So… you have a vacancy? Finding quality tenants for your Toronto rental home can be time-consuming and stressful. While some property owners choose to go it alone, more and more are opting to enlist the services of a real estate agent well versed in navigating the pitfalls of renting a Toronto property in a saturated market place. From pricing and advertising; to showing, screening, and negotiating a final offer. Why? Check out some of the most common reasons, listed below.
While real estate agents do take a commission to help you rent your Toronto based property (typically one month’s rent + tax), when it all boils down, there’s no one more capable of positioning your vacancy at the high-end of the local rental market than an agent. An experienced real estate agent will be in the loop about what constitutes a fair price for your rental based on factors like location, amenities, condition of the building and nearby facilities. With the new Rental Fairness Act now in affect, an agent will be able to get you a higher rental price from the get-go. Almost unanimously, clients working with realtors will rent their property for a much heftier sum than their agent-less counterparts. What does this mean? Real estate agents pay for themselves (and then some) in the long run.
Realtors are known for rubbing elbows at dinner parties which, more often than not, means that they have extended networks that you (as a landlord) can take advantage of. Not only can an agent list your property on Toronto MLS listing, a 44,000-strong realtor-exclusive listing service, but they can also share your property details with prospective tenants on the front lines. Realtors know how to successfully market properties — it’s in their job description — so you can be sure that you’re getting top dollar for your home listing.
When it comes to renting your Toronto property, enlisting the services of a realtor can really take a load off. Coordinating listings, juggling prospective interviews, managing potential viewings — these activities all take time and energy that you may not have in abundant supply. When you use a realtor to find tenants for your rental house or condo, they manage the listing for you, which means that you don’t have to rush across town for a scheduled viewing or sort through an overflowing inbox. All you need to do is hand off your keys, and sign on the dotted line when an offer comes through.
Arranging multiple viewings on Craigslist or Kijiji can be a nightmare — many prospective renters will not show up to scheduled viewings and those that do may not be a suitable fit; perhaps they have an inadequate income or are searching for a property months in advance of their actual move-in date. Whatever the case may be, most realtors introducing prospective tenants to your property will vet them first to make sure they tick all of the boxes on your checklist. Many realtors in Toronto will also employ tenant screening services to check up on application details and find the best match between tenant, landlord and property.
Once you’ve found a suitable tenant and are ready to sign a lease agreement, an experienced realtor can help you outline the fine print surrounding rules for security deposits, rental increases, rental due dates, lease renewals and subletting. A real estate agent can also help you to tackle other considerations like maintenance responsibilities, parking fees, utility costs and pet policies. The end result: you should be able to avoid sticky situations that arise from tenancy issues like missed payments or damage to the property. Best of all: if you have issues with the lease after the fact, a realtor can provide invaluable advice.
In short, working with a real estate agent to market your next Toronto rental property can help save you valuable time and resources, so that you can find the right tenant for your property, without the muss-and-fuss of flying solo.
Are you between tenants and looking to maximize your dollar? Find out how much you could rent your property for with a realtor. Give us a call today!
Get the hottest pre-construction investment opportunities right to your inbox.