Risks In Renting & How Realtors Can Help You Avoid Them

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It’s amazing how many times I have been asked if I only help people buy and sell homes or if I can also help them with renting or leasing a home.

Or I have heard people say “I know it’s not worth your time to help me find a rental so I didn’t want to bother you.“

First of all, it’s always worth the time and it is never a bother for me.

It is true that showing someone properties to rent takes the same amount of time and effort as showing someone homes to buy. And rentals do in fact require more paperwork believe it or not than with a purchase offer.

And yes the financial compensation is less on a rental agreement than on a purchase agreement.

But when I’m responding to clients who say that to me or I am mentoring new Realtors, I always remind them it is my job and I’m happy to do it. And once again it is worth it.

It is still a chance to show someone my high level of service and expertise.

Even though they might be renting today, they might be purchasing in the future.
And when I give great service and look out for my clients it is part of building a life long working relationship.

Even if someone only intends to rent for the rest of their life, every person still knows other people. So when I have an opportunity to show my level of service to people, how I care, and my expertise, the compensation on one rental deal might be less than a purchase, but someone might be so impressed with their experience working with me that they will tell their friends and family and colleagues who might be buying a home or selling a home or investing in real estate.

As for whether or not Realtors can help with rentals or leases when people ask… Obviously if you consider everything I just said the answer is yes.

I personally describe the rental market as a beast of sorts.

The reason I say that is that it can be so dangerous for both tenants and landlords, if they don’t know all the facts.

It is also a beast because the residential tenancy act in Ontario is so comprehensive that most people quite frankly don’t know all of the facts and details.

I’ve had clients tell me that their last landlord used to stop by the house every month just to check on them. That in fact is not allowed. Tenants do have rights.

I’ve had clients who are currently renting and I was showing them properties for them to possibly purchase, and they have said to me that they must buy before a certain date otherwise their landlord will force them to renew the rental agreement for an additional year or kick them out.

That is also not true. Landlords can only terminate your lease For a limited number of valid reasons.

And if they violate those reasons then you might be entitled to compensation.

And I’ve also had clients purchase properties as investments and become a landlord some selves. One reason they have told me that they enjoy working with me is that they have all heard of that nightmare tenant and they know that I have in-depth knowledge of the residential tenancy act so I can help them find and manage quality tenants successfully and likely help them avoid the nightmare stories that I’ve heard from others about nightmare tenants.

Many years ago when I was investing in real estate my own mentor said there is no such thing as a bad tenant… Only a landlord who didn’t give the keys to the right person.

The problem is that some landlords don’t know what they’re doing. My clients know not to assume things and do it themselves. They know I will help them screen tenants and probably find the best tenants.

Alternatively, the main reason that tenants get stuck with a nightmare landlord is because tenants often don’t know their rights either, and they don’t use a Realtor who could advise them and help them defend their own rights.

Like I said, some landlords don’t know the residential tenancy act and the laws and they merely invest money in real estate because they were told it’s a good investment. But they didn’t take the time to learn the laws or hire a Realtor to advise them on how to do it properly.

So when a tenant does know their rights and they deal privately with a landlord who also doesn’t know the laws, then all hell could break loose and it often does.

So yes, if you’re looking to rent a house or condo I’d be happy to show you properties and find you the best one for what you’re looking for.

And I’d also be happy to draft the offer and paperwork with the required and necessary clauses in your offer that will protect you as a tenant.

Often landlords don’t know what to look for when they are screening tenants and applicants. So they just look for the most money or who might be willing to move in the quickest.

When I represent tenants as my clients sometimes I get clients who have lower credit ratings than a typical landlord may prefer to see.

Or I might have clients with a slightly shorter length of employment history than a typical landlord prefers to see.

Or slightly lower income than a landlord wants to see.

But since I’m not only trained in negotiation, but I also have vast experience with investment real estate, when I do represent tenants and I find them properties where I am able to deal with the landlords Realtor or the landlord directly, I know exactly how to present your offer and application to them in the best possible way so that I can convince them to except your offer over the other offers or applications that they might have received elsewhere. I’m able to convince them that you will be the best quality tenant for their property.

So if you or someone you know have questions about renting, leasing, or buying an investment property, please don’t hesitate to contact me and I’d be more than happy to make sure you have all of the facts and details and you are well looked after.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]