Below are the Some Tips to Get Higher Rental From Your Property with Peace of Mind.
1. Right Rental Valuation of Your Property:
You may do a CMA(Comperative Market Analysis) by comparing all nearby similar properties which rented in your area in last 6 months.So that you may not under or over price your property.
2. Furnishing the Home with Basic Furniture/Staging:
It has been observed that furnished home fetch 20% more rental and take less time to rented out.As new immigrants and small famlies want fully furnished home and like to pay premium for that.You may buy good condition second hand furniture at throw away price from various thrift stores.So by investing couple of hundred dollars on your home you may get extra rental which may cover your investment in 3-6 months and you keep on getting higher rental afterwards.Home staging help you to organise the furniture in peoper way so that it look good.You may take the help of a professional for staging.
3. Paid/Premium Listing
List your property on various web portals like kijiji ,Facebook,rent4ca and other websites with full detailed description.This would increase the exposure of your property so that more people view your property and you get chance of getting better rental value keeping tenants of your choice.
4. Professional Photos and Video Virtual Tour:
Professional Photos and Video Virtual Tour increase the response from your prospective tenants upto 50% more.Instead of showing your property to various tenants better show them Professional Photos and Video Virtual Tour so that tenants filtering is better.The tenants who are actually interested in property would come and see in open house/showing.
5. Listing on MLS/Realtor.ca
There are some websites which charge you couple of hundreds and list your properties to MLS which is accessible by 100,000+ Realtors and clients directly.If you hire a realtor so he/she also can do this for you.
6. In time response:
You should attend and respond to all calls/messages of prospective tenants in time as people looking for rent have very short span of search normally they make decision very fast.
6. Open House/Showing
Fix a slot of 2-3 hours for open house/showing of your property.Its good idea to call all prospects in a time window,those who are serious will come and they can see the competition , hence less chance of negotiation with early decision making.
7. Rental Application/Credit Search:
At the openhouse/showing keep OREA rental application form ready and start taking rental applications and credit report from prospective tenants.If credit report is not available then you may use online credit check services for tenants or if you take the services of a realtor he/she can do the same for you.OREA rental application form is attached with this post.
8. Sigining Lease agreement as per current Tenant Tenancy Laws:
You should always sign Lease agreement as per current Tenant Tenancy Laws or it can create big problem in future.Like Post Dates cheques,Deposit more than 1 month is illegal.You may take the help of lawyer or your realtor may do this for you.
9. Do it Yourself or Hiring a Realtor:
If you have time to do all above steps then you can rent your home yourself otherwise you should hire a realtor.By hiring a realtor you would save a lot of cost and pay them commission.But you would rent it for more, so that would make up realtor commission in 6-9 months.
9. Realtor Fee:If some realtor is giving you all of the services than total prevailing service fee should be just 30 days of rental this includes Commission of co-operting brokerage as well.You should ask for a minimum guarantee from realtor for the stay if tenant, typically for 6 months.If the tenant leaves before, then he/she should make it up by finding another tenant without any commission to make up.