Professionals can help with the right choice
Can a real estate professional help me find a place to rent?
Even though recent reports show there are a lot of new rental condos coming onto the market, finding a rental property can be a daunting task. Searching through the newspaper and online ads, trekking to different locations to check out a prospect — it can be time consuming and stressful.
Consumers are often surprised to learn that registered real estate professionals can help you find a rental. In fact, there are distinct advantages to hiring one.
Finding and working with a real estate professional to help you find a rental property is very similar to hiring one for purchasing a home. In that sense, it can be a valuable experience to have had before you do decide it is time to buy your first home.
Before you start looking at rentals, the salesperson will go over the service options available and then you will be asked to sign an agreement with the real estate professional’s brokerage. This agreement, which is a legal contract, will de- scribe the services to be provided and state the amount of commission and how it will be paid. The contract may require you to work only with that brokerage for a specified period of time.
By signing this agreement, you benefit from the same protections afforded to home buyers and sellers.
For example, you will be able to take advantage of the professional’s education and experience in the real estate sector as well as their knowledge of the area in which you want to live. What’s more, working with a registered real estate professional provides you with insurance that can protect your rental deposit.
Real estate professionals must also follow standards that emphasize fairness, honesty and integrity, providing you with further protection.
In terms of commission, typically the landlord pays for the services of a real estate professional, but you’ll want to confirm that detail with the salesperson you are working with.
After you’ve signed the agreement with the brokerage, you should have a detailed conversation with the real estate professional about your preferences in a rental unit. For example, where would you like to live? A stand-alone home or an apartment? How much can you afford to pay each month, with or without utilities? How many bedrooms do you need? Do you want a big kitchen? Lots of natural light?
The more thorough the discussion you have, the better the chance that they will find the place that is just right for you. Armed with your criteria, they will be able to search and return with a list of possible locations for you to consider. They’ll also arrange for you to see the units you may be interested in viewing.
A registered real estate professional typically has built up a lot of experience and knowledge of particular areas of a town or a city. This benefits you because they will know whether the area is family-friendly or has a high crime rate, or whether buildings have a history of issues, such as elevator problems, mould, cockroaches or other maintenance issues.
And finally, when you find a place, they can help negotiate the terms of the rental — the length of the lease and possibly more favourable terms on the rent. All of this haggling is time consuming and stressful, so if you can have a professional do that for you and look out for your interests, that can be a big relief. Joseph Richer is registrar of the Real Estate Council of Ontario (RECO). He oversees and enforces all rules governing real estate professionals in Ontario. Email questions to askjoe@reco.on.ca. Find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/RECOhelps.