Renting is a part of Amit's job like any other real estate professional. Renting is very popular in the condo market, where almost 50 percent or more of properties are owned by investors.
However easy it may sound, finding qualified tenants is a daunting task.
Finding good tenants require a lot of time, effort, knowledge and experience. Real estate professionals can help reduce your risk and weed out bad lemons.
Tenants do not pay any fees to Amit's brokerage. Landlords are charged a renting fee. On a one year lease, a standard commission of one month rent plus HST applies. Tenant pays to the listing brokerage first and last month's rent in advance. After deducting the one month rent and taxes, the balance is paid to the landlord. Amit will also request tenants, on behalf of landlords, to provide post dated cheques for the balance term of lease.
Amit maintains an active database of prospective tenants. These tenants are pre-screened and get the first hand opportunity to lease his landlord clients' properties. Amit will also lists the property on MLS Listing Service and other websites. The above mentioned fee is an all inclusive; no frills fee, that includes marketing the property, arranging showings, pre-qualifying tenants, making an offer to lease, paying tenant brokerage's commission and arranging landlord/ tenant interview, if need be.
There are a lot of due diligence steps undertaken to shortlist tenants. These steps include: tenant filling out a rental application form, checking on tenant's credit history, verifying his/ her job, referrals etc. For newcomers or new immigrants, with no job or credit history, the tenants are requested to provide proof of funds available that can convince landlords of regular rental payments. Newcomers are also requested to bring along a good reference letter from their previous bank from the last country of residence. Further, tenants may be asked to provide a guarantor in Canada who has a good credit and job.
Once the lease has been signed and the landlord and tenant have met each other, brokerage's job ends. Should you choose to enjoy the fruits of your investment property and decide not deal with landlord/ tenant issues, Amit can offer you his property management services in Mississauga and area.
The lease contract is made to protect both the landlords and the tenants in accordance with the laws of Ontario. They include issue like who pays for utilities, who takes care of repairs and maintenance, tenants' compliance with bylaws of condominium buildings, insurance of unit and tenants' contents, smoking and pet policy, showing of property to prospective tenants/ buyers nearing end of lease term, rent increase as per rent increase guidelines of Ontario Province etc.
Landlords can evict a tenant for non payment of rent at any time. Landlords can also evict tenants at the end of their lease term if the landlord wants sell the place, or want the place for their own or his/her immediate family or someone who will provide care services to the landlord or a member of the landlord's immediate family, if the person who will be receiving the care services lives in the same building or complex.
Yes, this is possible, as long as both the parties agree. There can be brokerage fees involved if the same was mentioned in the listing agreement for lease. A lease to buy option can also help a tenant purchase landlord's property.
Buying a property in Mississauga might make sense if you meet the above criteria. Read about more about Renting Vs. Buying in Mississauga.
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