What Is An Exclusive Listing?
So, here’s the scenario:
You own a lovely one bedroom that has been your home for many years, but it’s time to move on to something bigger. After weighing whether to sell the unit or hold on to it, you have decided to keep and rent it out. You never thought you would be a landlord, but here you are, and you have lots of questions (and maybe a few nerves).
Don’t worry; you landed on the right blog at the right time to accelerate your Landlord expertise!
Here at Fox Marin, we have helped rent out hundreds of condos & houses across the city and have seen nearly everything you could imagine (and, we mean everything). We know your north star – to earn the highest rent possible while renting to a tenant who pays their rent on time and will take care of the unit as if it were their very own!
Below, we have outlined 5 Things to Consider to ensure you’re doing everything possible to achieve your goal! We’ve got your back!
1/ Will You Hire An Agent or Do It Yourself?
The main benefit to leasing a condo or home on your own is to save is 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 who has 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 condo suites in Toronto are rented out using a registered real estate agent!
2/ Preparing Your Property For Rent:
When prospective tenants tour your property, they will get an impression of who you are as a landlord and how much you care about your property from the moment they walk in. Small things like burnt-out lightbulbs, crumbs in the cupboards, dirty light switches, and a red wine stain on the kitchen countertops are red flags. A prospective tenant will ask themselves, “If my landlord is not willing to properly clean a home when they are trying to rent it out, are they going to be quick to assist when other maintenance issues arise?”
With that in mind, here is a short but essential checklist to prepare your condo or home for rent:
3/ Listing Photography (The Secret Sauce):
When prospective tenants scroll through potential units on their favourite rental search app, they make record speed decisions. To zero in on 5-10 places to check out, they narrow down the list of possibilities and move into action! So, it makes sense that the photography and listing presentation is on point. It’s a game-changer!
Consequently, we always recommend that landlords have professional pictures snapped. It is no secret that beautiful photographs attract good tenants and higher rental rates. Not to mention, for a $250-$300 investment, you can have a complete set of pictures of your home that will be repurposed any time you have tenant turnover in the future!
4/ Market Research & Pricing:
Before your listing goes live, it is essential to research and develop a pricing strategy to score a top-end rent for your condo or home. But how do you figure this out?
For new condos, it is not uncommon for 2-5 directly comparable units in the same building to be listed simultaneously. Consequently, it is vital to consider these suites as your direct competition and price yours accordingly.
Additionally, seek out recent rental comparables in the immediate area. What did they rent out for in the end? What time of year were they rented? How long did they take to be rented? Hey, why not consider speaking to listing agents for these properties to determine how much activity they received and what type of tenant profiles were out there?
Finally, think of your listing price from the perspective of potential renters. What else would they be considering in the area, and why would they choose your unit over another? Features like an unobstructed view, building amenities, a unique layout, premium appliances, school districts and parking are all part of this equation!
5/ Screening Tenants:
You’ve heard the horror stories about bad Tenants – so you know that an effective screening process is imperative, right?
Ontario has some of the most tenant-friendly rental laws in North America. If a tenant does not hold up their end of the bargain, it can be a costly headache for the Landlord. And because the screening process is so necessary, we decided to write an entire blog post about it – if you want to take a deeper dive on this topic, check out our latest post HERE.
Achieving that North Star tenant requires a lot of preparation, planning, and an exhaustive due diligence process. However, the fact you’re reading this article tells us you’re already on the right track to protecting your property and handling your rental like a pro!
If you are looking for an expert opinion about how to be a great Landlord that attracts triple-A tenants, please do not hesitate to reach out to our team for additional advice and insiders. Our dedicated Leasing Division has got you covered from beginning to end!
Contact Us (We’re Nice).
This article was written by Jerome Weniuk, a Sales Representative at Fox Marin, working with residential clients to buy, sell, lease & invest! Jerome has lived and worked in many exciting neighbourhoods and real estate markets across Toronto, New York, and San Francisco. Now representing residential clients in the city that has always been his true home, Jerome is excited to channel his unique knowledge base in real estate and technology to help his clients achieve their desired results. Having negotiated transactions with Fortune 500 companies, Canada’s largest commercial real estate firms, and individual landlords, Jerome brings a breadth of negotiating experience to the table!