Landlord Frequently Asked Questions
Q What is a non-exclusive agreement?
A A non-exclusive agreement gives Coldwell Banker Rental Division (CBRD) the right to show a landlord's property. We collect a commission when we provide a landlord with a tenant that they approve of. The benefit of a non-exclusive agreement is that owners are free to market their units as they choose. If an owner rents a unit on their own or finds a tenant through another service, they do not pay us a fee.
Q What is an exclusive agreement?
A An exclusive agreement includes the above non-exclusive with just a few differences. The landlord lists exclusively with CBRD, thus allowing us to put the listing on the MLS, giving the landlord the most exposure of their property. Another benefit includes one point of contact, the listing agent. All questions/applications/etc run through the listing agent first, and they are you liason. The commission is one month's rent for an approved tenant. If the owner rents the property on their, there is no fee.
Q How much does it cost to list with CBRD?
A Our standard fee is the equivalent of one month's rent.
Q How does CBRD get paid?
A Typically CBRD collects the first month's rent from prospective tenants. The landlord then collects subsequent months' rents as normal.
Q What does CBRD look for when researching a prospective tenant?
A To help owners decide whether to accept or reject an application, CBRD will provide: Rental History, Employment Verification, Credit Check and (upon request) a Criminal Background Check and Landlord Verification.
Q How will you be showing my property?
A It is easiest to show a property if an owner provides us with keys. We have found that our success rate is much higher for apartments that we have keys to, because agents can be more flexible with showing times. Owners who are uncomfortable providing keys generally meet the Licensed Leasing Agents on site or provide their own lockbox at the property.
Q What type of lease do you use?
A CBRD is proud to use the Chicago Association of Realtors Lease and Disclosures. This lease was designed with landlords and tenants in mind and adheres closely to the Municipal Code of Chicago.
Q Can I use my own lease?
A Owners can definitely provide us with their own leases and/or riders which we can have signed instead.
Q How will my unit be advertised?
A CBRD spends a great deal of time and money ensuring that we bring in qualified renters for the apartments we list. Our marketing approach includes various advertisements, having a strong web presence, posting classified ads in a variety of online periodicals and, of course, generating word of mouth and referral business from satisfied customers and landlords.
Q Does CBRD offer property management services?
A Yes – as part of a referral program. To take advantage of this service, contact us at 888-FINDERS.
Q I'm a condo owner. What do I need to do differently?
A Dealing with a condo board can be very different from owning a standard rental unit. Many condos have fees associated, approval processes, move-in dates/times, etc. If you are listing a condo rental with us, please let us know so we can make sure that we process deals correctly and inform renters what is required and expected of them.