CHAPTER 2: HOW AND WHERE TO FIND TENANTS

DIY vs. Agent

There are many online resources that you can use to find tenants if you decide to go the do-it-yourself route. Consider posting ads on websites like Craigslist and Kijiji; they are popular for finding rental homes. If you decide to post on these sites, you should be prepared to have a random selection of tenants contacting you with very different backgrounds. You should also be aware of sophisticated scams that are operating on these websites, especially if an ‘overseas tenant’ offers to take your rental property without seeing it. Remember the age-old philosophy: “if it’s too good to be true, it probably is.”

You can also post ads in more reputable publications and websites, although there usually is a cost associated with this. A key benefit of posting ads in more reputable publications/websites is the class of respondents you will attract. Generally, paid ads in more reputable publications or on more high-end websites will generate a better tenant – such as young professionals, growing families, and more responsible older adults.

Regardless of which sites you post on, you should always properly vet potential tenants – this involves contacting their references, confirming their employment, and running credit and background checks.

Use the services of an expert.

Of course, you can always work with a licensed real estate professional to help you find responsible tenants for your rental property. With lots of experience in the rental industry, a real estate professional can help you find great tenants, perform reference checks, and help you negotiate the price and terms of your lease. Real estate agents will take care of renting your unit from end-to-end – this includes conducting market research to price the property competitively; advertising/listing the property; showing the property to potential tenants; screening tenants; negotiating, and completing the necessary paperwork.

If you don’t necessarily have the time to find tenants yourself, going the real estate agent route can be worthwhile. Real estate professionals generally charge one month’s rent, half of which goes to the tenant’s real estate agent.

Whichever way you choose to find a home, remember you can view current listings, access exclusive market data, and view neighbourhood demographics on the Nest & Castle website.