Tenant Locator Service

August 28th, 2010 · 8 Comments · Property Management, Rental Property

Vacancy Problems???

Landlord Rescue leases and manages apartment, condos & houses on behalf of landlords.  Many landlords don’t know that specialized tenant location services exist.  It’s fast and easy to set up. All we need is the key to the property and a signed 60 day listing agreement; then we get to work for you. Renting properties can be a pain, and some landlords are better than others at judging the character of potential tenants. Professional property managers have the advantage of experience. We’ve seen every type of tenant and application, and can evaluate the risks associated based on thousands of tenants.

Toronto Rental Agency Cost

Fees seem pretty standard across the industry with fees being one month’s rent plus taxes. Reputable companies will offer to evict any tenants who stop paying the rent (except court costs) and will rent the suite again for free within six months if the tenant leaves. There is no up front charge, we collect first and last from the tenant and turn over the balance after the rental fee to the owner. If we don’t find a tenant you approve of, you don’t owe us a cent.

Toronto Property Management

Toronto Property Management can be challenging due to the wide diversity of tenants and owners. Culture matters to tenants and owners, you’ll want to know as much as possible about different areas. As a property manager you have to be sensitive to different ethnic groups including the way they do business. I have found that in my apartment rental business both owners and tenants will be happier if you find a tenant of similar background to the owner. Last year I found a tenant for an owner that came from his home town in another part of the world. That was just luck.

Regular inspections and rental payments along with proper reporting of any issues are really important to owners. A professional manager knows this and will accommodate different owners’ needs for reporting.

Toronto House Rental

When I rent out a house I find tenants that are willing and able to maintain the property to an acceptable standard. The landlord is always ultimately responsible for the grounds; however, most tenants who rent houses don’t mind and even enjoy taking care of their property. I believe that landlords should provide the necessary tools such as snow shovels, snow blower, lawn mower and other gardening equipment. There are tenants who will improve your property.

Toronto Condo Rental

Every condominium corporation has different rules for tenancies, some require additional forms or a copy of the lease. All have the requirement that tenants have renter’s insurance and one building I know of won’t even allow you to book the elevator without proof of current tenant insurance. All condos usually ask for a deposit for the elevator. Most also charge money for keys or FOBs and garage door openers. As a property manager/rental agent you have to be aware of all these different rules and regulations to help make a smooth transition for the tenant and owner. The good part is that staff at condo buildings tend to be very cheerful about helping you negotiate their specific rules.

Benefits of Hiring a Professional Property Manager

Many landlords do all the work themselves, leasing, property management and dealing with tenants. Yet real estate is thought to be passive income. For those investors who want to invest in real estate without any of the challenges, they could hire a property manager or a tenant location service. Landlords and investors are busy and most already have jobs they work very hard at. Locating great tenants is a lot more work than ongoing property management. Even owners who do their own property management might consider hiring a rental agency to locate a tenant. Companies that specialize in this kind of work are properly set up for checking tenants, showing properties when tenants want to see them, taking calls at all hours and screening tenants from the initial contact.

Great Tenants

Companies that rent properties on behalf owners can often find better tenants than the owner can on their own. Practice makes perfect and while most owners will rent a few properties per year or less, the rental agent will rent thousands of properties over their career. At one point I had over 40 properties for rent. We get really good at spotting the great, no problem tenants and selling them on the property and sealing the deal. Sales is part of our job; superior tenants are in demand.

When to use an Apartment Rental Service

There are certain times when a landlord should definitely use a tenant location service. Even a landlord who generally does their own rentals can have a hard time renting a property due to other personal issues.

  1. Too busy – At times everyone can get exceptionally preoccupied with work, family or personal issues. The rental process requires answering the phone and being available to show properties.
  2. Emotionally Vulnerable – Divorce, death of a spouse or close relative can make even the most stoic person bow under the pressure. Unfortunately this puts the landlord at greater risk of accepting bad tenants.
  3. Previous Bad Tenant – Right after a bad tenant is a hard time for a landlord to rent again, trust is an essential part of the landlord – tenant relationship and healing can take a while.
  4. Don’t Like Dealing with Tenants – Some owners just don’t like any part of dealing with tenants. I have one owner I manage properties for who has never once met any of his tenants. He just doesn’t want to.
  5. Out of Town When The Vacancy is Up – The Bahama vacation you’ve been planning for a year ends up at the same time as you should be filling a vacancy.

There are many reasons why a landlord would use an apartment rental service and benefit from it. For a more hands off investment a combination of property management and tenant location service may be preferable to just using a rental agency. For the landlord who doesn’t mind managing and maintaining the property finding a great tenant simplifies everything. Your success as a landlord depends entirely on quality tenants.

If you do need any of these services we do provide them in the Greater Toronto Area. I’ve rented property from Oshawa to Oakville as far north as Barrie. Now you know why it’s hard to get me in the office at times…I’m generally on the road renting apartments. The contact form above has my email, office and cell phone.

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