are mandatory and in the Transaction desk template are below. 

 


Apartment Leases will be discussed below. 

  1. Every apartment complex is different so you will have to communicate effectively and ask lots of questions when dealing with apartment complexes. 
  2. Please note that most apartment complexes are NOT in the MLS so there is no guarantee, promise or commitment of compensation. Ask the apartment managers for their policies for compensation. Get this in writing if possible.
  3. You will need to provide the apartment complex a JPAR W9 form. It can be found in JPAR Onestop Hub https://jpar.konverse.com/posts/4790812-W9-JPAR-2021
  4. Most apartment complexes will process the prospective tenant’s credit application and criminal background check . You typically will not get involved in this. Be sure the tenant puts your name and company name on the application.


When we receive funds we'll set the status of your file in Dotloop to Closed - File Complete. You'll also receive an email with an e-check detailing how to deposit the funds into your account.


If the invoice hasn't been paid please follow up with the property manager, landlord or listing broker to inquire about payment. If you can get a check number and ensure they mailed it to the right address that would be great (5045 Lorimar Dr. #180 | Plano TX 75093).