There is a lot of information you need to know if you’re considering renting out your home in the GTA. It can be challenging to find a good tenant, but with appropriate market pricing, an attractive property listing, and help if you need it, all of your challenges can be mitigated.
Finding the Perfect Tenants
Many people may decide to advertise their own property, or enlist the help of a real estate agent. Here are a couple ways to find the perfect tenant for your home rental.
- Do It Yourself: If you’re okay with various types of potential tenants, you can advertise on Kijiji for free. However, be very cautious there are lots of online scams involving overseas tenants. For a small monthly fee, approximate $55, you can also sign up to Viewit.ca to showcase your property.
- Hire a Real Estate Broker: In the GTA, this can be one of the best ways to find a great tenant. Your agent or broker is licensed and can provide you with the leasing services you require. This includes:
- Advertising and listing the property
- Negotiating the terms of the lease
- Ensuring all paperwork is complete
- Pricing the unit competitively
- Screening prospective tenants (i.e. collecting first and last month’s rent, conducting credit checks, checking references and employment)
- Scheduling showings/viewings of your property
This can be an affordable option to landlords who may not have the experience, skills or time to find the perfect tenant. It could cost you as little as a half a month’s rent.
Know If Your Rental Is Legal?
Cities generally have by-laws that apply to self-contained rental units. For instance, if you are a homeowner/landlord who is renting both the main floor of your home and a basement unit as well, both dwellings need to be up to standards to be classified as a “legal rental.” You must meet the following criteria:
- Fire and electrical codes
- Health and safety requirements
- Occupancy standards
- Property standards
- Residential zoning requirements
When to List Your Home or Property?
If you’re planning on renting within the next two months, there is no better time than now to list it. Ideally you’d want to begin advertising your listing two months before it’s available, so if you’ll be renting for June 1st, you should list it by April 1st.
Are You Ready to List Your Property?
If you’re excited about becoming a landlord and earning some extra revenue, Save Max can help you get started by managing all the aspects of your rental to get you your first qualified tenant. Contact us today.