Many Licensees involved with residential property are discovering opportunities for Buyer/Renter Agency. Some Licensees have become specialists in the emerging field of Buyer/Renter Agency, even representing Buyers/Renters exclusively. This practice has been utilized in the commercial Real Estate field for many years. With the introduction of Statutory Buyer/Renter Agency in Illinois, this type of relationship is now available to Managing Brokers, Brokers, and Leasing Agents in the Residential field.
A Buyer Agency relationship is established in the same way as any other agency relationship: by contract, agreement, or implication. The Buyer/Renter Agent may receive a fee from the Buyer/Renter directly or share in the Landlord-paid commission to the listing Sponsoring Broker or both, depending on the terms of the agency agreement.
In Illinois, it is common for the Sponsoring Broker representing the Property Owner to split the rental commission with the Renter’s/Tenants Sponsoring Broker.