Being a landlord has it's challenges, especially in today's world where renters have as much rights as you do. Trying to find the right tenant for your home can be very difficult at times, you need an experienced realtor to help you with the process. MyDaddyHomes have been helping Landlords with their real estate needs since 1986, we would like to do the same for you.
How To Go About Finding A Tenant
You have two options to find a tenant:
- Option "#1": Using the services of an experinced realtor, such as MyDaddyHomes to market your home on the MLS system and to help you with all the necessary paperwork, screening of prospective tenants and all the other requirements that goes along with renting a property. Please note there is a charge for this service, one months rent + HST. You have full protection when you use a realtor.
- Option "#2": Doing the legwork yourself. By placing adds in the local newspaper, word of mouth advertising, placing a sign on your property etc. There is no Realtor involved with this option. You would need to screen the prospective tenants yourself and get help drawing up an official lease with a tenant. You must ensure you protect yourself and the property. Not preparing an official lease could be cause for problems down the road. MyDaddyHomes says get experienced help, this will always cost you less in the long run and less hassle.
Option #1 Using MyDaddyHomes: What we do for you.
1. Needs and wants: We meet with you to understand your wants, needs and the type of tenant you would like to have rent your property.
2. Property Inspection: We inspect your property to ensure it meets minimum standards of occupancy: The landlord and tenant board mandates certain minimum standards for rental properties.
3. Lease Price: We work with you in setting a competitive lease price for your property. If your property is listed too high, prospective tenants will not consider your rental unit.
4. Marketing:: Your property is listed on the MLS systems of the Toronto Real Estate Board and Realtor.ca, MyDaddyHomes.com and other popular internet websites
5. Property Viewing: All viewings are booked through our RE/MAX Real Estate Centre office, we keep a complete record of who showed your home at what day and time. Your home security is important to us.
7. Offer submission: Realtors are informed about the criteria that must accompany all offers. We review with you the offer and ensure that it meets with your requirements. Here is an example of the contents of an offer:
The price the prospective tenant would like to lease the property for
How long the lease is for
When does the lease start and end
What utilities the tenant will be responsible for
If it is a home, the tenant must be responsible for snow removal, keeping the lawns maintained etc.,
The amount of days of notice that you must give the tenant if you are thinking about selling the home or moving back into the property
The amount of days of notice the tenant must give you if the tenant will not be renewing the lease at the end of the term
Who can live on the property
How often you can inspect the property during the lease term
8. Rental Application: The tenant must fill out a rental application that details the required information about the tenant.
9. Credit Check: The tenant must submit a credit report along with a credit score with the offer to lease. An average to a good credit score is a indicator that the tenant is a good credit risk. Lease approval is always dependent on a satisfactory credit check.
10. Income Verfication: The tenant must submit a job letter and other as required documents to show proof of income to support the monthly rental obligations.
11. First And Last Months Rent: The tenant must submit by way of a money order, a certified cheque or bank draft for the first and last month's rent within 24 hours of the acceptance to lease.
12. Transfer Of Utilities: We ensure that you have all the right paperwork required to transfer the applicable utilities from the Landlord to the tenant
13. Post Dated Cheques: The tenant on day of closing will provide to you 10 post-dated cheques to cover the rent for the balance of the term of the lease
14. Taking Possession: We accompany you on closing day to ensure that all necessary closing day activities are taken care off and you have a hassle free closing.
Summary: We treat landlords with the same care as we do with Buyers, Sellers and Renters. When you are looking to rent your home or condo, there is one name to remember "MyDaddyHomes" we treat you as family, Please fill out the form below to contact us now.