Gone are the days when you had to search through magazine and newspaper listings for home-rental ads. Today, your real estate agent is the go-to person to get the best assistance to find a new place to call home – whether you are buying or renting and whether you are familiar with the rental process or not. Your real estate agent can help find available properties, offer guidance, help with negotiations, and much more.
At the moment in Ontario, rental properties are few and far between and competition for available properties is high. A real estate agent can help you find properties quickly and help prepare your application and financial documents — to help you stand out from the competition. Please read on to learn more about the ways a real estate agent can assist you in your search for a rental property.
By working with a real estate agent, you can ensure you have access to all available listings. Your agent will have access to coming soon properties as well. You may be too busy with work, packing, family responsibilities, etc. to conduct a thorough search on your own. Your agent will keep a close eye on the market for you and will get you in to see new properties as soon as they become available. When competition is high, moving quickly is the best tactic for success.
2. Help you Prepare and Be More Competitive
The rental market has become increasingly difficult to navigate. Properties are often taken off the market before potential tenants can secure a showing. Agents can book showings through each brokerage’s online booking software, eliminating the need to contact the listing agent directly to book a showing. This will allow you to get your application in quickly, increasing your chances of being selected by the landlord. A real estate agent will also help you prepare your application and financial documents, as well as share proven strategies to help you stand out from other tenants.
3. Save you Money
Renting a property is a long-term financial commitment and the better the terms are negotiated at the beginning of the rental term, the better it is going to be for you financially in the long term. Real estate agents are very familiar with the Landlord and Tenant Act, Leases and other Real Estate contracts. Your agent will work to negotiate the best terms for you in the Offer to Lease. Your agent also knows the market and will make sure you are informed about comparative market rents before making your decision. They will let you know if a property is over-priced and also how often certain types of properties come onto the market so you can make the best decision possible.
4. Identify Red Flags
Your agent will accompany you to showings and use their experience to point out any problems or concerns about each property. This will help you avoid renting a property that is not safe or that has major issues. They will work with you to request any minor issues be addressed by the landlord before possession occurs. A real estate agent can also give you valuable advice regarding neighbourhood crime rates, demographics, local schools and amenities. Your agent will be your advocate throughout the process to make sure you have as much information as possible about each property and neighbourhood.
5. Save you Time and Reduce Stress
In a competitive market, it can become stressful to find a property that meets all of your needs. You may not know if you are seeing all of the available properties. If you are busy, you may not have the time to respond quickly to new listings, which is key in this market. If you struggle with organization, your agent can help you in that regard too. They will let you know all of the documents you need, keep them on hand for you and send them to prospective landlords quickly when you find a property you are interested in. You can rest easy knowing that your agent will take care of the fine print when it comes to preparing an Offer to Lease. Your agent is very familiar with the documents involved and will make sure that your best interests are taken care of and nothing is overlooked.
In summary, a real estate agent can play an integral role in helping you find a rental property. It is worth considering the option of working with a real estate agent if you are looking for a rental property, especially in today’s market. If you have any questions, please contact me and I will be happy to help in any way that I can.
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RE/MAX Hallmark Chay Realty Inc. Brokerage