Looking for a Rental Property? How a Realtor Can Help!

26.02.2024 Buying

Searching for a rental property can be a daunting task, filled with countless listings, websites, applications, and potential pitfalls, especially with the challenges presented by today’s rental market. There is a shortage of inventory and fussy landlords turning down renters. Many wonder if enlisting the help of a realtor will help them or hurt them. In this blog, we’ll debunk common misconceptions about working with realtors in the rental market and explore ways in which they can make the process smoother, more efficient, and ultimately more successful for renters. If you’re on the hunt for your next rental home, read on to discover how a realtor can be your greatest ally in the search for the perfect lease

Do You Have to Pay for a Realtor®?

There’s a misconception that you’d have to pay a realtor out of pocket for help finding your perfect lease. Similar to when you purchase a property and the seller pays both agents, in rental transactions, it’s the landlord who pays the realtor’s commission. Typically, one month’s rent is split between both realtors. The exception would be an off-market property that is not offering commission to a realtor, in which case the tenant and realtor can arrange compensation directly from the renter for assistance. Usually half of a month’s rent.

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Rental Applications

Putting together your application for a rental property can feel like rocket science, especially if you’re unfamiliar with today’s processes or unsure of what landlords are looking for. Gone are the days when filling out a one-page application gets you the rental. Today, landlords want to see credit checks, employment and income verification, references, and in some cases, photos of the applicant’s current living situation. This is where a professional Realtor can be invaluable. They can help position you as the perfect tenant by guiding you through the application process and ensuring that you present yourself in the best possible light. From gathering documents to drafting a compelling cover letter and negotiating terms, a Realtor can provide the support and expertise you need to stand out from the competition and increase your chances of securing the rental property you desire.

Finding the Right Place Risk-Free

While online platforms like Marketplace and Kijiji can be useful tools for finding rental properties, they also come with risks. You never know who you’ll meet or what kind of situation you might find yourself in when dealing with private landlords or unverified listings. There are also fraudulent scams out there looking to take advantage of renters. By working with a reputable Realtor, you can benefit from their access to information and experience in navigating the rental market, ensuring that you’re protected by laws favouring tenants. From negotiating lease terms to addressing any issues that may arise during your tenancy, a Realtor can provide invaluable support and guidance every step of the way.

Realtors often have access to rental listings that aren’t publicly advertised. These ‘off-market’ listings can be hidden gems for renters, offering properties that may not be readily available to the public. By working with a realtor, you gain access to a wider range of rental options and increase your chances of finding the perfect home to suit your needs and preferences. Realtors have connections and relationships with other local realtors, enabling them to assist with securing a listed rental property on MLS or finding a rental through private realtor network groups and other platforms.

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Local Insight and Market Trends

In addition to finding listings and assisting with the application process, realtors can also provide valuable insight into local rental market trends and pricing. They can help you determine whether a rental property is priced based on comparable listings in the area and advise you on the best time to make an offer. This can be particularly helpful in competitive rental markets where properties can quickly come and go, and timing is crucial. Once you’ve found the perfect rental property, your realtor can continue to support you throughout the leasing process. They can review the lease agreement with you to ensure that all terms are fair and reasonable, negotiate any necessary changes or amendments, and answer any questions you may have about your rights and responsibilities as a tenant.

If you’re in the market for a rental property, don’t underestimate the value of working with a realtor. Not only can they help you find listings that may not be available elsewhere, but they also provide expert guidance and support throughout the rental process. From putting together your application to navigating lease negotiations, a realtor can make the rental experience smoother, less stressful, and more successful overall. A good Realtor assisting a renter will also be able to educate on tenant rights to assist the tenant throughout their lease term.

Why go it alone when you can have a knowledgeable and experienced professional by your side? Reach out today and take the first step toward finding your perfect rental home. Call 905-357-6087 or admin@thebarryteam.ca  to learn more.

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