LANDLORD'S GUIDE TO RENTING
Finding tenants for your rental property can be time-consuming, stressful and even an inconvenience. While many landlords have had luck posting their rental listing to free websites like Craigslist and Kijiji, others have been duped by sophisticated scams. Viewit is a good alternative if looking to legitimately advertise. For just $55 a month, your property will be showcased online to prospective tenants. However, this approach is fairly reactive, with success dependent on people seeking out the site and, more specifically, your listing, unlike if you were working with a Realtor.
A Realtor can market your rental listing in various ways, from placing a sign on the property and hanging the listing in the brokerage’s office window to posting it on MLS where more than 50,000 Toronto real estate agents can access it to running targeted print/online ads and spreading the word via social media. A large part of a Realtor’s job involves networking, so it’s also possible that an agent will come across a prospective tenant simply through their daily interactions.
Value for Money
A Realtor’s worth extends beyond their wide-ranging marketing capabilities. Their knowledge of the industry can help you accurately price your property based on recent comparable rentals in the neighbourhood or building. A real estate agent can also arrange for professional photography of the rental property; coordinate tenant tours, including an on-site lockbox for easy showings; screen prospective tenants by checking references, verifying employment status and reviewing credit reports; draft the lease agreement for you and then negotiate on your behalf.
The cost to hire a Realtor can vary by brokerage but is typically one month’s rent on a year lease, half of which is paid to the agent representing the tenant.
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THINKING OF RENTING?
Want to know what properties are available for rent in your neighbourhood? Or would you like to know how much you could lease your property for in today’s real estate market? Fill out the form below or contact me and I’d be happy to help.