Finding the right renters for your property can be overwhelming, especially if you have multiple properties to manage. However, with the right approach and strategies, you can easily attract the right tenants and minimize the risk of renting to bad tenants. Here are the steps to take to help you find the perfect renters for your property.
Preparing Your Property for Renting
Before looking for renters for your property, you must ensure that the property is in good condition and ready for occupancy. Make any necessary repairs, clean the property, and ensure it's up to code. You should also consider staging the property to make it more attractive to potential renters. By preparing your property for renting, you increase your chances of attracting the right renters and minimizing any potential issues.
Advertising Your Property
Once your property is ready for renting, the next step is to advertise it. One of the most effective ways to promote your property is to list it on online rental platforms such as realtor.ca, zillow.com, apartments.com, liv.rent or Zumper. You can also use social media platforms like Facebook and Instagram for advertising your property. When creating your listing, be sure to include all the necessary details, such as the number of bedrooms and bathrooms, rental price, and location. Most renters also appreciate knowing any amenities of the property beforehand. You should also use high-quality photos to showcase your property.
Screening Potential Renters
When finding renters, it is essential to screen them carefully to ensure they are a good fit for your property. This includes conducting a credit check, a background check, and requesting references from previous landlords. Narborly.com includes a risk assessment and credit report to make it easier to avoid issues. Finally, if you register on Landlord and Credit Bureau Canada they will screen the tenant for you by pulling Credit Reports + Background Checks + Tenant Records. By screening potential renters, you can minimize the risk of renting to someone with a history of evictions, non-payment of rent, or other problematic behaviors.
Creating a Rental Agreement
Once you have found the right renter for your property, the next step is to create a rental agreement. Ontario has a standard rental agreement that can be found here: Ontario Standard Rental Agreement
A rental agreement is a legal document that outlines the rental terms, including the rental price, length of the lease, and any other rules or regulations. It is essential to have a written agreement in place to ensure that both you and the renter are on the same page regarding the rental terms. Also, it is important to capture your tenant's Date Of Birth, Social Insurance Number (SIN)and full name as it will be important if you need to report their rent to the credit bureau. This will be especially vital if they have arrears. Here is a sample application form that captures all the necessary info: Sample Application Form
Managing the Rental Property
After finding a renter and creating a rental agreement, the final step is to manage the rental property. This includes collecting rent, maintaining
the property, and addressing any issues or concerns that may arise during the rental period. It is essential to be responsive and communicative with your renter to ensure that any problems are addressed promptly and that the rental experience is positive for both you and the renter.
READ MORE: Do I Need A Property Manager?
Finding renters for your property can be challenging, but following these steps can make the process smoother and more successful. By ensuring this process is taken care of, you can have higher tenant retention and remain stress-free about finding the next tenants.
If you are interested in getting more of our advice on investing or developing property in Ontario, please get in touch. www.regalwayhomes.com/book-online