Everyone knows that real estate agents help Buyers purchase a home, and Sellers list their property to be sold. But can REALTORS® help landlords and tenants come together on a lease?
Absolutely!
Not many people know that connecting landlords and tenants is something that real estate agents frequently do. But that’s not all! Here are a list of services that your REALTOR® can do to help in this situation!
For Landlords
Many investment property owners aren’t sure about how to find quality tenants for their property. More often than not, landlords just put an ad on the local Facebook group or Kijiji, and hope the perfect tenant comes along. This can turn into a long waiting process which can get uncomfortable as the property sits vacant.
Finding quality candidates for tenancy is one of our specialties! Your REALTOR® will negotiate a portion of your tenant’s deposit payment as their commission in order to perform the following services for you:
Property Assessment:
REALTORS® can assess the rental property’s market value and suggest rental rates that are competitive yet profitable for landlords.
Marketing:
They can create compelling property listings with high-quality photos and descriptions. They can also advertise these listings on various online platforms, social media, and through their network of contacts.
Tenant Screening:
REALTORS® can assist in tenant screening by conducting background checks, verifying employment and income, and checking references to ensure the prospective tenants are reliable.
Legal Compliance:
REALTORS® are familiar with the Ontario Residential Tenancies Act and can help landlords navigate the legal requirements, including drafting lease agreements and ensuring they comply with current laws.
Negotiation:
They can negotiate rental terms on behalf of landlords, helping secure favourable lease agreements and rental conditions. Ensuring everything is documented properly so that both the landlord and tenant come to a binding, legal agreement is our top priority.
For Tenants
Finding the perfect place to lease can be a daunting task. You can spend hours scouring social media and asking friends if they know of any good rentals within your budget, and still come up empty-handed.
But there’s good news for you! As a tenant, you don’t need to pay anything to use the services of a REALTOR® to find a great lease. In fact, your landlord is the one to pay the real estate agent for their services out of your first & last month’s rent payment.
Property Search:
REALTORS® can assist tenants in finding suitable rental properties by understanding their preferences, needs, and budget constraints. We have access to a broader range of listings that may not be easily accessible to the public. So chances are, we have better luck finding that perfect property for you!
Market Knowledge:
They can provide insights into the local rental market, helping tenants understand current rental rates, neighbourhoods, and available amenities. Understanding reasonable rental rates is so important for tenants as they look for their next lease.
Property Tours:
REALTORS® can arrange property viewings and accompany tenants during these tours, answering questions and providing valuable information about the properties.
Negotiation:
When tenants find a suitable property, your real estate agent can help negotiate lease terms and conditions with the landlord to ensure they are fair and favourable.
Legal Guidance:
We can explain the terms of the lease agreement in simple terms, and ensure that tenants understand their rights and responsibilities under the Ontario Residential Tenancies Act.
Documentation:
REALTORS® can help tenants with the paperwork and documentation required for renting a property, ensuring all necessary forms are properly completed.
RELATED: Learn more about renting vs. buying on our blog “To Buy or Rent: Advice for Home Renters”
It’s important for both landlords and tenants to choose a reputable and experienced REALTOR® who specializes in the rental market in Ontario. That’s us!
We can save both parties time and effort, as well as provide valuable expertise and guidance throughout the rental process, ultimately leading to better outcomes for everyone involved.
Take advantage of this service The Kate Broddick Team provides and we would be happy to help!
