Rent your Home. Become a Landlord in GTA.
Renting out your home in the GTA requires essential knowledge to ensure a successful outcome. Finding a good tenant may be challenging, but you can overcome these obstacles by setting the right market pricing, creating an attractive property listing, and seeking assistance when needed.
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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 of ways to find the perfect tenant for your home rental.
- Do It Yourself: If you are open to considering a diverse range of potential tenants, you can advertise your property. However, utmost caution is crucial due to the many online scams involving overseas tenants. To promote your property effectively, you can consider online platforms that offer paid services for showcasing listings.
- Hire a Real Estate Broker: This can be one of the best ways to find a great tenant in the GTA. 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 for landlords who may not have the experience, skills or time to find the perfect tenant. It could cost you as little as half a month’s rent.
Do You 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 the main floor of your home and a basement unit, both the 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 Should You List Your Home?
If you’re planning on renting within the next few 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. If you are 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 manage all the aspects of your rental to get you qualified and vetted tenants. Contact us today and let us get started.
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