We would argue it’s too hard to find a rental without a realtor’s help these days. Most listings, especially
close to transit and in downtown where people want to live are part of a really tough market. We would
also argue the vacancy rate is below zero. Every listing that comes up, there’s a fight for. There are some
key things you need to know and you need to do to prepare yourself, so 100 per cent, you need a realtor.
The most important advantage a realtor can give you is knowledge
knowing exactly what you need in your hands before you go out and see places – all the documents you need and the attitude you should have.
The second advantage has to do with timeliness
Most people are really busy working or having a life and they don’t have time to constantly check for new listings. That’s essentially a realtor’s job. If we find new listings that match our client’s criteria, we can book a showing right away, show it to them or even preview it for our clients if we know they’re super busy. That way we can get the wheels turning towards our clients being selected as quickly as possible.
Units can go within days – sometimes hours. As realtors, we can be there to start the process right away.
We can book appointments, reach out to the listing agent to say I have the perfect tenants and get the
paperwork started.
There’s a standard rental application that asks for a whole bunch of information about the renter,
including their current residence, their employment and references. Landlords also tend to ask for a full
credit report and an employment letter, we can source these and submit them for our clients. Sometimes
landlords will also throw in a few extra things they want to see like pay stubs or more information about
your business if you’re self-employed. Landlords can ask for a lot of things because it’s their property and
they know there are at least 12 people behind you who will gladly take your place as a renter.
Another advantage of using a realtor when looking to rent is that it doesn’t cost the renter anything
The landlord provides compensation to both the listing agent and the agent that brings the renter. When you
hire a realtor, there’s no cost to you. It’s built into the rental amount and the landlord pays it.
No realtor makes a living off of doing rentals. We do the rentals to serve our client base in the hopes that
one day a portion of our renters become buyers. We do it to build relationships, get a network going and
just meet more people. There is compensation though and it’s usually half a month’s rent. For a full year
lease, if you’re renting a place for $2,000 a month then one agent gets $1,000 and then the other agent
gets $1,000. It’s not a lot and in some cases, it’s more work than if you’re working with a buyer. It’s
definitely more paperwork, but we’re happy to do it because it’s about making those personal connections
with as many people as you can.
Access to list off market landlords
There are landlords who list off-market on Kijiji or Craigslist and not realtor.ca or MLS and we wouldn’t
get compensated for those listings, but I’m a little wary of taking on off-market listings because I’ve had had a few people come to me after getting scammed with people pretending that they own a place and taking these people’s money and running. Of course, there are legitimate landlords who don’t use agents and sometimes I will still help with no compensation, while other times I will let the renters go with caution.
Obviously, I’m biased, but I really think it’s vital to use a realtor when renting. There are so many things
landlords try to do, especially when they don’t have a listing agent, that are illegal. Unless you have
someone on your side, you’ll never know what’s legal and what’s not.
For example, asking for a security deposit is illegal in Ontario. Except for a key deposit, there’s absolutely
no security deposit allowed. In other provinces, states and countries around the world security deposits
are quite normal, so people come here and they get tricked or maybe the landlord doesn’t know.
It’s important to have someone on your side who does. Once my renters move in, they’re still my clients,
so I continue to take care of them and if they have any questions they know they can always reach out to
me.
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