With housing prices heating up in Toronto and the GTA, many individuals look to renting as an affordable alternative to purchasing a home. As a landlord, there are many things you need to be aware of if you want to successfully list your home, apartment, or condo for rent.
In this article, we are going to explore 5 things we believe every landlord should know.
1. Free or Paid Listings?
This is a question that many landlords often find themselves asking.
Free listings seem beneficial on the surface, but in our experience, they are riddled with people who will waste your time because of how easy it is for them to inquire without any commitment.
In contrast, paid listings provide no guarantee of results. You may find yourself paying a decent amount and having nothing to show for it.
LeaseOurHouse.com provides an alternative. While our listings are free, we only take a fee if your listing gets rented out. In addition, tenants need to sign up with a comprehensive registration application, so you will typically only receive serious inquiries.
2. Rental Applications
Rental applications are a great tool to use as they allow you to collect relevant information upfront. An application will often detail how many people will be living in your home or apartment for rent, their names, and other necessary references and rental information.
This will simplify the credit check process and provide you with detailed information about the different tenants you are considering.
3. Credit Checks
Credit checks are a necessary tool for screening tenants. You need to treat your home or apartment for rent like a business, and that means credit checking your tenants to find the best ones.
A tenant’s credit score will help you gauge if they pay their bills, miss payments, overspend, and other useful information. Your goal is to collect rent every month, not chase after tenants who are behind on their bills.
Typically, a solid tenant will have a credit score of 600 or more. While this rule isn’t set in stone, it serves as a baseline number. You will want to assess each credit application individually, but also consider the
tenants situation. A low credit score tenant that’s rebuilding their life may be the best one you ever have. In order to find the best tenant, you need to assess both their credit scores and their character.
4. Social Media
Social media screening is a controversial one when it comes to screening candidates for your home, apartment, and condos for rent. Still, it serves as a useful tool to judge the character of potential tenants you are considering.
If a tenant’s social media profile is set to public, it is fair game to look at it. When screening a potential tenant’s social media account, you want to check certain things such as whether they have pets, if they party a lot, and if they engage in activities that may damage your rental property. Another thing to look for is whether they are speaking poorly about their current landlord, and if their criticism is warranted.
5. Move in Property Inspection
We often recommend that landlords perform a property inspection with approved tenants for any of their homes, apartments, and condos for rent.
A quick inspection will allow you to document any current damage and get the tenant to sign off on it. By doing this, you will be able to highlight any new damage in the future. While you cannot hold a tenant accountable for wear and tear, they are accountable for any serious damage caused by poor behavior.
If you need to go after a tenant for damage caused to your rental property, a property inspection document provides you with a solid legal starting point in such cases.
LeaseOurHouse – Ontario – Toronto, Oshawa, Ajax, Orillia, Hamilton, Cambridge
Are you a landlord with a home, apartment, or condo for rent in the province of Ontario?
You will benefit in many ways by listing your property for rent on LeaseOurHouse.com. We’re a free service offering a full, end-to-end solution to home rentals that simplifies the entire rental process.
As a landlord with the objective of renting out your premises below are some of the benefits you will enjoy:
- We offer free listings that only charge 25% of the first month’s rent if we find a tenant that you approve of.
- Your home, apartment, or condo will be advertised on LeaseOurHouse.com’s social media channels, driving additional traffic to your listing.
- Tenants can only view your property if they have created a full account with their personal info.
- We do not offer one-button replies, ensuring that you only communicate with interested tenants.
- All applications require tenants to supply their personal info, references, income details, and a credit check.
- We provide you with additional tips for checking references and how to get the most out of this process.
- Landlords are provided with proper move in/out property inspection forms that they can get their tenants to sign off on.
- Access to a customized lease (New Ontario Lease) with the ability to add additional clauses.
We take the worry out of the entire rental process, making it as simple as possible. List your property with LeaseOurHouse.com today and experience the difference.