In this market where more than 50% properties are owned by investors, condos for rent in Mississauga are often the trend. However, finding good tenants is a task as challenging as finding the proverbial needle in the haystack. There is no dearth of people looking to rent. Yet, not everyone can qualify as an ideal tenant. So what do you do, short of throwing up your hands?
Like any other real estate professional, Amit comes to your rescue with renting in Mississauga. While landlords are aware of the many ways to find tenants for their condos on rent in Mississauga such as
through local newspaper ads, Internet sites like Craigslist, Kijiji or hiring services of a professional real estate brokerage etc, Amit takes things one step further by making you aware of several issues.
Amit brings to your attention that landlords seeking tenants themselves need to note that Ontario Human Rights Commission does not allow discrimination against tenants. Landlords should be aware of what not to say in their ads on condos for rent in Mississauga.
One wrong step can end in a host of legal hassles for landlords. If you don’t wish to risk it, remember it pays to go with the guidance of your locally experienced Mississauga real estate agent.
Finding good tenants requires a lot of time, effort, knowledge and experience. Amit can help reduce your dilemma and weed out bad lemons.
With an ever growing list of new and existing clientele, Amit frequently answers some common questions raised everyday by landlord investors and tenants on renting in Mississauga.
Some of the basic Q&A is as follows. For detailed landlord/ tenant rules, you may visit Landlord Tenant Board.
Tenants renting in Mississauga do not pay any fees to Amit's brokerage. Landlords are charged a renting fee instead.
On a one year lease, a standard commission of one month rent plus HST applies. The 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 renting in Mississauga, 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 list 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.
How do you pre-qualify tenants for homes or condos on rent in Mississauga?
There are a lot of due diligence steps undertaken to shortlist tenants renting in Mississauga. 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 for homes or condos on rent in Mississauga may be asked to provide a guarantor in Canada who has a good credit and job.
What is your role once the lease is signed and do you help with landlord/ tenant issues during the term of the lease?
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.
What are the contract terms for homes or condos on rent in Mississauga?
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 renting in Mississauga 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 for tenants in homes or condos for rent in Mississauga 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.
If tenant has 5% down payment, good credit and a job, isn’t buying a property in Mississauga better?
If you meet all the above criteria, buying a property in Mississauga might make more sense than to rent a home or condo in Mississauga.
Read about more about Renting vs. Buying in Mississauga and consult Amit to make the process easier for you.
We only collect personal information necessary to effectively market and sell the property of sellers, to assess, locate and qualify properties for buyers and to otherwise provide professional services to clients and customers. I/We do not sell, trade, transfer, rent or exchange your personal information with anyone.