2/ Don’t Crack Under Pressure!
Instinctively, you will want to fill your vacancy right away!
Some prospective tenants may push you into making a quick decision. However, don’t crack under pressure! In today’s rental climate, you’ve got the strong end at the bargaining table. Tread carefully. Choose wisely.
Reviewing supporting documents with attention is crucial. It is essential to speak with employers, previous landlords, and other references to ensure that all the Tenant’s information is accurate. We’ve seen much bluffing over the years, so added due diligence is imperative!
Be mindful that you do not need to accept the first applicant. Make sure you consider all your options. Selecting a good fit is far more important than filling your vacancy. Trust us when we say that the Landlord & Tenant Rules are unfavourable to the Landlord. And, being stuck with irresponsible Tenants is not fun to be in!
Read more about our Fox Marin Tenant Screening Strategies.
3/ It’s Not All About the Money (for Real)
An offer came through for more than you expected; they even offered six months of pre-paid rent upfront and want to move in tomorrow! Sounds dreamy right?
However, there are reasons why this may be too good to be true! Perhaps they have unstable employment, a lack of credit history or a reputation for neglecting their rental properties.
That additional $50 per month will NOT be worth the trade-off. Trust us.
You want to be confident that the Tenant will not only be able to pay each month but take good care of your property too.
As experienced agents (and property Landlords) at Fox Marin, we always opt for responsibility and reliability over the rental rate. The cost-benefit for an inferior Tenant isn’t worth the risk.
4/ Clear Communication with Your Outgoing Tenant
We’re living in a time where work schedules are becoming increasingly flexible and unstructured. Some people will be in the office one day or leading a Zoom call from their living room next.
Clear communication with your outgoing Tenant will help make the rental marketing period seamless for all parties.
Work with your current Tenant to create a fair and reasonable schedule for everyone. Trust that it will alleviate headaches along the road. Additionally, it will allow for easier access and a better experience for prospective Tenants when previewing the property. Nothing is more awkward than touring a home when the Tenants are chowing down on dinner and watching Netflix in their sweats!
5/ Hiring a Professional Leasing Agent
The main benefit to leasing a condo or home on your own is to save the money you would pay in commission to a real estate agent (1 month of rent is the standard).
On the other hand? It takes a lot of your time to market the property, conduct showings, screen tenants, manage the associated paperwork and facilitate repairs, keys, rent cheques and everything in between.
Unless you are an experienced landlord with the time and resources to rent out properties, finding that 5-Star Tenant and avoiding mistakes along the way is easier said than done. In fact, 90% of rental properties in Toronto are rented out using a registered real estate agent!
